OVERLAND PARK, Kan. — In mid-April U.S. Central became the administrator of Sandlot Funding LLC, an asset-backed commercial paper financing conduit.
U.S. Central anticipates that Sandlot Funding will be a source of additional liquidity and fee income, according to a letter U.S. Central sent to corporates.
According to the Asset-Backed Commercial Paper Market Review from Moody's, Sandlot Funding has the ability to issue up to $10 billion. Sandlot will issue secured liquidity notes and invest in a variety of highly-rated asset backed and mortgage-backed securities. According to Moody's, at least 90% of Sandlot Funding's assets must be AAA/Aaa rated and can not be lower than A/A2. Ten-percent can be in assets not rated by Moody's, which could include corporate bonds and collateralized debt obligations. Sandlot will focus on liabilities maturing in less than one year.
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