Just two years ago a corporate such as Ford Motor Credit would have needed to issue a plethora of diVerent bonds across a variety of markets to meet its substantial financing needs. Now, though, less than a year after launching its global landmark securities programme, Ford has already raised $18.6 billion with just three issues.
The inspiration behind this move came from Fannie Mae, and to a lesser extent Freddie Mac, the two US agencies that since 1998 have been issuing large, super-liquid jumbo global bonds.
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