Goldman Sachs is marketing a transaction that has some of the features of a covered bond and some of the features of a securitization.

The €10 billion program, FIGSCO, is collateralized by all kinds of securities, possibly including senior unsecured corporate debt and asset-backed securities, as opposed to just mortgages. In addition to a claim on the assets, investors will also benefit from a senior unsecured claim first on Goldman and then on Mitsui Sumitomo Insurance Group —"triple recourse," according to Standard & Poor's.

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