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Name Company
Email Are you Investor Issuer Intermediary?
If you wish to fax this survey (312-706-8262), click here to print.
Please rank from 1 to 10 [1 = Most Important ; 10 = Least Important] the importance you place on the following ABCP program characteristics:
    1 2 3 4 5 6 7 8 9 10
A. Credit quality of sponsor
B. Credit quality of the credit enhancer
C. Credit quality of the liquidity bank(s)
D. Name of Program
E. Minimum amount of program-level credit enhancement
F. Amount and quality of disclosure in monthly investor pool reports
G. Subordination of ABCP to liquidity banks in a loss scenario
H. ABCP investors are granted a security interest in Conduit Assets
I. Credit quality and reputation of the CP dealer
J. Pro-rata treatment of ABCP investors in a loss scenario (i.e. once a known loss is identified, all ABCP investors share in the loss versus the latest maturity ABCP investors)
Please indicate how the following features would affect your opinion of an ABCP program:
    Positive Negative No Effect
1. Type of assets purchased or permitted to be purchased by the conduit.
2. Partial liquidity: Reliance on a combination of third-party provided liquidity and liquidity available from the assets as sources of repayment.
3. Extendible notes, rather than ABCP, are issued (with a defined extension term).
4. Extendible notes, rather than ABCP, are issued (with a defined extension term).
5. Reduction in amount of program-level credit enhancement from 10% to 5%.
6. Program-level credit enhancement determined by a "CBO methodology."
7. Ability to purchase assets from unrated or non-investment grade sellers.
8. Ability to purchase assets from sellers located in foreign jurisdictions.
9. Outstanding amount of ABCP is NOT consistently over $1 billion.
10. Outstanding amount of ABCP is NOT consistently over $5 billion.
11. Credit enhancement is in the form of a cash collateral account versus a loan agreement.
12. Program has a 2(a)7 disclosure requirement.
13. Liquidity is in the form of a loan agreement versus an asset purchase agreement.
14. Sponsor has no substantive business, other than conduit operations.
 
 

 

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Mayer Brown is a global legal services organization comprising legal practices that are separate entities ("Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales; and JSM, a Hong Kong partnership, and its associated entities in Asia. The Mayer Brown Practices are known as Mayer Brown JSM in Asia.
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