DBRS Releases Monthly Canadian ABCP Report for September

DBRS has today released the Monthly Canadian ABCP Report for the month ended September 30, 2011. The asset-backed commercial paper (ABCP) outstanding amount in September was $24.8 billion, up 3.9% from the previous month.

There were two new floorplan transactions in September. One was funded through Fusion Trust (Transaction 15) and Bay Street Funding Trust (Transaction 37). The other floorplan transaction was funded through Bay Street Funding Trust (Transaction 38). In addition to the floorplan deals, there was an auto lease transaction funded in Merit Trust and Zeus Receivables Trust. Total year-to-date new issuances were $9.3 billion as at the end of September 2011.

There were two equipment loan/lease transactions funded through various conduits that were fully paid off in September in addition to an auto loan deal and a mutual fund fees program. The total discontinued amount was approximately $202 million.

The market continued to be dominated by residential mortgage securitizations, representing 37.3% of the market, followed by secured lines of credit (20.8%) and auto-related finance (21.5%).

The September 2011 Monthly Canadian ABCP Report includes access to the new DBRS enhanced structured finance surveillance reports. Its enhanced features – including detailed historical data for virtually all Canadian ABCP transactions, which allow for trend analysis and benchmarking of specific asset classes – are available on a subscription basis. For a limited time, however, one trust under each administrator has been made publicly available on a trial basis. The highlighted trusts in the table of contents of the Monthly Canadian ABCP Report provide a direct link to the enhanced structured finance surveillance reports.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.