MT760 SWIFT Message: The Complete Guide to Bank Guarantees and Standby Letters of Credit
The MT760 is the message that makes a bank guarantee or standby letter of credit real. Where the MT799 is a communication, the MT760 is a commitment. The moment it is transmitted over the SWIFT network from the issuing bank to the beneficiary's bank, a legally binding, irrevocable payment undertaking exists. The beneficiary can draw on it. The instrument is enforceable.
This guide covers the MT760 in full: what it is, how its fields are structured, which governing rules apply, what legitimate templates look like for the two main use cases, how the issuance process works, and how to identify the fraud patterns that consistently appear around this instrument.
Contents
- What Is the MT760
- MT760 vs MT799: The Definitive Distinction
- Governing Rules: ISP98, URDG 758, and UCP 600
- MT760 Field Structure: Every Field Explained
- MT760 Templates
- The MT760 Issuance Process
- Legitimate Use Cases
- How a Demand Under MT760 Works
- MT760 Fraud: Patterns and Red Flags
- How to Verify an MT760
1. What Is the MT760
The MT760 is a SWIFT Category 7 message used to issue a demand guarantee or standby letter of credit. It is transmitted from the guarantor or issuing bank directly to the beneficiary's bank via the SWIFT FIN messaging network. The message contains the full operative text of the guarantee or standby, including the parties, the amount, the governing rules, the expiry, and the demand conditions.
The legal significance of the MT760 is that it is not merely a notification. The transmission of the MT760 constitutes the issuance of the instrument itself. From the moment the beneficiary's bank receives and authenticates the message, the issuing bank is legally committed to honour a compliant demand under the terms stated in the instrument. This commitment is irrevocable unless the instrument itself specifies conditions under which it may be cancelled, which is rare in commercial practice.
The MT760 replaced an earlier, less structured format in which guarantee text was carried in a generic free-format field. The current structure of the MT760, updated under the SWIFT Standards 2020 release, uses a defined field sequence in two blocks: Sequence A covers the mandatory envelope fields, and Sequence B contains the full text of the guarantee or standby instrument. This structured format allows bank processing systems to parse, validate, and process the instrument automatically with a high degree of straight-through processing.
MT761 extension message: When the full text of the guarantee or standby instrument is too long to be contained within a single MT760, the bank transmits one or more MT761 continuation messages alongside the MT760. A maximum of seven MT761 messages can accompany a single MT760. The MT760 and MT761 together constitute the complete instrument. A receiving bank that receives only the MT760 without expected MT761 continuations should request the outstanding messages before advising the instrument to the beneficiary.
2. MT760 vs MT799: The Definitive Distinction
The relationship between MT760 and MT799 causes more confusion in trade finance practice than almost any other technical question. The distinction is not subtle and the consequences of confusing the two are significant.
| Factor | MT799 | MT760 |
|---|---|---|
| Nature | Free-format communication message. Non-binding. Informational. | Operative instrument issuance. Binding. Creates irrevocable legal obligations. |
| Effect when transmitted | The receiving bank is informed. No obligation is created on the issuing bank. | The issuing bank creates a legally enforceable payment undertaking. Funds capacity is ring-fenced. The beneficiary can draw. |
| Legal standing | Generally not legally binding. May constitute evidence of intent but not a commitment. | Legally binding under ISP98, URDG 758, or UCP 600 as stated in field 40C. Enforceable in courts in signatory jurisdictions. |
| Bank cost to issue | Minimal or nil. Administrative messaging charge only. | Issuance fee of typically 1 to 2 percent per annum of face value, plus applicable correspondent and advising bank charges. |
| Field structure | Three fields only: :20:, :21:, and :79: free text. | Two structured sequences with multiple mandatory and optional fields covering all instrument parameters. |
| Sequence in transaction | Sent before the MT760 as a pre-advice or coordination message. | Sent after MT799 pre-advice. The operative instrument that activates the guarantee or SBLC. |
| Beneficiary reliance | Beneficiary cannot draw on an MT799. It is not a payment instrument. | Beneficiary can present a compliant demand and receive payment under the terms of the MT760. |
| Can be faked by non-banks | Yes. The simple field structure makes fabricated MT799 documents easy to produce outside the SWIFT network. | Yes, but the structured format makes inconsistencies easier to detect. A genuine MT760 must be received through the SWIFT network with authenticated BIC codes. |
The single most important rule: MT799 is the statement of intent. MT760 is the instrument. A counterparty who provides an MT799 and claims the transaction is complete has not completed the transaction. The beneficiary has nothing enforceable until the MT760 is received and authenticated by their bank through the SWIFT network.
