PHOENIX - With the rapid growth over the last few years of securities arbitrage vehicles in the asset-backed commercial paper market, ABCP is increasingly being looked at as integral to liquidity and pricing of term securities, according to various industry professionals at last week's ABS West conference.

"The conduit market has been playing an increasingly more important role of a liquidity provider in the subordinate sectors," said Jorge Calderon, managing director and co-head of ABS at Deutsche Bank. "In large, part of that is do to the fact that the conduits tend not to be managed on a mark-to-market basis."

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