Bank CP plummets but SSAs pick up slack

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By Lewis McLellan
20 Aug 2020

Bank issuance of commercial paper has fallen sharply in 2020, thanks to generous liquidity provisions from the ECB. But overall issuance has climbed slightly, mostly off the back of increased SSA activity.

Issuance of ECP exceeded $1.5tr in the first half of the year — an 11% year-on-year increase. The jump in supply comes in spite of the fact that bank issuance was down 14% year on year — the second lowest amount of the decade.

The decline, according to ...

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