SMBC launches synthetic deal

New angles

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is preparing to launch a synthetic balance-sheet collateralised loan obligation (CLO) referenced to ¥500 billion ($4.1 billion) worth of loans extended to 1,500 Japanese small to medium-sized companies.

The deal will consist of two classes of credit-linked notes to be issued by a special-purpose vehicle called Proton. Class A, worth ¥10.5 billion, was assigned a prospective rating of A2 by Moody’s Investors Service and Class B, worth ¥7.5

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