3. Governing Rules: ISP98, URDG 758, and UCP 600
Field 40C of the MT760 specifies the set of rules that govern the instrument. The choice of governing rules has material consequences for how demands are made, how the bank responds, what constitutes a compliant demand, and how disputes are resolved. The three main options are as follows.
ISP98 — International Standby Practices
ICC Publication 590. The rules designed specifically for standby letters of credit. Field value: ISPR. ISP98 addresses the specific characteristics of standbys, including non-documentary conditions, partial drawings, reinstatement after drawing, automatic extension mechanics, and the bank's obligations when a compliant demand is presented. Most standbys issued in international trade and project finance are governed by ISP98 because it is purpose-built for the instrument type.
URDG 758 — Uniform Rules for Demand Guarantees
ICC Publication 758, effective 1 July 2010. The rules designed for demand guarantees, particularly performance guarantees, advance payment guarantees, and bid bonds. Field value: URDG. URDG 758 is widely used in construction, infrastructure, and government contract contexts. It provides clear rules on extend-or-pay demands, reduction of amount, and the treatment of expiry when a demand is pending.
UCP 600 — Uniform Customs and Practice for Documentary Credits
ICC Publication 600. Primarily designed for documentary letters of credit but occasionally applied to standby credits, particularly in US practice where standbys developed historically as a substitute for guarantees. Field value: UCPR. UCP 600 imposes a documentary examination standard that is less well suited to standbys than ISP98 and is less commonly used for new standby issuances in international practice.
No Applicable Rules (NONE)
Field value: NONE. The instrument is subject only to its own terms and the governing law stated in the text. Used occasionally in jurisdictions where ICC rules are not familiar to local courts, or where the instrument is bespoke and the parties have agreed that no standard rule set will apply. Requires more detailed drafting of the instrument terms to fill the gaps that ICC rules would otherwise address.
4. MT760 Field Structure: Every Field Explained
The current MT760 structure introduced under SWIFT Standards 2020 organises mandatory and optional fields across two sequences. Sequence A is the transaction envelope. Sequence B is the full instrument text. Fields marked mandatory must be present for the message to pass SWIFT validation. Optional fields are included when the instrument terms require them.
Sequence A: General Information
| Field | Name | Status | Description |
|---|---|---|---|
| :27: | Sequence of Total | Mandatory | Indicates the sequence number of this message and the total number of messages in the series. Format: n/n (e.g., 1/1 for a single message, 1/2 for the first of two). Used when MT761 continuation messages accompany the MT760. |
| :15A: | New Sequence | Mandatory | Sequence delimiter indicating the start of Sequence A. No content. Presence is required to mark the transition between sequences. |
| :20: | Transaction Reference Number | Mandatory | Unique alphanumeric reference assigned by the issuing bank. Maximum 16 characters. Must be unique within the sender's institution. Used to identify this specific MT760 in all subsequent related messages including MT767 amendments. |
| :23: | Further Identification | Mandatory | Specifies the purpose of the guarantee. Typical value: ISSUE for new issuance. Other values include REQUEST (bank requesting another to issue) and ADVICE (advising without adding commitment). |
| :40C: | Applicable Rules | Mandatory | Specifies the governing rule set: URDG (URDG 758), ISPR (ISP98), UCPR (UCP 600), NONE, or OTHR (other, with narrative). This field determines the legal framework for the entire instrument. |
| :50: | Applicant | Mandatory | Name and address of the party on whose behalf the guarantee or SBLC is issued. The applicant is the party whose default triggers the beneficiary's right to draw. |
| :59: | Beneficiary | Mandatory | Name and address of the party in whose favour the instrument is issued. The beneficiary is the party who can present a demand and receive payment under the instrument. |
| :32B: | Amount | Mandatory | Currency code and face value of the instrument. Format: three-letter ISO currency code followed by the amount. This is the maximum amount the issuing bank is obligated to pay under the instrument. |
| :71D: | Charges | Optional | Specifies which party is responsible for bank charges. Common values: OUR (applicant pays all charges), BEN (beneficiary pays), SHA (shared). If absent, each bank's charges are typically for the account of its own customer. |
Sequence B: Undertaking Details
