DBRS Releases Monthly Canadian ABCP Report for March 2013

DBRS has today released the Monthly Canadian ABCP Report for the month ended March 31, 2013. The total outstanding amount in the asset-backed commercial paper (ABCP) market stood at $27.3 billion as of March 31, 2013. As DBRS mentioned in earlier reports, the ABCP market remains strong and is gaining momentum, posting a 6.4% increase during March and a 4.9% increase in the first quarter of 2013.

The conduits rated by DBRS purchased a combined $1.9 billion in new assets from a diverse group of sellers. The majority of the new funding was for two auto loan programs totalling $827 million, followed by $441 million in trade receivables, $240 million in residential mortgages, $150 million in credit cards, $121 million in auto fleet leasing and $135 million in other asset classes.

The new additions led to small changes in the outstanding asset mix, with residential mortgages (insured, conventional and non-conventional) decreasing from 30.4% to 28.9%, auto-related programs (auto loans, auto leases, auto fleet, auto floorplan and auto rental) increasing from 26.5% to 28.1% and home equity lines of credit (HELOCs) decreasing from 23.4% to 22.0%.

All outstanding programs continue to be well enhanced and are performing within DBRS’s expectations.

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.