Hertz ABS Deal Nearly Doubles in Size With $20 Billion of Orders

Money managers clamored for a piece of Hertz Corp.’s first full-term rental-car asset-backed security since bankruptcy, as the deal nearly doubled in size to $4 billion from $2.2 billion on Wednesday amid strong demand. Lead arrangers received $20 billion worth of book orders, according to a person with knowledge of the offering.

• One AAA rated slice of the transaction with a maturity of 5.28 years is set to price at 70 basis points over a swaps benchmark after tightening multiple times from initial price thoughts around110 basis points, said the person who asked not to be identified because the details ...