CNH Industrial bond success raises question over Thanksgiving activity

Brazil, corn, field, LatAm, 575, FS bioenergia, ethanol
By Mike Turner
24 Nov 2020

CNH Industrial, the US-Italian agricultural and construction machinery maker, cruised through the bond market on Tuesday, as bond bankers puzzled over whether the Thanksgiving holiday in the US on Thursday means this will be a short week for issuance.

CNH Industrial, rated Baa3/BBB/BBB-, opened books on an April 2024 trade at 85bp over mid-swaps. 

A swathe of bookrunners led the deal: BNP Paribas, Bank of America, Natixis, Rabobank, Santander, Société Générale, UBI Banca and UniCredit.

They set guidance at 60bp over mid-swaps and indicated that the issuer was looking ...

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