In a positive sign for the burgeoning South African securitization markets, a unit of The Standard Bank of South Africa has completed the structuring of the country's first-ever ABCP program. The multi-seller conduit also a hybrid combination with a securities arbitrage vehicle will ramp up its asset purchases in the coming months.

Dubbed Blue Titanium Conduit Ltd. the vehicle's purchase limit totals 20 billion Rand ($1.9 billion equivalent), and is the latest in a string of firsts for the South African securitization markets following the December 2001 passage the Banks Act No. 94, which provides exemptions allowing for the issuance of ABCP.

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