Simon Property Group $3.5 billion bond issue

Overview:

• REIT Simon Property Group issued a $3.5 billion bond.
• The bond had three tranches (2% notes due 2024, 2.45% notes due 2029 and 3.25% due 2049).
• This is the first time a real estate company issued $1.25 billion of 30 year bonds in a single issuance. Additionally, the interest rate for each notes series is the lowest achieved by any REIT with comparable maturities.

Chynna Lewis - Researcher