Asset-backed commercial paper outstandings surged $27.2 billion from April 23 to April 30, up nearly 4% to $723.9 billion during the week-over-week period. This is the first notable increase in volume in 2003.

According to a CP trader, it’s hard to pinpoint a single reason for the spike in issuance, though apparently Countrywide Home Loan’s new Park Granada program has been active.

“I’m not sure what’s driving the volume,” the trader said. “It’s really sort of counter to what we’re seeing.”

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