July 16, 2019 |
Mexican real estate investment trust Terrafina printed a $500m dollar bond on Monday in a deal that saw spreads significantly tighten amid strong demand.
Bookrunners tightened spreads to 287.5bp over US Treasuries, down from IPTs in the 300bp area. Books swelled to $2bn or four times the offer size. The demand reflected investor confidence in the REIT’s US sponsor and main investor, PGIM Real Estate, a unit of Prudential Financial.
Some market watchers expected the transaction would face prici
Spreads tighten as demand exceeds expectations