SG Corporate & Investment Banking (SGCIB) completed the $325 million commodity securitization conduit program for Trafigura Beheer BV, backed by oil and metal export receivables through the private placement market last month. Sources at the underwriter said that based on the positive reception, the issuer is already paving the road towards a public market launch in the near term.

"Securitization replaces traditional commodities finance sources, frees traditional bank lines to increase the company's business volume," said Benoit Champion at SGCIB. "Bank lines tend to be quite expensive in that business, and this type of deal provides funding at the triple-A and triple-B levels and it ends up being much cheaper for these guys."

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