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.
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