JPM Mid-Week US Short Duration Update: ABCP outstandings push 20% higher YTD amid increased equity financing demand

研报英文原文证据摘录

JPM Mid-Week US Short Duration Update: ABCP outstandings push 20% higher YTD amid increased equity financing demand

Teresa Ho AC (1-212) 834-5087 Molly Herckis (1-212) 622-0899 Global Markets Strategy J P M O R G A N

teresa.c.ho@jpmorgan.com molly.herckis@jpmchase.com JPM Mid-Week US Short Duration

J.P. Morgan Securities LLC Update

Pankaj Vohra (1-212) 834 5292 22 July 2026

pankaj.x.vohra@jpmchase.com

It has been a strong start to the year for the ABCP market, with total outstandings

climbing to nearly $585bn, up almost $100bn (20%) year-to-date, surpassing the

pace of growth over the same period in every year since 2020 (Figure 1Thisyear’sABCPgrowthhassurpasedthepaceofgrowthoverthesameperiodineveryyearsince2020). As we

have discussed previously, this year’s growth, like that of the past couple of years,

reflects dealers increasingly turning to the ABCP market as an alternative source of

financing for both fixed income (mainly Treasuries) and equity collateral. Recall that

certain ABCP structures (e.g., independent sponsor programs) can provide banks with

off‑balance‑sheet solutions/optimization of funding and potentially favorable accounting

treatment by using a conduit to intermediate transactions with a counterparty. In

practice, this is typically executed through repo (an alternative way for the counterparty

to finance high‑quality liquid assets), reverse repo (asset transfers to the conduit in

exchange for short‑term cash), TRS (synthetic exposure without owning the asset

outright), and securities lending (securities temporarily move onto the SPE’s balance

sheet when it borrows, or are acquired with ABCP proceeds and lent to the counterparty

when it lends).

More recently, the upward trend in ABCP outstandings has become even more