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- Asset-backed_commercial_paper abstract "Asset-backed commercial paper (ABCP) is a form of commercial paper that is collateralized by other financial assets. Institutional investors usually purchase such instruments in order to diversify their assets and generate short-term gains.ABCP is typically a short-term instrument that matures between 1 and 270 days (average of 30 days) from issuance and is issued by an Asset-backed commercial paper program or Conduit. A conduit is set up by a sponsoring financial institution. The sole purpose of a conduit is to purchase and hold financial assets from a variety of asset sellers. The conduit finances the assets by selling asset-backed commercial paper to outside investors such as money market funds or other “safe asset” investors like retirement funds. The conduit is referred to as a structured investment vehicle.A structured investment vehicle (SIV) is a non-bank financial institution established to earn a credit spread between the longer-term assets held in its portfolio and the shorter-term liabilities it issues with significantly less leverage (10-15 times) than traditional banks (25-50 times). They are simple credit spread lenders, frequently \"lending\" by investing in securitisations but also by investing in corporate bonds and funding by issuing commercial paper and medium term notes, which were usually rated AAA until the onset of the financial crisis. They did not expose themselves to either interest rate or currency risk and typically held asset to maturity. SIV's differ from asset-backed securities and collateralized debt obligations in that they are permanently capitalized and have an active management team. They do not wind-down at the end of their financing term, but roll liabilities in the same way that traditional banks do.They are generally established as offshore companies and so avoid paying tax and escape the regulation that banks and finance companies are normally subject to. In addition, until changes in regulations around 2008, they could often be kept off the balance-sheet of the banks that set them up, escaping even indirect restraints through regulation. Due to their structure, the assets and liabilities of the SIV was more transparent than traditional banks for investors. SIVs were given the label by Standard & Poors -- Moody's called them \"Limited Purpose Investment Companies\" or \"LiPICs\". They are considered to be part of the non-bank financial system, which has two parts, the shadow banking system comprising the \"bank sponsored\" SIVs (which operated in the shadows of the bank sponsors balance sheets) and the parallel banking system, made up from independent (i.e. non bank aligned) sponsors.Invented by Citigroup in 1988, SIVs were large investors in securitisations. Some SIVs had significant concentrations in US subprime mortgages, while other SIV had no exposure to these products that are so linked to the financial crisis in 2008. After a slow start (there were only 7 SIVs before 2000) the SIV sector tripled in assets between 2004 and 2007 and at their peak just before the financial crisis in mid 2007, there were about 36 SIVs with assets under management in excess of $400 billion. By October 2008, no SIVs remained active.The strategy of SIVs is the same as traditional credit spread banking. They raise capital and then lever that capital by issuing short-term securities, such as commercial paper and medium term notes and public bonds, at lower rates and then use that money to buy longer term securities at higher margins, earning the net credit spread for their investors. Long term assets could include, among other things, residential mortgage-backed security (RMBS), collateralized bond obligation, auto loans, student loans, credit cards securitizations, and bank and corporate bonds.".
- Asset-backed_commercial_paper wikiPageExternalLink asset_backed_commercial_paper.asp.
- Asset-backed_commercial_paper wikiPageID "16362696".
- Asset-backed_commercial_paper wikiPageLength "15051".
- Asset-backed_commercial_paper wikiPageOutDegree "62".
- Asset-backed_commercial_paper wikiPageRevisionID "678509828".
- Asset-backed_commercial_paper wikiPageWikiLink Asset.
- Asset-backed_commercial_paper wikiPageWikiLink Asset-backed_commercial_paper_program.
- Asset-backed_commercial_paper wikiPageWikiLink Asset-backed_security.
- Asset-backed_commercial_paper wikiPageWikiLink Asset–liability_mismatch.
- Asset-backed_commercial_paper wikiPageWikiLink Bond_(finance).
- Asset-backed_commercial_paper wikiPageWikiLink Bond_credit_rating.
- Asset-backed_commercial_paper wikiPageWikiLink Category:Commercial_bonds.
- Asset-backed_commercial_paper wikiPageWikiLink Category:Corporate_finance.
