Tradition of Innovation

S&C has a history of being involved in “first-time” transactions, including:

• The first issuances of bank holding company Tier 1 securities combining remarketable debt and forward purchase contracts on preferred stock (2006)
• The first replacement capital covenant, enhancing rating agency equity credit (2005)
• The first securitization of life insurance policies and annuities (2003)
• The first securitization of derivatives exposures (2000)
• The first securitization of commercial and industrial loans by a branch of a non-U.S. bank (commercial and industrial—1997)
• The first SEC-registered public offering of notes backed by distressed assets (1993)
• The first public offering of notes backed by distressed assets (1989)
• The first SEC-registered securitization of consumer securities (automobile loans—1984)
• The first SEC-registered securitization of commercial mortgage loans (1983)