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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%