By all accounts, ABS had a stellar run last year, with issuance a record $350 billion. And no deal better symbolizes the newfound ubiquity, depth and liquidity of asset-backeds than the the whopping $5 billion Ford Credit Floorplan Master Owner Trust 2001, series 1 and 2.

"This transaction showed that the ABS market can digest real volume," says one senior banker not associated with the transaction. "And it highlights the tiering that is taking place in the market now. Frequent issuers and strong credits such as {Ford Motor Credit} are at a premium; their deals deserve to trade tighter."

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