Though volume in the ABCP market is down this year, conduits are still absorbing some of the more interesting structures, including a pseudo intellectual property securitization involving non-profit children's development concern Sesame Workshop, creator of the long running kid's television show Sesame Street.

Considering the Enron-spawned scrutiny securitization has faced this year, industry proponents might be wise to allude to this deal. Who could argue against an SPE that scored Big Bird, Elmo, Bert & Ernie and Oscar a cheaper cost of funds? No balance sheet play. No corporate scandal. Just good, clean funds.

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