Despite headlines of corporations looking to utilize asset sales in lieu corporate commercial paper, February marked the second consecutive decline in overall ABCP, down roughly $18 billion for the year, while the overall CP market is down $32.7 billion for the year.

"The pipeline is strong and I'm a little mystified that the volume is down," said Sam Pilcer, head of ABCP at Moody's Investors Service. Pilcer suggested that issuers might be taking their receivables out of conduits to the term market.

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