Commentary & Deal Flow

CNH Industrial Capital LLC (CNHI) exp Baa2/BBB+/BBB (s/n/s) US$500m SEC registered L5y sr unsec notes due 03/07/31. Guarantor: CNH Industrial Capital America LLC, New Holland Credit Co LLC. Barc/BNP/Citi(B&D)/SG as joint active books. Passive: BBVA/CACIB/Intesa/UniCred. 101 CoC. MWC then 1 mos par call (02/07/31). Denoms: 2k x 1k. Sale into Canada: Yes - Exemption. First Pay: 3/7/26. Day Count: 30/360. UoP: CNH Capital intends to add the net proceeds from this offering to its general funds and to use them for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets in the ordinary course of business, as well as repayment of indebtedness as it becomes due. CUSIP/ISIN: 12592B AW4; ISIN: US12592BAW46. Pricing 01/06. Settle 01/08 (T+2).

IPTs: T+110 area.
LAUNCHED: $500m L5y at T+85.

PRICED: $500m 4.375% 3/7/31 99.086 4.577% T+85. MW+15.