DBRS Releases Commentary: The Montréal Accord: One Year Later

DBRS has today released a commentary marking the one-year anniversary of the approval of the Montréal Accord, the culmination of the 17-month-long restructuring of Canada’s third-party asset-backed commercial paper (ABCP) market.

At the end of the restructuring, three newly created special purpose entities, Master Asset Vehicle I, Master Asset Vehicle II and Master Asset Vehicle III (collectively, the MAVs) issued notes with terms matching the maturity of the underlying assets, in exchange for investors’ frozen ABCP.

“The Montréal Accord: One Year Later” looks at DBRS’s rating history of the MAVs, the rationale behind those actions, as well as current and future risks faced by the MAVs.

A copy of this commentary is available by clicking on the link below or by contacting us at info@dbrs.com.