CNH priced its third equipment lease securitization of the year, the $1 billion CNH Equipment Trust 2014-C. Fitch Ratings and Standard & Poor’s rated the deal.
The issuer sold the one-year, class A notes, rated AAA’/ AAA’ at a spread of 30 basis points over the Eurodollar synthetic forward curve. The 2.37-year class A3, AAA’/ AAA’ notes were sold at 30 basis points over interpolated swaps.
The longer dated, 3.85-year, AAA’/ AAA’ priced at 40 basis points over swaps and the A+’/ A’ level, the 4-year, class B notes were sold at 65 basis points over swaps.
The notes will be backed by retail installment loan sales contracts on new and used agricultural equipment and construction equipment originated by CNH . The receivables are serviced by New Holland Credit Co., a subsidiary of CNH.
Credit Suisse is the underwriter.
