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To: Robert who wrote (55485)	8/10/1999 7:24:00 PM
From: Lymond	Respond to of 86076

Robert, I briefly checked around but could not find any info on this. Seems strange indeed. I can't really see why Ford would want to do this; $100 million is chump change to them, and to Merrill as well. Perhaps it is some sort of structured ABS transaction, whereby Merrill is securitizing certain receivables or assets bought from Ford with recourse. But I really have no idea. Another bad day for spread product; 10-yr swaps backed out 3 bps to +108, and all other high grade assets followed. Severe ennui seems to be setting in. On a sidenote: Couldn't help but smile at B. Fleck's comment about how some street firms are saying that pressure on spreads might stay the Fed's hand. I agree with the rapster -- not this time boys and girls. Barring some knot-headed bank getting itself in hot water, the Fed will not come riding to the rescue this time, IMO. Credit markets are still functioning. The price has simply gone up. Caveat emptor, dipsters <g>.