Abridged from Moody's Third Quarter Asset-Backed Commercial Paper Market Review, by Annika Sandback, vice president and senior analyst.

Average daily ABCP outstandings for the second quarter of 1999 rose to a new high of $432 billion. Although this figure represents a relatively sluggish quarterly growth rate of 6%, historically the second quarter tends to be the slowest-growing quarter in the ABCP market. For example, the growth rates in outstandings in the second quarters of 1998, 1997, and 1996 were 5.4%, 6.7%, and 6.8%, respectively.

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