| Field | Name | Status | Description |
|---|---|---|---|
| :15B: | New Sequence | Mandatory | Sequence delimiter marking the start of Sequence B. No content. |
| :20: | Guarantee Number | Mandatory | The reference number of the guarantee or SBLC as assigned by the issuing bank. This is the number that appears on the face of the instrument and is referenced in demands and amendments. |
| :30: | Date of Issue | Mandatory | The date on which the instrument is issued. Format: YYYYMMDD. This date triggers the commencement of the instrument's validity period and is the reference point for the expiry calculation. |
| :22D: | Type of Guarantee/Standby | Mandatory | Specifies whether the instrument is a demand guarantee (DGAR) or a standby letter of credit (STBY). This determines which operational rules within ISP98 or URDG 758 apply to the instrument's lifecycle. |
| :22E: | Expiry Type | Mandatory | Specifies whether the instrument has a fixed expiry date (FIXD), an open-ended term (OPEN), or a conditional expiry tied to a specific event (COND). Fixed expiry is the most common in commercial practice. |
| :23B: | Expiry Date | Conditional | Required when expiry type is FIXD. Format: YYYYMMDD. The date after which no demand can be presented and the instrument is automatically extinguished. Demands presented on or before this date must be honoured if compliant. |
| :35G: | Expiry Condition / Event | Conditional | Required when expiry type is COND. Describes the event or condition that triggers the expiry of the instrument in narrative form. Used in project finance instruments where expiry is tied to completion or acceptance events rather than calendar dates. |
| :39D: | Additional Amounts | Optional | Specifies any amounts in addition to the face value that the instrument covers, such as interest, penalties, or legal costs where the instrument is drafted to include them. |
| :45C: | Document and Presentation Instructions | Optional | Describes the documents required to constitute a compliant demand. For a simple demand guarantee under URDG 758, this may be a signed written demand statement only. For an SBLC under ISP98 with documentary conditions, additional documents may be specified. |
| :77U: | Additional Conditions | Optional | Free-format field for any additional conditions, terms, or clauses not accommodated by the structured fields. Includes the governing law and jurisdiction clause, transfer provisions, reduction of amount mechanics, and extend-or-pay provisions where applicable. |
| :57A: / :57D: | Advise Through Bank | Optional | Specifies the bank through which the instrument is to be advised to the beneficiary. :57A: uses a BIC code. :57D: uses a name and address. If absent, the instrument is advised directly to the beneficiary by the issuing bank. |
| :72: | Sender to Receiver Information | Optional | Bank-to-bank information not forming part of the instrument text. Used to convey instructions to the advising bank regarding advising charges, confirmation, or routing. |
5. MT760 Templates
The following templates illustrate the structure and content of legitimate MT760 messages for the two most common use cases: a standby letter of credit governed by ISP98 and a demand guarantee governed by URDG 758. All variable fields are indicated in brackets. These are reference templates for understanding instrument structure, not documents for use without bank review and legal counsel.
Template 1: Standby Letter of Credit (ISP98)
Used in trade finance, project finance, and loan guarantee contexts where a standby payment instrument is required as credit enhancement.
Template 2: Demand Guarantee — Performance Bond (URDG 758)
Used in construction, infrastructure, government contracting, and EPC project contexts where a performance guarantee is required by the project owner or employer.
6. The MT760 Issuance Process
The path from instruction to transmitted MT760 involves several steps that cannot be compressed regardless of commercial urgency. Understanding the process prevents the most common cause of transaction delay: approaching a bank to issue an MT760 when there is insufficient time for the bank to complete its required processes.
- Step 1: Application. The applicant submits a formal application to their bank to issue the guarantee or SBLC. The application includes the beneficiary details, amount, currency, governing rules, expiry date, demand conditions, and the underlying transaction documentation.
- Step 2: KYC and compliance. The bank conducts know-your-customer and anti-money-laundering checks on the applicant, the beneficiary, and all parties to the underlying transaction. Sanctions screening is completed for all parties and all jurisdictions involved. This step cannot be expedited and is a regulatory requirement in every jurisdiction in which legitimate banks operate.
