Paccar Financial has become the latest in a string of US issuers that have tapped the euro market over the past two weeks. The financing arm of the US maker of trucks and trailers has raised €300m via the sale of new 0.125% notes due in March 2022.
BNP Paribas, ING Bank and Rabobank were the syndicate managers. Paccar is rated A1/A+, with stable outlooks, by Moody’s and Standard & Poor's.
Initial price thoughts pointed to the mid-swaps plus 50bp area, based on comparable bonds due in 2022 issued by Honda and Toyota.