Repackaging programme

Top Trumps^®Financial Weapons of Mass Destruction^®

A secured medium term note programme created by an espievie captive to the demands of a broker/dealer and used to sell securitized structured products, securities par asset swaps, credit-linked notes and all that good stuff.

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

The best ever repackaging programme was Goldman Sachs International's “MaJoR” Multi-Jurisdiction Repackaging Programme which, as its name suggests, was (and as far as I know, still is) as cool as Jon and Ponch.

You know, the ones from TV’s “CHiPs”