Repack Anatomy

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The Law and Lore of Repackaging
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

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The concepts

The Issuer

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