UPDATE 2-LeasePlan relaunches 1.55bn hung LBO bond
* Hung deal revived in stronger market
* Leads targeting tighter pricing (Updates with price whispers)
By Robert Smith
LONDON, March 9 (IFR) - LeasePlan has announced its 1.55bn-equivalent buyout bond ahead of a crucial European Central Bank meeting, relaunching just one month after a sharp sell-off forced underwriters to pull the deal.
The Dutch vehicle-leasing company is taking advantage of a more stable market backdrop to revive the three-tranche holding company bond, which was pulled after investors demanded higher than expected yields to buy the trade.
LeasePlan had to complete its full-year 2015 results before it could return to market, which it announced on Wednesday, showing a 19% increase in net profit year-on-year to 442m.
Sources told IFR last week that the company could relaunch this week following the results, with the aim to price the deal following Thursday's ECB meeting.
Leads announced the revived deal on Wednesday with pricing pencilled in for Friday, a day after the crucial meeting.
But some investors expressed surprise that the leads would formally announce the trade ahead of the meeting, given the potential for the ECB to disappoint the market. Continuación...