Improvement in ABCP outlook sparks hopes of recovery
A pick-up in the issuance of asset-backed commercial paper is being seen as a sign that the market is near or at the bottom, although European observers remain cautious
Signs that the asset-backed commercial paper (ABCP) market is gradually stabilising have sparked hopes that the credit crisis could be bottoming out.
Many commentators have warned that the recovery of the structured finance market will hinge on the ABCP sector (which invests heavily in mortgage-backed securities) bouncing back.
Data from the Federal Reserve shows ABCP outstanding in the US is now on the increase. It rose by $26.3 billion (to $773.8 billion) in the first week of January, by $4.8
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