NEW YORK - As far as growth in emerging asset classes is concerned, extendible notes in ABCP programs and student loan-backed ABS have both come a long way recently. Now their paths are converging.

This year, asset-backed commercial paper conduit sponsors are expected to launch vehicles that will issue extendible notes backed by loans issued under the Federal Family Education Loan Program (FFELP), according to industry professionals who spoke at Fitch Ratings' annual ABCP Conference held here last week. After the event, several market sources said that a couple of single-seller extendible note ABCP programs were being structured, but that none were in the market yet.

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