The Canadian subsidiary of CNH Industrial is sponsoring a securitization of its agricultural equipment loan receivables, four months after the parent company pursued a similarly asset-backed portfolio of its U.S. contracts for farming, industrial and construction equipment.

The bonds are being issued through CNH Capital Canada Receivables Trust Series 2016-1, which is comprised of CAN$515 million (US$403.67 million) in Class A notes and CAN$11.05 million (US$8.7 million) Class B notes. Moody’s Investors Service assigned an ‘Aaa’ rating to the Class A notes and an ‘A2’ rating for the B notes.

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