Bonds from iconic motorcycle maker are offered to investors as the 10-day annual bike run in Sturgis, South Dakota, gets underway during a COVID-19 surge.
Harley-Davidson has rolled out a new $605 million debt deal backed by loans to buyers of its iconic motorcycles, as the 10-day annual bike rally roars through Sturgis, South Dakota.
In keeping with the hunt for yield, the bonds are expected to offer investors only a modest premium above a risk-free benchmark when they price later this week. Spreads on consumer asset-backed bonds , from credit cards to subprime auto loans to student debt, have dwindled this year. Gina Goetter, chief financial officer at Harley, said the motorcycle maker expects losses on its loans to “remain low through the remainder of this year,” given the “influx of stimulus funding and improved economic conditions,” in June during the company’s second-quarter results.
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