The automobile finance company AmeriCredit, which was recently acquired by General Motors Corp., is tapping the market with a $700 million bond, according to a person familiar with the matter.
The bond is backed by subprime auto loans. It is scheduled to price Wednesday.
The auto sector of the asset-backed bond market has been active, with deals coming from Ally Financial Inc., Honda Motor Co. and Ford Motor Co.
By Thursday, asset-backed securities valued at $86.77 billion were sold, according to data from Citigroup Inc. Of this, the auto sector contributed $50.95 billion or about 60%. Last year by this time, securities worth $122.48 billion were sold. Of that, the auto sector sold 43.89%, at $53.77 billion.
