ABCP market decline reaches 30%

After a brief hiatus the ABCP market continued it's decline in the week ended 21st November as another $17.5 billion of Asset Backed Commercial Paper vanished from existence. From it's peak on August 8th at nearly $1.2 trillion the ABCP market has lost 30% or $359 billion of it's value.

No doubt the the decline will continue as long as the current risk averse climate remains and as credit spreads widen forcing some corporates to go elsewhere for financing.