The asset-backed commercial paper market came under renewed pressure on Tuesday after 17 Canadian issuers failed to sell short-term debt and sought alternative financing from banks, according to Dominion Bond Rating Services, the Canadian rating agency.

The news raised new worries over liquidity in the C$116bn (US$109bn) Canadian CP market and the far larger global money markets, which came close to seizing up last week before central banks including the Bank of Canada intervened.