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 ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%