Blackstone Shelves $1.3 Billion Commercial Mortgage Bond Deal Amid New Issue Frenzy
- The alternative asset manager has dominated the market in 2024
- Private-label CMBS sales are up more than 180% year over year
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Blackstone Inc.’s plan to sell a $1.275 billion bond backed by commercial real estate debt is now on hold while issuance of the debt continues to soar.
A group of banks including Morgan Stanley and Bank of America Corp. were in the process of selling the single-asset, single-borrower bond, which was backed by mortgage debt tied to more than 60 industrial properties located across 13 states. But the spread on the bonds became too wide and the sponsor decided to halt the sale process, said people with knowledge of the matter who asked not to be identified as the details are private.