Leaseplan's shock decision to pull a €1.55bn-equivalent LBO bond has made the prospect of hung bridges very real in Europe, although banks are not yet burdened with a massive backlog of stuck paper akin to that in the US high-yield market. Bankers at several of the deal's underwriters told IFR that they yanked the holding company bond from the market even though they had a covered order book, as the yields investors demanded were unacceptable to the consortium buying the Dutch vehicle-leasing firm.
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