Fiat 824 mln euro secured bond due Tuesday

Newswire

LONDON, July 23 (Reuters) - Italian automaker Fiat plans to launch an 824 million euro bond secured on its customers' car loan repayments on Tuesday, a source close to the deal said. When a company issues a secured bond it ring-fences a set of assets -- in this case car loan repayments made by Spanish and French customers -- by selling them to a specially set up company that pays for the assets by issuing bonds. That company for this bond is called European Auto Securitisation 2002. The ...

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