Silver Bay priced its inaugural single-family rental securitization. The company said in a press release that it sold approximately $312 million of certificates with a blended effective interest rate of LIBOR plus 1.92%. it did did not indicate how each tranche priced.
Interactive Data reported early this week that price talk for the $147 million, triple-A rated, class A notes was at 100 basis points over one month Libor. The capital structure also includes $37.6 million of class B notes, rated double-A plus; $32 million class C notes , rated single-A; $30.42 of class D notes, rated triple-B plus; $17 million of class E notes, rated triple-B; and $46 million of class E notes, rated triple-B/ double-B plus.