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I believe this holds true for v4 and v5.
The transaction options object can take the key transaction
which will be set to this.parent
https://github.com/sequelize/sequelize/blob/v4/lib/transaction.js
That is not reflected in the documentation for transaction, nor any SAVEPOINTing behavior:
http://docs.sequelizejs.com/class/lib/sequelize.js~Sequelize.html#instance-method-transaction