The pricing of the most recent new issue from the U.S.-based captive auto finance unit of Nissan Motor shows that the company's revival plan, instituted in 1999, is paying off. Yield spreads for the series 2001-C deal, which priced Aug. 23, came in at levels as tight as two basis points cheap to comparably tenored classes of the most recent new issue from sector benchmark Ford Motor Credit.

The triple-A-rated A1 senior tranche of the Nissan offering, with a one-year average life, priced to yield 11 basis points over EDSF, versus the nine basis points over for Ford's A2 senior class, with an average life just under one year. For two-year paper, Nissan priced to yield 12 basis points over comparable swaps while Ford printed at 10 basis points over swaps.

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