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The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-backed Securities, 2nd Edition by Anne Zissu, PHD, Charles Austin Stone, PHD

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Chapter 6

Asset-Backed Commercial Paper

The market for asset-backed commercial paper (ABCP) ballooned from 1992 to 2007. From $40.7 billion, or 7.5 percent of the total commercial paper (CP) market, in March 1992, it grew to $1.2 trillion in July 2007, which was 55.8 percent of the total CP. In August 2008, a month before Lehman Brothers collapsed the market for ABCP, it stood at $748 billion and was 42 percent of the CP market. As of September 2011 the market for ABCP had shrunk to $347.64 billion, that is, 33 percent of the CP market. Growth in ABCP reflected the fact that this vehicle offered companies access to the prime CP market at better terms than they could attain by issuing CP directly from their own balance sheets. Advantages in using ...

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