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ABCP Market Overview First Quarter 2000 Jul 00
Standard & Poors, July 2000
Abstract
The first quarter of 2000 featured increased activity in the asset-back commercial paper (ABCP) market. Commercial paper issuance continued upward on market momentum, despite forecasts of lessened activity in what is typically a slow period for banks. Aggregate commercial paper outstanding experienced a 3% quarter-to-quarter growth rate, increasing to $453.3 billion in March 2000, from $440.6 billion at the end of December 1999. Furthermore, aggregate commercial paper outstanding as of March 2000 has experienced a 34% year-to-year growth rate from the March 1999 aggregate commercial paper outstanding of $338.4 billion. During the first quarter of 2000, Standard & Poor's assigned ratings to four new commercial paper programs, three of which were multiseller programs and one of which was loan-backed (see...
Companies mentioned in this report are: Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland),Windmill Funding Corp.,Atlantis One Funding Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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