Repackaged auto loans seem like an unlikely place for mauled credit investors to hide, but they are outperforming and issuance is at a multi-year high.
Corporations have sold more than $58 billion of asset-backed securities supported by auto loans this year, about 20% more than at this point in 2021. Santander Consumer and First Help Financial both offered deals this week, while Carvana Co. -- the online used car seller whose shares and junk bonds plunged -- plans to sell $605 millon of the debt next week.
