CNH Capital America is in the market with its fourth equipment lease securitization this year, according to pre-sale report from Fitch Ratings.
The 2013-D series totals $825 million and the arranger is Citigroup. The largest triple-A tranche — the A-3 piece — is for $270 million. For more details on the different tranches, see below the story.
A little over 93% of the collateral in the 2013-D pool consists of leases on agricultural equipment. The remaining collateral is linked to construction equipment.
Nearly half the equipment is used, which is in line with previous deals originated by CNH. Credit enhancement for the A series, at 4.5%, mirrors that of prior deals from the structure. The number of leasing contracts in the pool totals 15,933.
New Holland Credit Company is servicing the pool.
