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To: pater tenebrarum who wrote (18361)	6/23/1999 9:22:00 PM
From: Giordano Bruno	Read Replies (2) \| Respond to of 99985

Heinz, how would you interpret Ford's 10,000,000,000. bond delay? Thanks, Jim June 23, 1999 ------------------------------------------------------------------------ Ford Credit Puts End to Rumors By Delaying Giant Bond Offering An INTERACTIVE JOURNAL News Roundup DEARBORN, Mich. -- Ford Motor Co.'s finance arm delayed the launch of a multibillion bond offering until market conditions are more favorable. The decision eased supply concerns that in recent days helped push Treasury prices lower. "We're definitely not doing something this week," said Kristin Kinley, Ford Motor Credit Corp.'s assistant manager for public affairs. She added a deal could emerge "possibly next week if the market improves, but I can't put a date on it." Speculation has been raging in the corporate bond market this week about the timing and size of Ford's offering of so-called Global Landmark Securities, or GlobLS. Ford Motor Credit announced earlier this month plans to issue $10 billion in GlobLS this year. Some market participants speculated the size of the first phase of the offering, which they expected this week, would be $8 billion. But Ford Motor Credit put the rumors to rest Wednesday, saying it plans to issue GlobLS two-to-four times a year in benchmark transactions of $3 billion or greater, similar to funding programs used by agencies such as Fannie Mae. The company said it expects to launch its inaugural GlobLS transaction in the third quarter, most probably in July. Managers for the initial transactions include Bear Stearns, Merrill Lynch and Salomon Smith Barney. Ms. Kinley said speculation about launching a deal this week likely stemmed from the company's road show last week to inform investors about the GlobLS program. The corporate bond market was weaker in light trading Wednesday, ahead of the Ford statement. Treasurys also were weaker. In late afternoon trading, the price of the benchmark 30-year bond was down 23/32 at 88 6/32 to yield 6.112%. A Ford offering this week would have created a deluge of corporate bonds, which offer more attractive yields than Treasurys. Dealers in the past few session had been selling Treasurys to offset their building supply of corporate debt, and investors were selling as well to make room for the new supply.