The financing for Hertz's $16.7bn (€14bn) leveraged buyout by a group of private equity firms has got off to a strong start after the car rental company reportedly reduced the yield on a $2.8bn bond following strong demand from investors.

A consortium of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Private Equity won the auction to acquire Hertz in September with a $5.6bn bid that included $10bn of debt.