Asset Backed Commercial Paper (ABCP) outstanding continues to shrivel up…
Credit markets are still frozen despite the introduction of various credit and liquidity facilities (TAF, TSLF and PDCF).
Asset Backed Commercial Paper Explained
To be looking for a ‘bottom’ in banks specifically and financials in general is a mistake as long as ABCP outstanding continues to decrease. The ABCP isn’t just disappearing. As it comes due and as it can’t be rolled over, it is being placed onto bank balance sheets. So instead of de-leveraging, banks are actually forced to expand their balance sheets as the economy dives into the first consumer lead recession in decades…
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