Ceres Capital's long-awaited structured investment vehicle (SIV) should launch sometime this fall at a notional value of about $1 billion, according to industry sources.

Granite Funding, the ABCP administered by Ceres and Bankers Trust, is in the process of being wound into the SIV. While the pipeline for new SIVs is robust, Ceres' vehicle has already scored its ratings from both Moody's Investors Service and Standard & Poor's, a step ahead of most players attempting to enter this market, the source said.

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