Let’s analyze each linkage and statement:

• Linkage A: From Originator → SPV (“Issuer”)
  This represents the transfer of assets from the originator to the Special Purpose Vehicle. In securitization, this is typically a true sale — meaning the assets are legally removed from the originator’s balance sheet and are protected from the originator’s creditors. So statement a) “A is a true sale” is true.

• Linkage B: From SPV (“Issuer”) → Note Structuring
  The SPV holds the assets and issues securities. The arrow labeled B points from SPV to Note Structuring — but note: Note Structuring is not a transaction that transfers proceeds; rather, it's the process of designing the tranches (e.g., AAA, A, BBB, equity). The actual proceeds from the sale of assets go to the originator (who gets cash) from the transaction A, not to the SPV. The SPV receives the assets (not the proceeds), and then uses those assets to support the issuance of notes. So B is likely the transfer of assets (or the assets being used as collateral) to the structuring process. Therefore, statement b) “B is proceeds from sale of assets” is incorrect.

• Linkage C: From Note Structuring → tranches (Class A, B, C, D notes)
  This is clearly credit tranching — dividing the cash flows into different risk/return layers. So c) “C is credit tranching” is true.

• Linkage D: From the tranches → Investors
  This is the placement of the notes in the capital markets — i.e., selling them to investors. So d) “D is placing of notes in the capital markets” is true.

Hence, the incorrect statement is b).