(Bloomberg) — Sales of US asset-backed bonds broke through last year’s total and sit in position to overtake the post-Great Financial Crisis record.
On Thursday, Ford priced a $1.7 billion bond backed by auto dealer floorplans, putting sales over 2023 with three months still to go. Companies have sold $283.4 billion of the securities, bonds backed by loans or leases for everything from cars to timeshares, over $1 billion more than last year’s full total, according to data compiled by Bloomberg News.
If the current pace continues, sales will push past $312.6 billion priced in 2021, per Bloomberg-compiled data. Bank of America Corp., which uses a different methodology than Bloomberg in its count, is currently projecting $329 billion in year-end issuance, a post-crisis record.
Much of the growth has come from non-traditional asset classes and the auto subsector, which is projected to jump over $25 billion from last year, according to…
