If any fixed-income product faced an ultimate test of its operations during the last two weeks, asset-backed commercial paper (ABCP) would be high on the list. On any given day there is bound to be hundreds of millions of dollars of ABCP maturing, which needs to either be rolled or have new paper issued to pay off the maturing paper, and Tuesday September 11th was no exception.

Dealers, issuing and paying agents, and DTC play a large role making certain that process goes smoothly, but unfortunately the majority of these players were evacuated and locked out of their offices in New York's downtown business district after Tuesday's terror attack.

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