- Step 3: Credit assessment. The bank assesses the applicant's credit standing and determines whether to grant or extend a credit line to support the issuance. For cash-backed instruments, the applicant deposits the face value or a margin with the bank. For credit-backed instruments, the bank assesses the applicant's balance sheet, trading history, and the underlying transaction.
- Step 4: Instrument drafting. The bank's trade finance team drafts the full operative text of the guarantee or SBLC. This includes all mandatory and optional MT760 fields. The draft is reviewed by the applicant and, often, by the beneficiary's bank before finalisation. Document discrepancies or mismatches between the draft and the beneficiary's requirements cause the most common delays at this stage.
- Step 5: MT799 pre-advice. Once the instrument is approved and the operative text is finalised, the issuing bank typically sends an MT799 to the beneficiary's bank to confirm that the MT760 is forthcoming and to provide transaction references for alignment.
- Step 6: MT760 transmission. The issuing bank transmits the MT760 via SWIFT to the beneficiary's advising or confirming bank. The SWIFT network authenticates the message and delivers it to the receiving bank's SWIFT interface. Delivery is typically within minutes of transmission.
- Step 7: Advising and confirmation. The beneficiary's bank reviews the received MT760, verifies the issuing bank's BIC, confirms RMA status, and advises the instrument to the beneficiary. If the beneficiary has requested confirmation, the advising bank adds its own independent payment undertaking at this stage.
Realistic timeline: For an applicant with an existing credit relationship at their bank, a straightforward MT760 can be transmitted in ten to fifteen business days from application to SWIFT transmission. For new bank clients, the KYC process typically adds five to ten business days. Any offer of MT760 issuance in 24 to 48 hours for a new client with no existing banking relationship should be treated with significant caution.
7. Legitimate Use Cases
Trade Finance Credit Enhancement
An SBLC issued via MT760 in favour of a seller gives the seller bank-guaranteed payment security in the event the buyer fails to pay under the primary payment arrangement, typically an open account invoice or deferred payment schedule. Commonly used by buyers who want to trade on open account terms with suppliers who require bank-backed payment security before shipping high-value goods.
Project Finance Performance Security
A performance demand guarantee issued via MT760 in favour of a project owner or employer provides security that the contractor will complete the works in accordance with the contract. Required under most international EPC and construction contracts. Typically sized at 10 percent of contract value. Governed by URDG 758 in most international project contexts.
Loan and Facility Guarantee
An SBLC issued via MT760 in favour of a lender guarantees repayment of a loan or facility if the borrower defaults. Used in structured finance transactions where the borrower's own credit standing is insufficient to obtain the facility at acceptable terms, and a stronger bank's guarantee bridges the gap. The lender draws on the SBLC if the borrower fails to meet scheduled repayments.
Tender and Bid Bond
A bid bond issued via MT760 in favour of a tender issuer gives the tender authority security that the bidder will execute the contract if their bid is accepted. Required in public procurement in many jurisdictions. Typically sized at 1 to 5 percent of the bid value. Callable if the winning bidder declines to execute the contract or fails to provide the required performance guarantee.
Advance Payment Guarantee
A guarantee issued via MT760 in favour of a buyer who has made an advance payment to a supplier or contractor. Callable if the supplier fails to deliver the goods or the contractor fails to commence the works funded by the advance. Reduces in amount as deliveries or milestones are completed, matching the declining exposure of the advance payment.
Commodity Trade Collateral
An SBLC issued via MT760 is used in commodity finance transactions as credit enhancement that allows the commodity buyer to access financing at terms reflecting the issuing bank's credit quality rather than the buyer's own. The lender's exposure is to the issuing bank, not to the commodity buyer, which materially reduces the pricing and availability of the facility.
8. How a Demand Under MT760 Works
The demand mechanics of an MT760 instrument depend on the governing rules specified in field 40C and the demand conditions specified in field 45C. Understanding how a compliant demand is constructed and presented is essential for any beneficiary who may need to draw on an instrument.
- Demand presentation. The beneficiary presents a written demand to the issuing bank or the advising bank at the place specified in the instrument, before the expiry date. The demand must comply with the conditions specified in field 45C. For a simple demand guarantee under URDG 758, this is typically a signed statement that the applicant has failed to perform its obligations and the amount claimed.
