Fiat priced its 850 million deal last week, Absolute Funding S.R.L., the first transaction of Fiat's German captive finance company, Fiat Bank GmbH. Deutsche Bank, Societe General and UniCredit Banca Mobiliare managed the transaction.

"The deal touches on both Italian and German regulations," said Muri Rhee head of the European securitization syndicate and trading at Deutsche Bank. "From a securitization framework it is a groundbreaking transaction in that assets originated in Germany are securitized in an Italian securitization vehicle.

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