Ford Motor Co.’s F finance arm, Ford Motor Credit Co., has been marketing $2.271 billion of asset-backed securities (ABS), supported by car loans, a company official said Monday.
The Ford deal will offer four public classes of fixed-rate securities, he said.
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In premarketing activity, the $995 million AAA-rated Class A3, with a 0.86 year average life, was pegged in the seven basis point area, plus eurodollar futures.
The $995 million AAA-rated Class A4, with a 1.99 year average life, was talked in the eight basis point area over comparable interest rate swaps.
The $181 million AAA-rated Class A5, with a 2.96 year average life, was pegged in the 10 basis point area above swaps.
The $100 million A-rated Class B, with a 3.05 year average life, was talked in the 30 to 35 basis point area over swaps.
The public tranches are being marketed by an underwriting syndicate headed by Lehman Brothers and Salomon Smith Barney. Chase Securities, Credit Suisse First Boston and Goldman Sachs are the co-managers, the Ford official said.
There are two classes of certificates, totalling $551 million, being marketed by Ford Financial Services.
There are a $57 million BBB-rated Class C and a $57 million BB-rated Class D which will be retained for credit enhancement.
