In a first, Lehman Brothers is acting as an administrator on an asset-backed commercial paper program. More accustomed to acting as a dealer for programs administered by others, the investment bank recently launched Aegis Finance, a partially supported and single-seller vehicle that will issue as much as $2.1 billion in secured liquidity notes (SLNs).

Lehman Brothers is thoroughly acquainted with the $1 trillion asset-backed commercial paper market, having worked as a dealer on such programs as Thornburg Mortgage Capital Resources and KKR Pacific Funding Trust. Indeed, Moody's Investors Service ranked the investment bank as the top ABCP dealer for 4Q05. For that period, the bank oversaw 155 programs totaling $595.5 billion in ABCP outstanding, according to the rating agency.

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