CNH Capital yesterday priced $350 million in asset-backed securities in a deal lead by ANZ, and the first ABS transaction in six months. The loans are secured by leases over harvesting and other agricultural equipment (mainly) and sold by CNH under its Case and New Holland brands.Mortgage-backed financings have become moderately common in the debt capital market as the market reopens, and ANZ and Commonwealth even placed one transaction backed by commercial property mortgages. But other financial receivables have been harder to finance through the mechanism of securitisation.ANZ said nine investors supported the Receivables Trust Series 2010-1. The $131 million first tranche of bonds, with a weighted life of only half a year, was placed at a spread of 85 basis points over three-month swap. The $160 million second tranche, with a 2.2 year life, was placed at 180 bps over swap.The $21 million subordinated third tranche was sold at 220 bps over swap.Arrears data for CNH Capital Australia included by Standard & Poor's in its pre-sale report shows that the financial crisis did not increase arrears at all, with arrears among agricultural producers largely related to seasonal factors. S&P said 50 per cent of CNH's farmer clients were obliged to make lease repayments only annually, and usually in February and March.