Structured Finance Sector Report Card: European ABCP Is Showing Resilience Despite The Downturn Aug 10
- ID: 2025333
- August 2010
- Region: Europe
- Standard & Poors
This European ABCP report card covers the various developments in asset-backed commercial paper (ABCP) and a review of the overall conduit trends we have observed since October 2009. That the ABCP market has endured significant difficulties since the economic downturn is a relative understatement. ABCP outstandings are down by up to 70% in some conduits, with much of the pre-crisis structured finance-fuelled growth all but diminished. The level of ABCP outstanding appears to have reached a plateau, with many conduits filling the gap left by structured products with "vanilla" unrated trade receivables. In our view, regulatory uncertainty is also playing a factor in the re-emergence of the sector as many sponsors take a "wait and see" approach to the array...
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Research Type: Commentary
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