While issuance in the term asset-backed securities market has been record breaking year-to-date, average asset-backed commercial paper outstandings fell approximately $7 billion to $634 billion in January from $641 billion in December, which, historically, was the largest month-over-month drop, on both a nominal and percentage basis, according to data posted by the Federal Reserve Bank.

Much of this was attributable to seasonal patterns, as issuers tend to be more balance-sheet conscious toward the end of the year. Outstandings in the ABCP market grew $34 billion from November to December.

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