Before 2001 came to an end, Banco Santander was able to close a muti-functional hybrid asset-backed commercial paper conduit in the U.S., marking its second conduit, but its first hybrid and the first in the U.S.

Altamira Funding (see ASR 7/02/01) is authorized to issue $2 billion and was able to begin issuing commercial paper before 2002 even begun. Jim McDonald left his position as an ABCP analyst after four years at Moody's Investors Service to arrange this vehicle. It is a typical multi-seller program that can do securities arbitrage, match funded loans and purchase receivables.

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