CNH prices equipment ABS, sees toughest period ahead
CNH Capital priced its first securitization of the year on Tuesday, one of the few equipment ABS sponsors to come to market during the Covid-19 outbreak. The company is forecasting the “most severe impact” in the second quarter, with some regions and product lines seeing a 40% decline in demand, CNH said.
The finance unit of equipment manufacturer CNH Industrial priced CNH 2020-A, a $628m equipment securitization backed by retail installment sale contracts and loans secured mostly by agricultural equipment.The issuer priced its class ‘A-1’ notes at 80bp over euro dollar spot forward and its class ‘A-2’ notes ...
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