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.

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.