Depending on how one looks at it, Ford Motor Credit's pricing of $5 billion of wholesale dealer floorplan receivables-backed notes was the largest dollar-denominated asset securitization ever, or it was just two - admittedly large - new issues.

"This is a technical issue," according to Jeff Salmon, head of ABS research for Barclays Capital. "But in terms of being the largest single transaction, it's not."

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