Specialty finance company Associates First Capital Corp. issued a $4.8 billion bond offering last week, the second-largest ever. The company's deal was oversubscribed, which is unusual, given the market's recent wariness of specialty finance paper.

"Frankly, we're amazed that a company whose ratings are under review could issue any kind of debt," Carol Levenson wrote in Gimme Credit, a Chicago investment newsletter. "It says something about the company's ready access to capital markets, even during stressful times," the newsletter said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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