Nov. 2 (Bloomberg) -- World Omni Financial Corp. led firms selling $1.88 billion of asset-backed bonds as auto-related companies dominated issuance.
The Deerfield, Florida-based company sold $704 million of securities tied to auto loans, according to a person familiar with the offering. The top-rated portion maturing in 2.4 years yields 35 basis points more than the benchmark swap rate, said the person, who declined to be identified because terms aren’t public. A basis point is 0.01 percentage point.
Bonds tied to vehicle debt account for about $57 billion of the $110 billion in securities linked to consumer and business lending this year, according to data compiled by Bloomberg. Top- rated securities linked to auto loans are yielding 78 basis points, or 0.78 percentage point, more than Treasuries, Bank of America Merrill Lynch index data show. That compares with 73 basis points on Sept. 1.
CarMax Inc. sold $650 million of bonds tied to auto debt, a person familiar with that sale said. The top-rated portion maturing in 2.47 years yields 45 basis points more than the benchmark.
Harley-Davidson Inc. sold $525 million in securities backed by motorcycle loans, one of the people said. The top-ranked debt maturing in 2.4 years yields 50 basis points over swaps.
Porsche SE plans to sell about $661 million of bonds tied to car leases, one of the people said. Wyndham Worldwide Corp. is marketing $250 million in debt backed by timeshare payments.
--Editors: Mitchell Martin, John Parry
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