The US high-yield market took a breather on Friday but still closed out the second biggest week of the year so far, which saw borrowers raise a total of US$11.135bn. fiat chrysler automobiles and split-rated gm financial stole the headlines, bringing a combined US$5.4bn of paper to the market and giving the asset class a welcome shot of confidence. GM Financial's three tranches priced in line with talk and 5bp-8bp tighter than initial price thoughts. Fiat meanwhile priced the largest deal of the week, a B2/BB- US$3bn two-trancher which attracted US$10bn in demand.
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