Chrysler Corp., this year's securitization junkie, made another massive draw on the asset-backed market yesterday, this time offering fixed-rate securities backed by floating-rate assets.

Packaged in two tranches by a Salomon Brothers team, the $1 billion deal hinged on an internal interest-rate swap that enabled Chrysler's Chrysler Financial Corp. to act as the counterparty in converting cash flows from dealer floor-plan loans pegged off the prime rate into fixed-rate securities.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.