Ford Credit Receivables Trust priced a A$400 million auto receivables asset-backed deal consisting of A$368 million of Series A senior bonds maturing December 2006 and rated triple-A by Fitch and Moody's Investors Service.

There were also three subordinated tranches, only one of which - Series B - was rated. This consisted of A$11 million maturing in March 2007 and rated single A by Fitch and A2 by Moody's. Series C and Series D consisted of A$11 million and A$10 million, respectively. Series A priced at 30 basis points over the bank bill swap rate and Series B, at 70 basis points over the benchmark. Pricing for the unrated tranches was not disclosed. Lead manager was Credit Suisse First Boston.

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