The private placement market may be inching back, but traditional privates are not leading the pack. As last week's market demonstrated, taking on a structured theme and Ironwood Capital played a hand with its $69 million financing of a deal issued by Telmark.

The loan securitization deal was offered in two tranches with a 2.5-year expected average life. One $64 million tranche received a triple-A rating and price talk was confirmed to be at 100 basis points to 110 basis points over Treasurys. The second tranche, set at $5 million, received a triple-B rating that was expected to price in the 200 basis points over Treasurys range.

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