CNH taps eager bond market for €600m at minimal NIP
Despite a slight softness in the European corporate bond market at the end of Tuesday, Wednesday brought another strong deal. CNH Industrial, the agricultural machinery and lorries group backed by the Agnelli family, issued an eight year bond that was increased to €600m.
The bookrunners were Bank of America Merrill Lynch, Barclays, BBVA, Deutsche Bank, MUFG, Natixis and Rabobank.
They launched an expected €500m deal, rated Baa3/BBB/BBB- (all stable), on Wednesday morning."It's been a very strong market in recent weeks," said a banker on the deal. "Similarly rated issuers have tapped the market ...