When Barclays Capital revealed its Protium transaction in 2009 many in the market smelled a rat. The Cayman-based off-balance-sheet vehicle to which $12.3 billion of the bank’s most toxic assets had been consigned looked suspiciously like the kind of financial engineering that had rendered the assets so toxic in the first place.
By hiving off $2.3 billion of US RMBS, $1.8 billion of whole loans and $8.2 billion of monoline-wrapped assets into a fund and financing the deal with a new 10-year $12.6
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