Non-investment grade issuers have found a way to borrow at much lower rates. Whole-business securitization, wherein an issuer backs a debt issuance with essentially all of its cash flows and assets, has risen to an all-time high of $6.5b in 2017 YTD. Thus far, Guggenheim and Barclays have dominated the still-nascent market, with each capturing ~40% of fees and earning over $30m. Bulge-bracket players like JP Morgan, Goldman Sachs, and Citi have also dabbled in whole-business securitization, but the concentration of the fee pool suggests issuers value the expertise and experience offered by Guggenheim and Barclays. Competitors would be wise to deepen their own expertise – structuring these complex deals is a lucrative business that pays 4-5x more than traditional asset-backed products.