CNH Capital America LLC priced its upsized, $1.25 billion, equipment lease ABS deal, CNH Equipment Trust 2013-A to good investor appetite.
The ‘AAA’, 1.19-year ‘ notes priced at 10 basis points; the 2.48-year, ‘AAA’ notes priced at 19 basis points; and the 3.91-year, ‘AAA’ notes priced at 24 basis points. The capital structure also sold $28 million of 3.98-year, 'A+'/ 'A' rated notes that priced at 58 basis points.
Spreads on the 'AAA' notes of CNH's deal look even more favorable in comparison. GreatAmerica Leasing last week priced its 1.25-year ‘AAA’ notes at 26 basis points; the 2.25-year, ‘AAA’ notes priced at 32 basis points; and the 3.37-year, ‘AAA’ notes priced at 52 basis points. Pricing on the 3.34-year, 'AA' rated class B notes came in at 70 basis points.
RBS Securities, Barclays Capital and Societe General are joint bookrunners on the CNH deal. Banca IMI, BNP Paribas and Bank of America Merrill Lynch are co-managers on the class A notes only. The deal was originally sized at $850 million.