In a major show of support for ABS last week, Ford Motor Credit brought the most significant new issue to the primary market since the events of Sept. 11, pricing $2.6 billion of auto loan-backed paper through just about every dealer on the Street, as investors searched for guidance in volatile times. As a result, the primary market enjoyed a week of astonishing normalcy, pricing over $6 billion of supply in a variety of asset classes.

In the weeks of trading since Sept. 11, benchmark issuers MBNA and Chase Funding have also priced offerings, helping to set indicative levels for other issuers and investors to compare.

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