ABCP market loses another $9 billion

Total Commercial Paper outstanding rose for the 4th consecutive week, however Asset Backed Commercial Paper (ABCP) declined a further $9 billion in the week to October 31st.

That makes 12 consecutive weeks of falls in ABCP market, shedding a cumulative total value of $308.1 billion or 26.1% since the week ending August 8th.

Last week it appeared the bleeding may stop as the ABCP market shrunk by only $4 billion, the smallest amount since the credit crunch began, however this week's numbers suggest there is still a lack of confidence in much of the ABCP market.