About: Asset-backed commercial paper program

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An asset-backed commercial paper program (ABCP program, ABCP Conduit or Conduit) is a non-bank financial institution that issues short-term liabilities, commercial paper called asset-backed commercial paper (ABCPs), to finance medium- to long-term assets. In terms of terminology, ABCP usually refers to asset-backed commercial paper, while ABCP conduit (or conduit) the program. The maturities of ABCP range up to 270 days but average about 30 days.

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  • An asset-backed commercial paper program (ABCP program, ABCP Conduit or Conduit) is a non-bank financial institution that issues short-term liabilities, commercial paper called asset-backed commercial paper (ABCPs), to finance medium- to long-term assets. Like banks, ABCP programs provide market liquidity and maturity transformation services. Because of this structure, ABCP conduits are considered to be part of the Shadow banking system. A common and prominent feature of many ABCP programs is that they were created by banks to fund bank assets in an off-balance sheet way, possibly to avoid regulatory capital requirements. Due to this character, ABCP programs are cited as one of the reasons for the Financial crisis of 2007–2008. In terms of terminology, ABCP usually refers to asset-backed commercial paper, while ABCP conduit (or conduit) the program. The maturities of ABCP range up to 270 days but average about 30 days. (en)
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  • An asset-backed commercial paper program (ABCP program, ABCP Conduit or Conduit) is a non-bank financial institution that issues short-term liabilities, commercial paper called asset-backed commercial paper (ABCPs), to finance medium- to long-term assets. In terms of terminology, ABCP usually refers to asset-backed commercial paper, while ABCP conduit (or conduit) the program. The maturities of ABCP range up to 270 days but average about 30 days. (en)
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  • Asset-backed commercial paper program (en)
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