The latest in a series of Spanish SME CLO transactions offers a new twist, prompting some market chatter last week. The deal helped contribute to a busy primary agenda that continues to dominate investor's attention. The unique variation on the 800 million CLO from Banco Pastor is that two tranches will benefit from sureties.

Aside from the Spanish-government guaranty on the 164.6 million class BG, the deal offers a guarantee on the junior notes from the European Investment Fund. At least one ABS researcher reports this may be the first time the fund - mandated to promote SMEs - has put its guaranty on a securitization.

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