We advised SSI SCF (RF) (as issuer), CreditInnovation (as arranger and dealer) and Rand Merchant Bank (as dealer) on the establishment of a ZAR 1 billion note programme by the issuer.  This is a bespoke asset backed structure whereby the SPV issuer is able to leverage off the provision of a direct guarantee/ credit support from a third party guarantor. Notes issued under the programme will also benefit from certain underlying payment obligations acquired by the issuer with the issuance proceeds.