Solitaire Funding did it; so did Grampian Funding and a list of other asset-backed commercial paper vehicles. After skeptical investors stopped buying recherche ABCP assets - namely those with arbitrage, extendible-note and market-value structures - some program sponsors turned to using repurchase agreements as backup liquidity.

Those vehicles are not the only ones that have relied on repurchase agreements, known as repos, for supplemental or alternative financing.

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