Activity has picked up in the asset-backed commercial paper market in recent weeks - with a few large deals closing - though outstandings, as measured by Federal Reserve, still show flat to declining ABCP.

A fair amount of the activity in the conduit world has been restructuring and/or transferring assets from conduit to conduit. It seems that collateral from CIBC's ABCP vehicles is moving around the market. Last week, IFR Markets reported that RBS Greenwich had acquired the some-odd $1.5 billion portfolio of CDOs from CIBC's SPARCs, funding about 75% of it through Royal Bank of Scotland's Thames Asset Global Securitization (TAGS).

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