Steps taken by conduit sponsors to improve transparency in ABCP won’t be enough to achieve full disclosure on underlying assets and originators, Fitch Ratings said.

Historically seen as a "black box", ABCP conduits and in particular multi-seller programs have tended to provide a limited amount of detail on the underlying assets in the program and are not obliged to reveal the underlying transactions, securities and assets to which they provide funding mainly due to confidentiality issues.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.