Asset-backed securities are bonds that are often backed by collections of consumer loans.
Fund managers are investing heavily in them.
According to statistics gathered by Bloomberg News, the amount of US asset-backed transactions this year is almost $235 billion.
Which is virtually the same as this point in 2021, which was a post-crisis record year.
In contrast, the number of leveraged loans issued has decreased by 73%, while sales of junk bonds have declined by 78% to $87.95 billion.
Even investment-grade note sales had decreased 13% by Wednesday.