Recently revised figures released by the Federal Reserve showed a continued decline in ABCP issuance between 2001 and the first quarter of 2003, according to Standard & Poor’s Rating Services.

Period end CP outstanding declined to $728 billion as of March 2003, from $765 billion recorded at December 2001, the rating agency said in a report issued this week. The decline was in contrast to the tremendous growth seen in the market through the close of 2001. Part of the stagnation, the agency said, is illustrated by the 588 sellers entering programs during the first quarter of 2003 versus the 679 sellers exiting programs during the same period.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.