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ARTICLE · 16 MAY 2008

Asset Securitization - Recent Developments Of Importance

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Despite a relatively uneventful winter and spring, 2007 proved to be a watershed year for the asset-backed commercial paper market in Canada, and after the liquidity crisis of mid-August things may never be the same again.

CanadaStrategy
McMillan LLP
McMillan LLP
Don Waters
Don Waters
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Originally published in 2008 Lexpert / American Lawyer - Guide to the Leading 500 Lawyers in Canada

Turmoil In The ABCP Market

Despite a relatively uneventful winter and spring, 2007 proved to be a watershed year for the asset-backed commercial paper market in Canada, and after the liquidity crisis of mid-August things may never be the same again. Storm clouds had been gathering ever since DBRS Limited (DBRS) revised its ratings criteria for CDO-based ABCP programs in January 2007 to require, among other things, that liquidity support for subsequent CDO-based ABCP transactions not be limited to a general market disruption and must remain available without the confirmation of rating of such ABCP. The introduction of the revised criteria substantially reduced the level of new CDO-based ABCP transactions while market participants determined how to proceed in light of the changes. But it was not

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