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August 6, 2009updated 12 Apr 2017 4:34pm

Grenkeleasing places ?100m bond, secures refinancing into 2010

The lessor said that the bond was more than twice oversubscribed, with more than 60 investors from Germany and abroad 27 percent of which are private customers, 35 percent are funds and the rest banks and insurance companies.

By Jason T

Grenkeleasing has placed a bond worth €100 million on the
market, the company has announced. The fixed interest rate bond,
placed with HSBC and WestLB, has a duration of three years and a
coupon of 6.125 percent.

The lessor said that the bond was more than twice
oversubscribed, with more than 60 investors from Germany and abroad
– 27 percent of which are private customers, 35 percent are funds
and the rest banks and insurance companies.

“As already reported, our diversified refinancing base also
developed positively. We were able to utilise all the components of
our financing mix again for the first time since the beginning of
the financial crisis,” Grenkeleasing said, adding that it also
benefited from deposits at Grenke Bank, as a result of its
acquisition of the Hamburg-based private bank Hesse Newman & Co
last February.

The German small-ticket lessor also recently signed another ABS
programme with a volume of €150 million and extended credit lines
with its banks for a volume of €90 million.

“With our current good equity and liquidity position, we are now
well equipped to exploit the available opportunities for profitable
growth of new business,” Uwe Hack, deputy chairman of
Grenkeleasing’s board of directors, added.

Jason T Hesse

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