Graph 4  BIS Review 94/2007  5  Yields on securities issued by banks, such as short-term bankers acceptances, rose noticeably. In the US they were up by 0.25 percentage points for terms of 90 days (Graph 5).
Graph 5  Yields on asset-backed commercial paper, which as noted had been at the same level as the fed funds rate for much of the past year, rose even more sharply, by about 60 basis points (Graph 6). More importantly, activity in this market dried up sharply, the effect being that for a time funding was not available at any price.