The collateral behind the deal is rental cash flow from 3,207 foreclosed single-family homes bought up by Blackstone, a private equity firm, at rock-bottom prices in the wake of the financial crisis.
Nearly 90 percent of the homes underpinning the ABS are located in and around Phoenix, Arizona; Riverside, Los Angeles and Sacramento, California; Atlanta, Georgia; and Tampa, Florida.
Deutsche Bank is the lead structurer on the deal, which is being jointly led by Credit Suisse and JP Morgan.
The planned $479.137 million deal will include a $278.7 million Triple A rated tranche that will have initial credit support of around 41.8 percent, according to deal documents seen by IFR.
After New York, the roadshow for the deal will hit Boston on Thursday and Los Angeles on Friday, with the offering expected to be officially announced on Monday.
IFR first reported in March that Blackstone and Deutsche Bank were working together on a potential securitization, and further details emerged last week.
Adam Tempkin is a reporter for the International Financing Review in New York