- Asset-backed_commercial_paper wikiPageWikiLink Category:Finance.
- Asset-backed_commercial_paper wikiPageWikiLink Citigroup.
- Asset-backed_commercial_paper wikiPageWikiLink Collateral_(finance).
- Asset-backed_commercial_paper wikiPageWikiLink Collateralized_debt_obligation.
- Asset-backed_commercial_paper wikiPageWikiLink Commercial_bank.
- Asset-backed_commercial_paper wikiPageWikiLink Commercial_paper.
- Asset-backed_commercial_paper wikiPageWikiLink Credit_rating_agency.
- Asset-backed_commercial_paper wikiPageWikiLink Financial_asset.
- Asset-backed_commercial_paper wikiPageWikiLink Financial_crisis_of_2007–08.
- Asset-backed_commercial_paper wikiPageWikiLink Financial_institution.
- Asset-backed_commercial_paper wikiPageWikiLink Financial_market.
- Asset-backed_commercial_paper wikiPageWikiLink Investor.
- Asset-backed_commercial_paper wikiPageWikiLink Loan.
- Asset-backed_commercial_paper wikiPageWikiLink Money_market_fund.
- Asset-backed_commercial_paper wikiPageWikiLink Moodys_Investors_Service.
- Asset-backed_commercial_paper wikiPageWikiLink Mortgage_loan.
- Asset-backed_commercial_paper wikiPageWikiLink Off-balance-sheet.
- Asset-backed_commercial_paper wikiPageWikiLink Residential_mortgage-backed_security.
- Asset-backed_commercial_paper wikiPageWikiLink Securitization.
- Asset-backed_commercial_paper wikiPageWikiLink Standard_&_Poors.
- Asset-backed_commercial_paper wikiPageWikiLink Structured_investment_vehicle.
- Asset-backed_commercial_paper wikiPageWikiLink Subprime_mortgage_crisis.
- Asset-backed_commercial_paper wikiPageWikiLinkText ""asset backed"".
- Asset-backed_commercial_paper wikiPageWikiLinkText "ABCP".
- Asset-backed_commercial_paper wikiPageWikiLinkText "Asset-backed commercial paper".
- Asset-backed_commercial_paper wikiPageWikiLinkText "asset-backed commercial paper (ABCP)".
- Asset-backed_commercial_paper wikiPageWikiLinkText "asset-backed commercial paper".
- Asset-backed_commercial_paper wikiPageUsesTemplate Template:Flagicon.
- Asset-backed_commercial_paper wikiPageUsesTemplate Template:Reflist.
- Asset-backed_commercial_paper wikiPageUsesTemplate Template:Wiktionary.
- Asset-backed_commercial_paper subject Category:Commercial_bonds.
- Asset-backed_commercial_paper subject Category:Corporate_finance.
- Asset-backed_commercial_paper subject Category:Finance.
- Asset-backed_commercial_paper hypernym Form.
- Asset-backed_commercial_paper type Redirect.
- Asset-backed_commercial_paper comment "Asset-backed commercial paper (ABCP) is a form of commercial paper that is collateralized by other financial assets. Institutional investors usually purchase such instruments in order to diversify their assets and generate short-term gains.ABCP is typically a short-term instrument that matures between 1 and 270 days (average of 30 days) from issuance and is issued by an Asset-backed commercial paper program or Conduit. A conduit is set up by a sponsoring financial institution.".
- Asset-backed_commercial_paper label "Asset-backed commercial paper".
- Asset-backed_commercial_paper sameAs Q13479927.
- Asset-backed_commercial_paper sameAs Asset-backed_Commercial_Paper.
- Asset-backed_commercial_paper sameAs Papier_commercial_adossé_à_des_actifs_non_bancaires.
- Asset-backed_commercial_paper sameAs m.03wht31.
- Asset-backed_commercial_paper sameAs Q13479927.
- Asset-backed_commercial_paper wasDerivedFrom Asset-backed_commercial_paper?oldid=678509828.
- Asset-backed_commercial_paper isPrimaryTopicOf Asset-backed_commercial_paper.