Repack Anatomy

The Law and Lore of Repackaging →Go uptown A repack programme yesterday 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 Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

A starter kit for all you’d like to know about repackaging.

Index: Click ᐅ to expand:

Repackaging

The concepts

• Limited recourse
• Security

The Issuer

• Orphan ownership and the declaration of trust

Terms and Conditions

Issue | Covenant to pay | Separate Series | Form of Notes | Global Notes · Definitive Notes · Registered Notes · Bearer Notes | Tax | Security | Charge · Assignment by way of security · Continuing security · Trustee’s liability · Issuer’s rights · Enforcement | Application of proceeds | Pre-enforcement · Post-enforcement | Covenants and representations | Trustee’s remuneration and indemnification | Remuneration · Expenses · Indemnity {{repackprov|Trustee Act provi