The first ABS offering of the year, from Ford Motor Credit, was a gargantuan success, setting a single-issue volume record and leading to a structural development that may be the hottest thing to hit the sector in 2002. The $5.78 billion 2002-A offering was increased in size upon launching, as a result of enormous demand, driven by the option of both fixed- and floating-rate paper given to investors, who in turn were juiced to get the allocations they sought.

Also, the offering raised eyebrows with the rare triple-joint-lead of Banc One, Credit Suisse First Boston and Deutsche Banc, as did the European flavor of the syndicate group, as ABN AMRO, Barclays Capital, Commerzbank and UBS Warburg signed on as co-managers.

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