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 Share % by Volume
1 Citi 10.72
2 Bank of America Merrill Lynch (BAML) 10.66
3 Credit Suisse 6.45
4 Lloyds Bank 6.42
5 JP Morgan 6.35

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%