LeasePlan has successfully issued a EUR 500 million two-year senior unsecured fixed benchmark transaction. The transaction is priced at mid-swaps + 265 basis points. The order book was substantially oversubscribed; the bond has been placed with a broad range of European institutional investors. Guus Stoelinga, CFO of LeasePlan, commented: “The quality of the accounts and the size of the order book are a true vote of confidence in LeasePlan and recognition of LeasePlan’s continued stability and profitability during the financial crisis. Most importantly the transaction allows us to demonstrate that LeasePlan has access to wholesale funding. It does, however, not mean the financial crisis is over. The costs for LeasePlan to finance our clients’ new vehicles are still significantly higher compared to the situation before the crisis. Nevertheless we regard this transaction as an important step in our aim to return to unguaranteed funding for our daily business in the future.”
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