- Examination period. Under URDG 758, the guarantor has five business days from receipt of the demand to examine it and determine compliance. Under ISP98, the standard is a reasonable time not to exceed seven business days. If the demand is compliant, the bank must honour it. If the demand is non-compliant, the bank must notify the presenter of the non-compliance and the reasons within the examination period.
- Compliant demand. A demand is compliant if it meets the requirements specified in the instrument on their face and is consistent with the instrument terms and the applicable rules. Minor discrepancies that do not affect the substance of the demand may be overlooked depending on the governing rules and the bank's discretion, but a demand that fails to include a required statement or document is non-compliant and may be refused.
- Extend or pay. Where the instrument contains an extend-or-pay provision, the beneficiary can present a demand for extension rather than immediate payment. The issuing bank must either extend the instrument to the date requested or pay the demanded amount. This provision is common in construction guarantees where the project timeline may extend beyond the original guarantee expiry.
- Payment. On a compliant demand under a sight instrument, the issuing bank pays the demanded amount to the account of the beneficiary. Under ISP98, payment is made promptly after determination of compliance. The payment discharges the issuing bank's obligation to the extent of the amount paid and reduces the available amount under the instrument accordingly.
9. MT760 Fraud: Patterns and Red Flags
The MT760 is the instrument most commonly referenced in high-value trade finance fraud. Its association with large transaction values, its technical complexity, and the fact that most corporate counterparties are not familiar with its field structure make it an effective prop in schemes targeting businesses and investors.
Leased or Rented SBLCs
The offer to lease or rent an SBLC, delivered by MT760, for an upfront fee. The pitch is that the SBLC can then be used as collateral to raise a loan. A genuine SBLC is a bank's irrevocable commitment. It cannot be leased, rented, or sub-licensed. Any arrangement described as a leased SBLC involves either a fabricated instrument or a structure so far outside normal banking practice that no mainstream lender will accept it as collateral.
Instant Monetisation
The claim that an MT760 SBLC can be monetised immediately on receipt, generating cash equal to a percentage of the face value within days of transmission. Genuine SBLC-backed lending exists and involves a real lender making a credit decision based on the issuing bank's quality, the instrument terms, and their own KYC process. It takes weeks, not days. Instant monetisation schemes are advance fee fraud dressed in technical language.
PDF and Email Copies as Proof
A broker provides a PDF, Word document, or email copy of an alleged MT760 as evidence that an SBLC has been issued. A genuine MT760 travels between two SWIFT member banks and is received by the beneficiary's bank through their SWIFT interface. A PDF copy presented by an intermediary is not verifiable and should not be accepted as evidence of instrument issuance. The only verification is through the receiving bank's SWIFT records.
Upfront Fees to Trigger MT760
A request for an upfront payment, variously described as a compliance fee, bank facilitation charge, insurance premium, or Swift transmission cost, that must be paid before the MT760 is transmitted. Banks charge issuance fees that are typically collected at the time of application or deducted from the applicant's account. They do not request external upfront payments from third parties before transmitting a SWIFT message. Upfront fee requests to trigger an MT760 are a standard advance fee fraud pattern.
Non-Existent or Unverifiable Issuing Banks
An MT760 purportedly issued by a bank whose BIC code is not in the SWIFT BIC directory, whose name does not appear in any banking regulator's register, or whose contact details cannot be independently verified. The SWIFT BIC directory is publicly searchable. Any genuine SWIFT member bank has a registered, searchable BIC. An unverifiable BIC code on an MT760 means the instrument did not travel over the SWIFT network.
No RMA Between the Banks
An MT760 cannot be transmitted between two banks that do not have an active Relationship Management Application agreement in place. An RMA is a bilateral consent arrangement that authorises message exchange between two specific SWIFT members. If the alleged issuing bank does not have an RMA with the beneficiary's bank, the MT760 cannot be received. Fraudulent MT760 arrangements often involve banks with no realistic RMA relationship with major correspondent institutions.
The clearest test: Ask your bank's trade finance department to confirm receipt of the MT760 through their SWIFT interface and to verify the issuing bank's BIC code and RMA status. If your bank cannot confirm receipt of the instrument through SWIFT, it has not been transmitted. No PDF, email, or broker confirmation is a substitute for this verification.
