Template:M intro repack merger of debt: Difference between revisions

Creating a structured product is largely a question of herding a lot of bureaucratic, pedantic and yet strangely wilful cats. Many things need to be done: agency appointments made, clearing systems set up, instructions matched, hedges struck, collateral acquired

There is something to be said about parking a newly-minted instrument, [[for the time being]], somewhere safe, while you hunt down and tie up extant loose ends. If the instrument is ''issued'' but yet ''out of harm’s way'': in the fridge, so to speak — one can sort out the rest of the formalities in relative tranquillity — at least without the dependencies — before settling the instrument into the market when all cats are at peace and the trade is finally, irrevocably, on.  

Who would the best person be to hold the instrument in such a case? You might think its own issuer. After all: what mischief can come from a fellow’s [[IOU]]s when they are in his own pocket?  

Yet his [[Private practice lawyer|counsel]] may instinctively cavil against the idea.  

“This, ah, is [[problematic]]. In, er, theory. So to speak. As it were.”

She will be a bit shoe-shuffly about this, the same way Anglicans are shoe-shuffly about the more mystical bits of orthodoxy they are meant to subscribe to, but in practice don’t.<ref>The virgin birth, for example, or the existence of God. “Let us not quible about details, [[Nigel molesworth|molesworth]],” sa rev plum the skool chaplane, “it is beter to see this as [[Metaphor|metaphorical]]”.</ref> It is as if there is some [[deep magic]] in play here, but it has somehow become stale, or inert.