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US$ ABCP Market Statistics: Issuance Was Off To A Healthy Start In First-Quarter 2007 Jun 07

  • ID: 1810618
  • June 2007
  • Standard & Poors
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Abstract
The first quarter of 2007 marked the 10th consecutive quarter of growth in U.S. dollar asset-backed commercial paper ("U.S. dollar ABCP")* outstanding. Rising multiseller conduit issuance was responsible for much of the increase, as single-seller and arbitrage conduit issuance both fell off slightly. Issuance of U.S. dollar ABCP reached another all-time high of $983 billion outstanding at the end of first-quarter 2007, up 1.8% over fourth-quarter 2006 and 20.35% year-over-year (see chart 2). Likewise, aggregate program financing also set a new record, reaching $1.4 trillion on existing conduits as of March 31, 2007. Utilization rates have held steady over 70% since September 2003 (see chart 5). Issuance of U.S. dollar ABCP from multiseller conduits increased by $25.5 billon in first-quarter...

Companies mentioned in this report are:
- The Royal Bank of Scotland PLC
- KBC Bank N.V.

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 READ MORE >

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- The Royal Bank of Scotland PLC
- KBC Bank N.V.

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Note: Product cover images may vary from those shown