SBC taps its credit pool for cash

Issuer: SBC Glacier Finance Series 1997-2

Amount: $1.6 billion

Issue type: repackaging of credit-linked notes

Launched: September 9

Bookrunner: SBC Warburg Dillon Read

SBC Warburg Dillon Read brought a new degree of sophistication to the art of credit risk and bank capital management with the $1.6 billion securitization deal it announced in September.

SBC writes a series of credit-linked notes to hedge the credit risks of specific counterparties taken on in a range of its international activities, including mainly lending but also bonds and derivatives trading.