"Commercial-Paper Market Hit by New Investor Anxiety" Reports WSJ. Monday's Wall Street Journal says the CP market is again experiencing stress, though "the current pullback in the commercial-paper market hasn't reached the intensity of August. For example, an HBOS-run conduit called Grampian, one of the largest conduits, with about $35 billion in paper outstanding as of August, has recently tapped the market." The Journal says, "This time around, investors appear to be backing away from commercial paper in part because of anxiety about banks, which typically guarantee the conduits' debts but could now be facing a new wave of write-downs on their own holdings of subprime-backed securities."