Capital Advisors writes "Collateralized Commercial Paper: A New Breed or ABCP 2.0?" The white paper's Abstract says, "Collateralized commercial paper (CCP) made its debut last November to institutional cash investors. This new structure allows investors to purchase commercial paper from entities conducting term repos with broker-dealers. New regulatory changes for money market funds and tri-party repo markets provided logical explanations for its introduction. Some of the CCP features investors should be aware of include liquidity, maturity, and credit transformation as well as dealer funding diversification. We think the structure of CCP differs from multi-seller ABCP programs and more closely resembles repo-backed conduits. We advise investors to look to the issuer's standalone credit, quality and terms of the asset collateral, legal and operational considerations and regulatory uncertainty before investing in specific CCP issues."

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