The automotive segment helped to push asset-backed securities issuance in May to the second-most active month of the year, according to the latest update from S&P Global Ratings.

Analysts reported that total ABS issuance during May came in at $23 billion, bringing the year-to-date volume to $102 billion.

S&P Global Ratings noticed that May was supported once again by a heavy auto ABS issuance that reached over $10 billion, the second-highest monthly volume this year.

The update also mentioned that auto-related issuance now stands at $45 billion through the first five months of the year.

Analysts considered whether acceleration of issuance is being supported by what some experts might call “ideal market conditions.” S&P Global Ratings stopped short of that description.

“It is difficult to say what has been driving increased issuance in 2017,” analysts said. “Conditions have reportedly been ideal with tight spreads offering attractive financing levels for issuers. Rates are expected to increase, which may be driving some ABS issuers to move more assets off their balance sheets to free up capacity.

“Overall interest rates have remained relatively low and attractive to borrowers that currently have low debt service obligation,” they continued. “Prorating 2017 issuance so far would create more than $460 billion of issuance, but it is still difficult to say how much longer these ideal market conditions will continue.”