Knowledge Center
This article the "Knowledge Center" states that the asset-backed commercial paper market is becoming large. The author says the asset-backed commercial paper is too big to ignore, also become for a challenge. First, the asset-backed commercial paper is growing in size by $145 billion five year to more than $700 billion. The reasons behind the increase in asset-backed commercial paper; for example, it has become traditional insurance. Commercial paper is an unsecured obligation of a company, without any assets supporting the company. If an issuer messes up on a commercial paper, that person becomes a somebody on the bottom of the food chain. However, in the past this wasn't a problem for commercial paper market because buyers purchased commercial paper only from highly rated issuers. So, the commercial paper usually matures before credit quality is found out and default becomes an issue. The money-market buyers are being hit with degeneration of their credit quality. The......
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