Repackaging vehicle

The Law and Lore of Repackaging Go Premium Top Trumps®Financial Weapons of Mass Destruction® Repack Programme “It’s exotic, it’s Caribbean, it’s transformative — but somehow just not that exciting any more.” Docs Propectus, agreements, supplements, swaps, global notes, side letters galore. Most exciting part: limited recourse. Yes: that exciting. 2 Amendability Bugger all, because of the trust structure. What? You think the Trustee’s going to take a view? 7 Collateral Fully funded. Note is fully collateralised. 4 Transferability In theory unlimited: cleared, dematerialised bearer notes. In practice? Forget about it. No-one wants your home-made espievie notes. 7 Leverage Not really. 3 Fright-o-meter CAYMAN ISLANDS DUDE! In reality, depends what you put in it, but mostly tame. 5 Repack Anatomy: Hedging exemption | Covenant to pay | Quoted Eurobond exemption | Pre-enforcement | The curious structure of an MTNIndex: Click ᐅ to expand: Repackaging Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

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• repackaging programme