Spiraling into the final weeks of the 2002, the slowdown in the ABCP market is perhaps pronounced, given two record months of issuance this time a year ago.

Indeed, last November and December saw significant upticks in outstanding ABCP, with $18.7 billion of growth in November, followed by a whopping $28.6 billion December, bringing ABCP outstanding to $745 billion, still the market's historic peak.

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