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Article: US commercial paper market falls $5.3 billion on week, according to Fed data
- Article from:
- AP Worldstream
- Article date:
- December 13, 2007
- Author:
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The U.S. commercial paper market fell by $5.3 billion (3.61 billion) on the week, with the asset-backed commercial paper segment contributing to the decline, according to data released Thursday by the Federal Reserve.
The level of asset-backed commercial paper outstanding fell $10.3 billion (7.01 billion) in the week ended Wednesday, after a decline of $23 billion (15.66 billion) in the week prior.
The asset-backed commercial paper market has contracted every week since mid-August, when investors became wary of buying short-term securities amid fears of contagion from risky subprime mortgages.
Rates on asset-backed commercial paper have risen in the past over the last ...