New asset class emerges as BNP sells novel trade commodity securitization

BNP Paribas has created a new asset class for investors by selling a novel $131.6m securitization that cleverly marries techniques from the trade receivables world and the CLO world. Called Lighthouse Trade Finance Issuer I, the deal — rated AAA by Fitch Ratings — is thought to be the first such securitization backed by short-term loans made to corporates which are then used to fund commodity trade flows such as oil and metal shipments via vessels or through pipelines.

  • By Joseph McDevitt
  • 22 Aug 2013


The bond will finance the funding gap between payments made to the suppliers and the receipt of the final buyers’ payments, BNP Paribas said.

The capital structure comprises a senior $100m class ‘A’ tranche, a $20m class ‘B’ slice and $5m of subordinated notes. The deal will ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access: mark.goodes@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%