Ford survives 2002 liquidity scares

Ford Motor Credit Corp must look back on 2002 and thank the financial gods for the ABS market. For a time, securitisation and the MTN market were the only avenues open to the financing arm of the US auto company. Indeed, during the third quarter some of its bonds had gapped out to levels so meaningless that they were quoted at a dollar price rather than spread. Danielle Robinson reports on a difficult year for the US auto.