Mizuho Securities has started working on a SIV-lite program backed by leveraged loans. The structure was done in response to client's demand, Rekeda said, looking for more term notes as opposed to evergreen participation with puttable options.

Mizuho declined the give the name of the vehicle, but said it is a relatively new product for the market, Alexander Rekeda, head of structured credit, said on a conference call this morning.

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