Citicorp North America is replacing its old asset-backed commercial paper conduit with Citibank Capital Markets Assets II LLC (CCMA), a single-seller ABCP program. The old transaction, called Citibank Assets LLC, was closed in December 1997.

The new ABCP program, which is rated A-1 plus by Standard and Poors and Prime-1 by Moody's Investors Service, is using proceeds from the issuance of commercial paper to buy hedge contracts between the bank and its customers. It has the capacity to issue up to $3 billion of commercial paper.

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