NEW YORK - Ford Motor launched its $2.95 billion asset-backed securities offering backed by auto loans under the Federal Reserve's new Term Asset-Backed Securities Loan Facilities on Thursday, market sources said.

The deal includes A1+ rated notes expected to price at 50 basis points over Libor and a AAA-rated one-year note issue expected to price at a spread of 200 basis points over eurodollar swap futures. Both were launched in line with initial price guidance for the issues, market sources said.

The automaker's longer-maturity tranches were launched at wider-than-expected spread levels in order to pump up investor interest. Its AAA two-year notes are expected to price at 250 basis points spread, compared with earlier guidance of 215-225 basis points, while its 3.31-year notes were were launched at a wider 425 basis points, compared with spread guidance of 350-375 basis points, market sources said.

(Reporting by Nancy Leinfuss; Editing by Dan Grebler)