Bonds
Asset-Backed Bond Sales See Best Week of 2024 in Rush Before CPI Report
- Auto issuers helped boost weekly sales to highest this year
- Deals are well bid across assets, spreads inside guidance: JPM
Most of the offerings were front-loaded as borrowers sought to get ahead of the latest release of consumer price index data.
Photographer: Stefani Reynolds/AFP/Getty ImagesThis article is for subscribers only.
Companies flooded the asset-backed securities market with offerings this week, selling the most bonds this year as they looked to borrow before inflation reports added extra uncertainty to markets.
Issuers sold more than $14.3 billion of asset-backed bonds, beating out the $14.1 billion weekly record for 2024 set in early January, data compiled by Bloomberg News shows. Bonds backed by auto loans totaling $11.5 billion helped to drive sales during the week, with the likes of Harley-Davidson Inc. and Honda Motor Co. joining the fray, as well as financial firms like Bank of America Corp.