A group of four banks including JP Morgan and Deutsche Bank are to manage a $1bn-plus junk bond issue for TRW Automotive, which has been acquired in a $4.7bn (€4.7bn) leveraged buy out.

Blackstone, the US private equity firm, has agreed terms for the acquisition of TRW's automotive systems and components business after weeks of protracted negotiations. TRW, the US engineering group, was selling its automotive assets as it merged with Northrop Grumman.