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Explanation:
Linkage B likely represents the transfer of assets or collateral to the note structuring function. The proceeds from the sale of assets actually go to the originator, while the proceeds from note issuance go to the SPV. Thus, stating that B represents 'proceeds from sale of assets' is incorrect. A is a true sale, C is credit tranching, and D is the placement of notes in the capital markets.
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Each of the following is true about the four illustrated linkages above, EXCEPT which identifier (A, B, C, or D) is incorrect?
A
"A" is a true sale
B
"B" is proceeds from sale of assets
C
"C" is credit tranching
D
"D" is placing of notes in the capital markets