Banks look to PPs for diversification
Fleet management firm LeasePlan, which had been busy at the long end of the curve, sold a five year Norwegian krone MTN this week as it targets the three-to-five year segment amid a diversification push. Meanwhile, France's BPCE was active in Swedish kronor.
LeasePlan’s goal is to diversify its investor base and smooth its redemption profile, so the issuer will target small private placements.
The borrower wants to focus on the three year to five year part of the curve, but is receiving demand elsewhere.“In the first few weeks of ...