NEW YORK -- Ford Motor Co.'s finance unit plans to offer later this week about $2.2 billion in asset-backed securities, supported by loans it made to car buyers, buyside sources said late Tuesday.
Credit Suisse First Boston, Goldman Sachs and Morgan Stanley are jointly heading the syndicate group for multi-part note sale, the sources said.
Ford had said it would raise about $12 billion to $15 billion in the asset-backed market this year to meeting its expected funding need of $19 billion to $25 billion.
The company last tapped the asset-backed market with a $3 billion offering in January.
Profit margins of Ford and other domestic carmakers have been under pressure from declining sales in a weak economy and growing foreign competition within the lucrative sports utility vehicle sector. Ford also faces huge healthcare and pension liabilities for its employees.
Ford Motor Credit Co. could not immediately be reached for comment on its latest securitization deal.