Fiat's CNH has issued first ABS tranche - CEO

Newswire

TURIN, Italy, March 27 (Reuters) - Fiat's U.S. farming machinery unit CNH has issued the first tranche of an asset-backed security, the proceeds of which will help it pay back a loan to the group, Fiat's chief executive said on Friday. "The first ABS tranche in the United States cost more than normal but the market is opening up," Sergio Marchionne said in response to a question from a shareholder at the annual meeting. CNH had expressed interest in the U.S. Term Asset-Backed Securities ...

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