Ratings agency DBRS has unveiled its list of asset-backed commercial paper issuers that meet the new global liquidity standard (GLS).

As part of its announcement of the global liquidity standard for Canadian ABCP, DBRS committed to the publication of a GLS-ABCP compliant list on a regular basis. Today, it announced the first list of compliant issuers.

The standards for GLS-ABCP were published by DBRS on September 12, to provide transparency to the requirements for liquidity back stop facilities for GLS-ABCP programs. Since that date, a number of Canadian asset-backed commercial paper trust sponsors have been working to meet the criteria outlined for GLS-ABCP by DBRS, it says.

DBRS added that it is pleased to announce that conduits sponsored by six Canadian and two international banks now meet the GLS-ABCP standard.

“This is an important step toward ensuring the full and timely repayment of principal and interest for liquidity-backed ABCP,” says Jerry Marriott, managing director, Canadian RMBS/ABS. “To have achieved this level of market adoption of GLS-ABCP within a period of less than five weeks makes a strong statement on the commitment by conduit sponsors and DBRS to establishing this new standard for ABCP liquidity.”