(Bloomberg) -- Companies flooded the asset-backed securities market with offerings this week, selling the most bonds this year as they looked to borrow before inflation reports added extra uncertainty to markets.

Issuers sold more than $14.3 billion of asset-backed bonds, beating out the $14.1 billion weekly record for 2024 set in early January, data compiled by Bloomberg News shows. Bonds backed by auto loans totaling $11.5 billion helped to drive sales during the week, with the likes of Harley-Davidson Inc. and Honda Motor Co. joining the fray, as well as financial firms like Bank of America Corp. 

Most of the offerings were front-loaded as borrowers sought to get ahead of the latest release of consumer price index data on Wednesday. But fears that the report would lift borrowing costs proved unfounded. In the end, the measure showed US inflation cooling in April for the first time in six months, which helped cut bond yields.

A pipeline of deals is also expected to price next week, before the Memorial Day weekend gets underway, as ABS metrics continue to set a positive tone for the market, according to JPMorgan Chase & Co. ABS strategists. 

“ABS spreads held firm through yet another busy, and auto-heavy, week in the primary market,” Amy Sze and Akshit Jaisinghani wrote in their May 17 client note. “Transactions remain well bid across asset classes with pricing spreads inside of guidance.”

The fast-approaching Memorial Day holiday on May 27 has traditionally marked the start of a slowdown in broader ABS market sales for the year, with bond buyers topping up their portfolios in the weeks prior.

So far this year, ABS deal volume is running about 32% faster than this same point in 2023, with $147 billion worth of priced deals backed by auto, equipment and student loans, credit card debt, and unusual collateral like art loans and internet addresses, Bloomberg-compiled data shows.

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