It competes with such companies as AGCO, CNH Global NV, Caterpillar and Kubota.

FORBES: Deere Plows Ahead To Record Profits, Higher Earnings Forecast

At 12 times putative 2004 earnings it's cheaper than Deere at 14 times, and CNH Global at 18 times.

FORBES: The Investment Samba

"The 'H' in 'CNH bonds' is no longer appropriate, " he added.

WSJ: Dim Sum Bonds Get Western Flavor

Foreigners have bid up the CNH, giving Chinese importers an incentive to park their money in Hong Kong and use CNH to buy goods from abroad.

BBC: Mr Osborne and China's long road to a global currency

The key issue is that the new trade has created a wedge between the government-controlled, onshore exchange rate (CNY) and the offshore currency as it trades in Hong Kong, which is known as CNH.

BBC: Mr Osborne and China's long road to a global currency

Mr Marchionne believes that spinning off Fiat Industrial, which will include CNH, a producer of farming and construction equipment and Iveco, a truckmaker, will give those businesses, which currently account for 35% of group sales, greater visibility.

ECONOMIST: A plan for Fiat and Chrysler

"Hong Kong is still the major center, but this has gone beyond Asia, " said Augusto King, Royal Bank of Scotland's co-head of debt capital markets in Asia, talking about investors' interest in dim-sum bonds, also known as CNH bonds, where the "H" stands for Hong Kong.

WSJ: Dim Sum Bonds Get Western Flavor