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Extendible note programs account for just roughly 5% of total asset-backed commercial paper (ABCP) outstandings, but over the past several years the rate at which new extendible note programs are being established relative to ABCP programs is more vigorous.
Typical assets used to back an extendible program include those with robust and predictable cash flows, such as credit card and trade receivables, or assets that are typically readily marketable, such as residential mortgages and rated securities.
Questions concerning the redemption of the extendible notes should be directed to Citibank at 800-422-2066, and questions regarding the redemption of the 8-1/8 percent notes should be directed to Bankers Trust at 800-735-7777.
The current offering is the ninth issuance under the state GO extendible municipal commercial paper program, begun in August 2000 with the last sale occurring in February 2006.
Fitch's 'Criteria for Treatment of Asset-Backed Extendible Notes in Rated Money Market Funds' is available on the Fitch Ratings web site at www.
Single seller market value (most commonly used in RMBS asset-backed extendible note programs, though rental car fleet and student loan programs may also come to fruition);
The Mississippi Bond Commission, as charged by the state, recently authorized $250 million under the state's new GO capital asset program term extendible note shelf (CAPTENS), created for interim financing of capital and economic development projects and hurricane disaster recovery.
The current offering is the sixth issuance under the state GO extendible municipal commercial paper program with the last occurring in March 2004.
Senior floating rate notes - Extendible Liquidity Securities
The very strong credit quality and long-demonstrated market access of Shelby County, Tennessee's largest county and one of its most prominent debt issuers, underlie Fitch's highest short-term rating on its extendible municipal commercial paper (EMCP) note program.