CIT Bank, part of the US-based the equipment finance providers CIT Group, has closed a $750m (€555m) equipment lease securitisation, the bank’s first equipment finance-backed securitisation.

The bonds came in five tranches and are to be used to finance general corporate activities.

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The company turned around its profitability over the first nine months of this year compared to the same period last year.

This came after a period of returning capital to shareholders and deleveraging some existing debt.

The asset tranches were rated from A-1+ to A by Standard and Poors, with the top tranche sized at $275m with a 0.30% coupon.

Despite this being CIT Bank’s first equipment securitisation, it is CIT Group’s 19th equipment securitisation since 2000.

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The deal’s book was run by Credit Suisse, Deutsche Bank Securities and Bank of America Merrill Lynch. Barclays and RBC Capital Markets were involved in the management of the deal.