Cars, Planes and Restaurants Boost Asset-Backed Debt Sales to Highest Since Financial Crisis
- Issuance has surged past 2021’s level of $312.6 billion
- Esoteric debt sales are up more than 60% year-over-year
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Sales of debt backed by everything from auto loans to airplane leases to Subway franchise fees have hit their highest level since the financial crisis, as banks try to meet new capital rules and insurance companies clamor for higher-yielding debt.
Asset-backed securities sales have topped $316 billion, surpassing 2021’s $312.6 billion, data compiled by Bloomberg shows. According to Bank of America Corp., which uses a different methodology for counting asset-backed issuance, this year’s sales are the highest in the decade-and-a-half following the Great Financial Crisis.