(Pricing Supplement No. 29 Dated March 4, 1994
(To Prospectus and Prospectus Supplement Rule 424(b)(3)
Dated December 1, 1993) Registration
No. 33-51075
U.S. $3,000,000,000
FORD MOTOR CREDIT COMPANY
Medium-Term Notes Due from 9 Months
to 30 Years from Date of Issue
Ford Motor Credit Company has designated $250,000,000
aggregate principal amount of its Medium-Term Notes Due from 9
Months to 30 Years from Date of Issue having the specific terms
set forth below. Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated has agreed to purchase $250,000,000
of the Notes at a price of 96.50% of the principal amount for
resale at an initial public offering price of 100% of the
principal amount. After the initial public offering, the public
offering price may be changed. See the accompanying Prospectus
and Prospectus Supplement for further information regarding the
Notes described in the Pricing Supplement.
Issue Date: March 18, 1994
Stated Maturity: March 18, 1999
Principal Amount: $250,000,000
Interest Rate (a) For the period from and
Calculation: including the Issue Date to but
excluding the first Interest
Reset Date, the Daily Treasury Rate
determined in the manner described
below on the second Business Day
preceding the Issue Date, less 20
basis points (0.20%).
(b) For each Interest Period
thereafter, the Interest Rate shall
equal
(a-b) + 2(c-d)
where
a is the Weekly Treasury Rate,
b is 20 basis points (0.20%),
c is the Two-Year Swap Spread, and
d is 30 basis points (0.30%).
The Weekly Treasury Rate and the
Two-Year Swap Spread shall be
determined in the manner described
below.
MERRILL LYNCH & CO.
Interest Reset Dates: The 18th day of the months of
March, June, September and December
during the period commencing June
18, 1994 and ending December 18,
1998.
Interest Payment Dates: The 18th day of the months March,
June, September and December during
the period commencing June 18, 1994
and ending December 18, 1998, and
at Stated Maturity.
Reference Agent: Chemical Bank
The "Daily Treasury Rate" means:
(i) The daily rate for two-year U. S. Treasury securities at
"constant maturity" as displayed on Telerate Page 119 [MMS
INTERNATIONAL] MID-DAY YIELD APPROXIMATIONS FOR SELECTED BILLS
AND COUPONS (OFFER SIDE) under the column titled "2-YR" on the
row dated the second Business Day preceding the Issue Date.
(ii) If the Daily Treasury Rate as described in (i) above is
not yet displayed on Telerate Page 119 by 3:00 p.m. New York City
Time on the second Business Day preceding the Issue Date, then
the Daily Treasury Rate with respect to the Interest Period
commencing on the Issue Date shall be the rate on such date as
estimated from the U. S. Department of the Treasury's weekly
yield curve, which is set forth in the Federal Reserve weekly
publication H.15(519) under the column dated as of such date and
opposite the caption "Treasury Constant Maturities" as displayed
on the Telerate Page 7055 [DAILY TREASURY CONSTANT MATURITIES AND
MONEY MARKETS] [FEDERAL RESERVE BOARD RELEASE H. 15 MONDAY'S
APPROX. 3:45 EDT] under the column titled "2 YR" and on the row
dated as of the second Business Day preceding the Issue Date.
(iii) If the Daily Treasury Rate as described in (ii) above
is not yet displayed on Telerate Page 7055 by 3:00 p.m. New York
City Time on the second Business Day preceding the Issue Date,
then the Daily Treasury Rate for the Interest Period commencing
on the Issue Date shall be the daily rate as of the second
Business Day preceding the Issue Date, as calculated by the
Reference Agent by the interpolation from a yield curve for 1, 2
and 3 year U. S. Treasury bills/notes using standard established
industry practice from closing bid prices reported to the
Reference Agent by three leading government securities dealers
selected by the Reference Agent.
<PAGE>
The "Weekly Treasury Rate" means with respect to each
Interest Reset Date:
(i) The rate for two-year U. S. Treasury securities at
"constant maturity" as estimated from the U. S. Department of the
Treasury's weekly yield curve, which is set forth in the most
recently published Federal Reserve weekly publication H.15(519)
under the caption "This Week" and opposite the caption "Treasury
Constant Maturities" as displayed on the Telerate Page 7052
[WEEKLY AVG YIELDS ON TREASURY CONSTANT MATURITIES] [FEDERAL
RESERVE BOARD RELEASE H. 15 MONDAY'S APPROX. 3:45 EST] under the
column titled "2 YR" and column titled "Week End" on the row
dated as of the last Business Day of the week immediately
preceding the Treasury Interest Determination Date with respect
to such Interest Reset Date.
(ii) If the Treasury Rate as described in clause (i) above is
not yet displayed on the Telerate Page 7052 by 3:00 p.m. New York
City Time on the Calculation Date pertaining to such Treasury
Interest Determination Date, then the Treasury Rate shall be the
average rate for the week immediately preceding such Treasury
Interest Determination Date as calculated by the Reference Agent
by the interpolation from a yield curve for 1, 2 and 3 year U. S.
Treasury bills/notes using standard established industry practice
from closing bid prices reported to the Reference Agent by three
leading government securities dealers selected by the Reference
Agent.
(iii) If fewer than three dealers selected as aforesaid by the
Reference Agent are quoting as described in (ii) above, the
Treasury Rate will be the Treasury Rate in effect on the
immediately preceding Interest Reset Date.
The "Two-Year Swap Spread" means with respect to each
Treasury Interest Determination Date and the related Interest
Reset Date:
(i) The two-year mid-market swap spread for U.S. Dollar
interest rate swaps with a term of two years displayed on
Telerate Page 42276 under the column titled "MEAN" in the row
titled "TWO-YEAR," as determined by the Reference Agent no later
than 3:00 p.m., New York time, on the Treasury Interest
Determination Date with respect to each Interest Reset Date.
(ii) If the Two-Year Swap Spread as described in clause (i)
above is not yet displayed on Telerate Page 42276 by 3:00 p.m.,
New York City Time, on the Treasury Interest Determination Date
then the Two-Year Swap Spread shall be the arithmetic mean as
calculated by the Reference Agent of the arithmetic mean of the
bid and offer quotations displayed on each of Telerate Page 19901
under the column titled "SPREAD" in the row titled "2 Y",
Telerate Page 314 under the column titled "MEDIUM TERM" in the
row titled "2 YRS T+" and Reuters Page FPRI, under the column
titled "TREASURY VS LIBOR", under the column titled "PAY FIX PAY
FLTG" and in the row titled "2YR".
(iii) If the quotations specified in clause (ii) above on
any of Telerate Page 19901, Telerate Page 314 or Reuters Page
FPRI are unavailable in respect of any Treasury Interest
Determination Date, the Reference Agent shall disregard such
unavailable source(s) and shall calculate the Two-Year Swap
Spread based upon the arithmetic mean of the specified quotations
of such pages as are available. If none of the quotations
specified is available by 3:00 p.m. on the Treasury Interest
Determination Date, the Reference Agent shall calculate the Two-
Year Swap Spread based upon the arithmetic mean of the bid and
offer quotations of three leading dealers in swap transactions
selected by the Reference Agent.
The Weekly Treasury Rate and the Two-Year Swap Spread shall
be determined as of each Treasury Interest Determination Date,
which is two Business Days prior to the related Interest Reset
Date.
