"Subprime 'Tsunami' Hits Asset-Backed Commercial Paper Market" Says Bloomberg. "Extendible asset-backed commercial paper yesterday carried yields of 5.75 percent to 5.95 percent, compared with 5.45 percent for asset-backed commercial paper that isn't extendible and 5.25 percent to 5.30 percent for corporate commercial paper," said the article, quoting Money Market One's Lee Epstein. Bloomberg says extendible notes "make up about 15 percent of the asset-backed" market of $1.15 trillion, "or about $172.5 billion, according to Moody's".

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