Asset-backed primary market activity came at a fast and furious pace last week, pricing just over $11 billion of new issuance, up from the $6.7 billion priced the previous week. Topping the list of new deals to hit were Ford Motor Credit, Option One Mortgage and American Honda Finance, with smaller but notable offerings from Household Finance, Access Group and Xerox.

With two deals offered concurrently, Ford Motor Credit sold a total of $5 billion of wholesale dealer floorplan receivables-backed paper via the lead of Lehman Brothers. The company, which had not sold paper of this asset type since 1997, sold $3 billion of three-year 2001-1 and $2 billion of five-year 2001-2 floating-rate deals that were increased from initial sizes of $2 billion and $1 billion, respectively.

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