SPV Ruling: Counting the cost

After more than a decade of exuberant growth, the US asset-backed commercial paper market may now be under threat from a recent ruling by the US accountancy regulator. The regulator’s abandonment of rules-based standards in favour of a looser principles-based approach has left the market asking questions about what the finer points of the ruling mean for them.

Last December, the asset-backed commercial paper (ABCP) market – short-term debt backed by receivables – was worth $726 billion, more

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