Google Googles for Yield, Finds Auto Bonds

Feeling lucky, Google Inc. has found a new place to park some of its $40 billion cash hoard: Bonds backed by car loans.

The Mountain View, Calif., company has plowed hundreds of millions of dollars in recent months into asset-backed securities, tied largely to automobile loans and consumer credit-card payments. Among Google’s recent purchases: triple-A-rated debt from car makers Honda Motor Co. and Hyundai Corp. Google had previously restricted itself to U.S. Treasurys, high-quality corporate bonds and other low-risk securities.

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