Triton Container International Ltd., the fourth largest container lessor in the world for shipping companies, privately placed $54 million in an equipment lease structure that circled last week.

Sources close to the transaction said the company, a regular in the private market, found very little opposition and described investor willingness to tighten up spreads.

"Pricing got tighter because that's what the market demands," said the buyside source. "With the end of the year approaching, some shops are starting to bend because they want to include certain credits in their portfolio's."

Despite recent market developments that met investment-grade issuers with unyielding spreads, causing some to stay away, the market is beginning to give in.

Triton, a triple-B rated issuer, found circles at 285 basis points over Treasurys while an NAIC-1 deal, like RMC Group Plc, that closed two weeks prior faced pricing at a similar range.

The deal was structured in a five-year bullet and is led by Banc of America Securities. Information on co-managers was unavailable at press time.

"This has been a company that has been in the market often," a buyside source familiar with the issuer said.

Triton offers a variety of containers raging from 20-foot to forty-foot high cube dry van, refrigerated and specialized containers.

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