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ABCP is still just 36.7% of peak
ABCP has recovered from post-crisis lows, but at $450.1 bn it is still only 36.7% of its 2007 peak, underscoring how incomplete the return of pre-crisis shadow-bank funding has been. Source: FRED Asset-Backed Commercial Paper Outstanding (ABCOMP), as of 2026-05-13.
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This chart shows asset-backed commercial paper outstanding at $450.1 bn, only 36.7% of its $1,225.7 bn peak, according to FRED’s Asset-Backed Commercial Paper Outstanding series fred.stlouisfed.org.
This chart shows asset-backed commercial paper outstanding at $450.1 bn, only 36.7% of its $1,225.7 bn peak, in FRED’s Asset-Backed Commercial Paper Outstanding series fred.stlouisfed.org.
The line matters because it separates recovery from restoration. ABCP is no longer pinned near its post-crisis lows; the right edge clearly turns higher. But the latest level still sits far below the summit that defined the old securitized funding regime. What returned was activity, not the scale of the earlier machine.
That makes the chart less a story about short-run momentum than about structural downsizing. The market still exists and has rebuilt, but the pre-crisis funding channel remains a fraction of what it once was. For this graphic, the takeaway should stay narrow: ABCP recovered, yet the shadow-banking engine that once ran through this market has never come close to its old peak.