Hertz nearly doubled the size of its first rental-car securitizationsince emerging from bankruptcy to $4 billion amid intense investor demand, according to a person with knowledge of the offering.
The deal, slated to price on Thursday morning, is shaping up to be one of the most sought-after asset-backed securities in recent memory, with each tranche oversubscribed multiple times. The sale received $20 billion of total orders, said the person, who asked not to be identified because the details are private. Money managers were lured by a higher incremental yield relative to other recent rental-car ABS, and renewed confidence in ...
