Wells Fargo & Co. is the top underwriter this year for bonds backed by subprime auto loans, having arranged nearly a quarter of the securities issued, according to data compiled by Bloomberg. Total U.S. issuance for the bonds this year through the end of August, at around $16 billion, is down about 5 percent from the same time last year. Regulators have warned they are watching subprime loans closely, while analysts at banks have said that even if car loans deteriorate, the bonds should still perform well.

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