ASF and ESF Issue Joint Statement on Asset-Backed Commerical Paper. The American Securitization Forum and the European Securitisation Forum, which represent issuers of asset-backed commercial paper, issued a joint statement on a meeting yesterday with ABCP participants. The release states, "ABCP is an essential and widely used mechanism for raising short-term capital to fund a diverse range of consumer and business needs throughout the world." Participants noted signs of "improved flows" and a "return to proper focus on strong credit fundamentals and structural safeguards". It adds, "Members will continue to reach out to money market mutual fund managers as well as ABCP investors to provide detailed information and education on transaction-specific assets, structural details and liquidity backstops". A Global Summit will be hosted Sept. 19.

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