10. How to Verify an MT760
If your bank has received an MT760, verification happens automatically through the SWIFT authentication mechanism. The receiving bank's system confirms the sender's BIC, the RMA status, the message type, and the integrity of the transmission. No additional external verification is required for an instrument received through the SWIFT network.
If you are a corporate beneficiary who has been informed that an MT760 has been sent to your bank, the verification steps are as follows.
- Contact your bank's trade finance team directly. Ask them to confirm whether an MT760 has been received from the claimed issuing bank referencing your transaction. Provide the guarantee number from field :20: of Sequence B and the issuing bank's BIC code. Your bank can confirm receipt in minutes.
- Verify the issuing bank's BIC. Check the BIC code provided in the MT760 against the SWIFT BIC directory at swift.com. The BIC must be registered, active, and match the bank name stated in the instrument. Any discrepancy is a red flag.
- Confirm the issuing bank is regulated. Check the banking regulator's register in the issuing bank's stated country of incorporation. Every legitimate SWIFT member bank is regulated. An institution that cannot be found in its regulator's register is not a bank.
- Check reference consistency. The guarantee reference in field :20: of Sequence B should be consistent with the reference quoted in any related MT799 pre-advice and in the instrument application. Inconsistent reference numbers between messages indicate either an administrative error or a fabricated document chain.
- Do not accept PDF copies as verification. A PDF, screenshot, or printed copy of an alleged MT760 cannot be authenticated. The only reliable verification is through your bank's SWIFT records confirming receipt of the message on the network.
Working on a Transaction That Requires an MT760?
If you are structuring a trade finance, project finance, or commodity transaction that requires an SBLC or bank guarantee delivered by MT760, submit your deal through our request for quote page. We work with regulated banks and specialist finance providers and can advise on instrument structuring, issuing bank selection, and the documentation required to reach transmission.
Frequently Asked Questions
What is an MT760 SWIFT message?
A SWIFT Category 7 message that issues a demand guarantee or standby letter of credit. Transmitted from the issuing bank to the beneficiary's bank. Creates a legally binding, irrevocable payment undertaking governed by ISP98, URDG 758, or UCP 600 as stated in field 40C. The operative instrument, not a pre-advice or communication.
What is the difference between MT760 and MT799?
MT799 is a non-binding communication. MT760 is the binding operative instrument. MT799 is sent before MT760 as a pre-advice. Once MT760 is transmitted, the issuing bank is irrevocably committed to honour a compliant demand. No commitment exists until the MT760 is transmitted and received.
Which governing rules apply to an MT760?
Specified in field 40C. The three main options are ISP98 for standbys, URDG 758 for demand guarantees, and UCP 600 occasionally for standbys in US practice. The choice affects demand mechanics, extension provisions, examination periods, and enforceability in different jurisdictions.
How long does MT760 issuance take?
Ten to fifteen business days for an existing bank client. Five to ten additional business days for new clients going through KYC for the first time. Offers of MT760 issuance in 24 to 48 hours for new clients with no existing banking relationship are not credible from legitimate institutions.
What are the signs of MT760 fraud?
Leased or rented SBLC offers. Instant monetisation promises. PDF copies presented as proof of issuance. Upfront fees to trigger transmission. BIC codes not in the SWIFT directory. Banks that cannot be found in their regulator's register. Any one of these is sufficient to terminate engagement.
How do I verify an MT760?
Ask your bank's trade finance team to confirm receipt through their SWIFT interface. Verify the issuing bank's BIC in the SWIFT directory. Confirm the bank is regulated in its stated jurisdiction. Check reference number consistency across all related messages. Do not rely on PDF copies or broker confirmations as verification.
Related reading: For a full explanation of the MT799 pre-advice message that typically precedes MT760 issuance, see our MT799 SWIFT Message guide. For guidance on structuring the underlying commodity or trade finance transaction that an MT760 might support, see our commodity finance structuring guide.
Disclaimer: This guide is informational and does not constitute legal, financial, or investment advice. SWIFT message types, their legal standing, governing rules, and application in specific transactions vary by jurisdiction, instrument type, and the terms of the underlying commercial agreements. MT760 templates provided in this guide are illustrative reference examples only and must not be used without review, drafting, and transmission by a qualified, regulated banking institution. Obtain independent legal and banking advice before relying on any SWIFT instrument in a commercial transaction. Financely does not issue SBLCs or bank guarantees directly. We structure and place transactions through regulated banking counterparties.