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December 15, 2017  

Vornado Catches REIT-Bond Wave

REIT-bond buyers this week snapped up Vornado Realty’s first offering in more than three years, culminating a recent flood of issuance that has pushed the annual total far beyond last year’s record.The New York office REIT’s offering of seven-year notes, with a 3.5% coupon, was increased by $100 million to $450 million. Rated Baa2/BBB/BBB by Moody’s, S&P and Fitch, the bonds priced on Tuesday to yield 3.565%, or 125 bp...

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