B of T, Dresdner Team on ABCP Effort

In a marriage designed to take advantage of the different strengths of the two parties, Bank of Tokyo-Mitsubishi Ltd. and Dresdner Bank AG have teamed up on an asset-backed commercial conduit dubbed Concerto.

The banks two have set up a 100 billion yen ($1 billion) multiseller program, through a special purpose corporation based in the Cayman Islands. The offshore company will issue commercial paper to finance the purchase of assets from Japanese companies, such as trade receivables, leases and auto loans.