Asset-Backed Commercial Paper

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Asset-Backed Commercial Paper

A short-term debt security issued by a corporation that is collateralized by some asset. In general, asset-backed commercial paper is secured by accounts receivables or something similar. It carries less risk than other commercial paper, which is unsecured. It is a highly liquid investment and forms part of the money market.
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Prior to joining AFC, he spent fifteen years working as a Risk Manager, Trader and Structurer at various international banks including Stanbic IBTC Bank, where he was Regional Head of Market Risk for West Africa, and Risk Manager for the Credit Derivatives Group at WestLB AG and the Asset Backed Commercial Paper (ABCP) conduit at Abbey National Treasury Services (ANTS).
Among the areas for additional monitoring were the increased use of repos by pension funds, funding of long term assets with short term asset backed commercial paper and growth in the securitisation of insured mortgages by specialised mortgage lenders, said a Reuters report
"From conversations I had prior to the video conference call on August 16, 2007, I was aware of discussions among a few large banks about borrowing from their discount windows to support the asset backed commercial paper market," Lacker said in the statement.
Draft reporting templates for other asset-backed securities (ABS), such as securities backed by auto loans/leases and/or credit card receivables, asset backed commercial paper (ABCP) and commercial mortgage backed securities (CMBS), will be made available in 2013.
23 June 2011 - Fitch on Wednesday retained and simultaneously withdrew the F1sf rating on the short-term asset backed commercial paper (ABCP) of Giro Lion Funding Ltd.
Chart 4 shows that the asset backed commercial paper market had taken off in 2005 and its growth far exceeded that of either financial or non-financial commercial paper.
(39) For example, asset backed commercial paper can be issued into the CPFF at the overnight indexed swap rate plus 300 basis points.
Fourth is the Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility at $17 billion, loans to banks or bank holding companies for the specific purpose of allowing them to purchase assets from money market mutual funds that are facing redemptions.
You see, its balancesheet wasn't nearly as healthy as it looked, with all that Asset Backed Commercial Paper on its books.
He has been involved in structuring and documenting CDOs, credit derivatives, repurchase agreements, asset backed commercial paper programs, letters of credit and royalty income stream obligations.
Have any actions that the sponsor took in support of a VIE (such as securitized trust or asset backed commercial paper conduit) resulted in the reconsolidation of any entity that was previously accounted for off balance sheet?