You’d need more data than I have ready access to in order to answer that question.

The question is whether these credit lines are adequately priced, given that the market has said that they think the collateral behind asset backed CP is no good.

Banks at least historically have regarded those lines as marginal to unprofitable (they are a plain vanilla product, usually offered not in isolation but as part of a larger banking relationship).

And I am most certainly NOT up on the terms of those agreements, but I suspect they can’t be repriced (ie, the lender can’t get a higher spread over LIBOR or other reference rate) in the absence of a ratings downgrade.

Presumably CP borrowers are relatively low risk and back up lines of credit are priced high enough that the borrowers have an economic incentive not to use them?

So should we assume that banks will be making some attractive risk-adjusted returns?