After all the market chatter and speculation on the surge in ABCP outstandings, it turns out the whole thing was, essentially, like everything else these days: an accounting error.

As ASR reported last week, the Federal Reserve Board numbers showed a significant increase in ABCP outstandings late in April - to the tune of $30 billion over one week - all of which puzzled market players who said they really hadn't witnessed this sort of increase in activity. Most attributed it to increased issuance by European conduits.

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