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CREDIT SUISSE SECURITIES (USA) LLC
ASSET BACKED COMMERCIAL PAPER
WEEKLY NEWSLETTER
11.13.2009
U.S. ABCP Market Outlook (CP Desk Comments)
Commentary by Credit Suisse’s US ABCP Trading Desk
ABCP Commentary
There were no scary surprises on this Friday the 13 th (fun fact: this is the last of 3 “Friday the
13 th” occurrences in 2009). The week was business as usual for the ABCP market, as we continued to
see very good flows throughout the curve. Prices tightened again this week by 1 to 2 bps, mainly due to
the decrease in outstanding commercial paper issuance. Investors have plenty of cash to invest, but with
customer pay downs and few new deals getting done, issuers have been unable to satisfy investor
demand.
As of Wednesday, 35% of all Commercial Paper outstanding and 32.5% of all ABCP outstanding had
been placed over the turn. Next week will be the last full week for issuance this month before the
Thanksgiving Holiday and month-end. We expect to continue to see the same strong interest throughout
the week.
The weekly CP data was as follows:
Total CP outstandings decreased by $7.0 bn to $1.162 tn for the week ending 11/11/09.
Outstandings declined across all three types of CP.
Please note that there was, again, a substantial gap between the seasonally adjusted versus not
seasonally adjusted Fed data (ie total CP down $77 bn adjusted vs. $7 bn unadjusted). To reiterate, we
use the non-adjusted numbers.
Money market fund assets decreased by $3.7 bn this week to $3.335 trillion. Taxable (non-gov) assets
increased by $4.5 bn to $1.871 trillion, with a $2.4 bn drop in retail assets and a $7 bn increase in
institutional assets.
Of the total CP market:
-Corporate outstandings decreased by $1.9 bn for the week ($120.5 bn vs $122.4 bn last week)
-Financial outstandings decreased by $2.4 bn for the week ($568.2 bn vs $570.5 bn last week)
-ABCP outstandings experienced a weekly decrease of $2.8 bn ($451.9 bn vs $454.7 bn last week).
CPFF usage declined marginally this week to $9.78 bn (face value) vs $9.98 bn (face value) last week.
AMLF usage remained at zero.
The Fed's exposure to the total CP market remained steady at less than 1% this week.
(Source: Federal Reserve website, Investment Company Institute website)
Corporate/Financial Commentary
This week seemed uneventful as investors continued their trend of buying either very short paper
(overnight to 1 month) or extending out into 3 and 6 month maturities. There seems to be a delicate
Maureen Coen
212.325.3531
maureen.coen@credit-suisse.com
Joseph Soave
212.325.1802
joseph.soave@credit-suisse.com
Brian Rogers
212.325.1802
brian.rogers@credit-suisse.com
Stephanie Gentile
212.325.4713
stephanie.gentile@credit-suisse.com
Galit Kursman
212.325.3358
galit.kursman@credit-suisse.com
Emily Lao Chua
212.325.9817
emily.laochua@credit-suisse.com
Danielle Melchione
212.325.0943
danielle.melchione@credit-suisse.com

alancing act happening between gaining yield by extending and keeping very short in case of
redemptions. Until there is a fundamental change in rates and/or money market outflows, one can only
surmise that the bar belling trades will continue until year-end. As mentioned above, the Investment
Company Institute reported continued declines in money market mutual funds, falling from its high of
$3.92 trillion on Jan. 14 th to $3.335 trillion on November 11 th . How far this number will fall is anyone's
guess.
Short-Term Fed Facility Usage:
All amounts in USD billions (except where noted)
Facility Current Week (11/11/09) Prior Week Peak Facility Effective Date
AMLF 0 0 152.1 (10/1/08) 9/19/08
CPFF 9.779 (face) 9.979 (face) 350.3 (1/22/09) 10/27/08
MMIFF n/a (program expired) n/a (program expired) n/a 11/24/08
Data source: http://www.federalreserve.gov/releases/h41/Current
Commercial Paper Maturing after December 31, 2009:
All amounts in USD billions; Percent of Total Current Outstandings for Category;
ABCP is also included in the Total, Tier 1 and Tier 2 categories
CP Type Current Week (11/11/09) Prior Week
ABCP $147.0 (32.5%) $124.9 (27.5%)
Tier 1 $355.8 (38.4%) $315.4 (33.9%)
Tier 2 $6.0 (15.4%) $4.9 (12.3%)
Total $403.5 (35.3%) $353.8 (30.8%)
Data source: http://www.federalreserve.gov/releases/cp/yrend.htm
LIBOR Curve (11/13/09):
0.03000
0.02000
0.01000
0.00000
O/N
1 wk
2 wk
1 mo
2 mo
3 mo
4 mo
5 mo
6 mo
7 mo
8 mo
9 mo
10 mo
11 mo
12 mo
O/N .17813%
1 wk .21625%
2 wk .22625%
1 mo .23750%
2 mo .25031%
3 mo .27250%
4 mo .33625%
5 mo .42875%
6 mo .52063%
7 mo .61375%
8 mo .71938%
9 mo .81875%
10 mo .91000%
11 mo 1.00188%
12 mo 1.09063%

ABCP Outstandings
U.S. ABCP Outstandings decreased by $2.8 billion for the week ending November 11, 2009 to $451.9 bn outstanding from
$454.7 billion outstanding (Source: Federal Reserve, Not Seasonally Adjusted data).
1,250,000
1,225,000
1,200,000
1,175,000
1,150,000
1,125,000
1,100,000
1,075,000
1,050,000
1,025,000
1,000,000
975,000
950,000
925,000
900,000
875,000
850,000
825,000
800,000
775,000
750,000
725,000
700,000
675,000
650,000
625,000
600,000
575,000
550,000
525,000
500,000
475,000
450,000
425,000
400,000
375,000
350,000
325,000
300,000
275,000
250,000
Total US ABCP Outstandings as of Wednesday, November 11, 2009
(in millions)
01-1998
06-1998
11-1998
04-1999
09-1999
02-2000
07-2000
12-2000
05-2001
10-2001
03-2002
08-2002
01-2003
06-2003
11-2003
04-2004
09-2004
02-2005
07-2005
12-2005
4-12-2006
5-17-2006
6-21-2006
7-26-2006
8-30-2006
10-4-2006
11-8-2006
12-13-2006
1-17-2007
2-21-2007
3-28-2007
5-2-2007
6-6-2007
7-11-2007
8-15-2007
9-19-2007
10-24-2007
11-28-2007
1-2-2008
2-6-2008
3-12-2008
4-16-2008
5-21-2008
6-25-2008
7-30-2008
9-3-2008
10-8-2008
11-12-2008
12-17-2008
1-21-2009
2-25-2009
4-1-2009
5-6-2009
6-10-2009
7-15-2009
8-19-2009
9-23-2009
10-28-2009
Total ABCP Outstandings Current Outstandings
US ABCP Outstandings reached an all-time high of $1,210 bn on
August 8, 2007. Current outstandings (November 11, 2009) are $451.9
bn and decreased by $2.8 bn from the previous week.

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