Asset-Backed Sales Top $313 Billion, Beating Post-GFC Record

Sales of debt backed by everything from auto loans to airplane leases to Subway franchise fees have hit their highest level since the financial crisis, as banks try to meet new capital rules and insurance companies clamor for higher-yielding debt.

Asset-backed securities sales have topped $313 billion this year, surpassing 2021’s $312.6 billion, data compiled by Bloomberg shows. According to Bank of America Corp., which uses a different methodology for counting asset-backed issuance, this year’s sales are the highest in the decade-and-a-half following the Great Financial Crisis.

The heavy issuance partly stems from banks offloading loans from their ...