With nearly $30 billion in issuance, December was an action-packed month for the asset-backed commercial paper market, which polished off the year as a larger component of total CP outstandings than corporate CP for the first time, according to data from the Federal Reserve.

While the robust issuance was not necessarily surprising, as banks, with yearend balance-sheet concerns, account for much of the market, December also saw a deluge of new programs launching.

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