Repackaging programme: Difference between revisions

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-{{a|repack|{{fwmd|Repack programme}}}}A secured [[medium term note]] programme created by an [[espievie]] captive to the demands of a [[broker/dealer]] and used to sell [[securitised]] [[structured products]], [[par asset swap]]s, [[credit-linked notes]] and all that good stuff.
+{{a|repack|{{fwmd|Repack programme}}{{subtable|{{Repack TOC}}}}}}{{dpn|/ˌriːˈpækɪʤɪŋ ˈprəʊɡræm/|n|}}
+A secured [[medium term note]] programme created by a zombie queen ant [[repackaging vehicle]], captive to the demands of a [[broker/dealer]] and used to sell [[securitised]] [[structured products]], [[par asset swap]]s, [[credit-linked notes]] and all that good stuff.
-==== GOAT Repack ====
+==== GOAT repack programme ====
-The second best ever repackaging programme in the history of the universe was Goldman Sachs International's “'''[[MaJoR]]'''” Multi-Jurisdiction Repackaging Programme<ref>[https://patents.google.com/patent/EP1597650A2/en Patent applied for!]</ref> which, as its name suggests, was as cool as Jon and Ponch. You know, the ones from TV’s  “[[CHiPs]]”.<ref>Youngsters: {{google|CHiPs}}.</ref>
+The ''second''-best repackaging programme in the history of the universe was [[Goldman Sachs]] International’s “'''MaJoR'''” Multi-Jurisdiction Repackaging Programme<ref>[https://patents.google.com/patent/EP1597650A2/en Patent applied for!]</ref> which, as its name suggests, was as cool as Jon and Ponch. You know, the ones from TV’s  “[[CHiPs]]”.<ref>Youngsters: {{google|CHiPs}}.</ref>
-But time and tide encroached, and it fell into disuse, babbling away to its old friend and programmer, Duck Jeckson, as it went into infirmity and middle-aged spread about a yet greater platform, yet to be designed.
+But time and tide encroached, and it fell into disuse, babbling away to its old friend and programmer, [[Duck Jeckson]], as it went into middle-aged infirmity, about a yet ''greater'' repackaging platform, yet to be designed.
 {{quote|
 {{script|Duck Jeckson}}: Wait, ''second'' greatest? I thought you ''were'' the greatest? <Br>
-{{script|MaJor}}: ''[at this stage into its cups]'' You heard me. <br>
+{{script|MaJoR}}: ''[at this stage into its cups]'' You heard me. <br>
 {{script|Duck Jeckson}}: Who is greater? Surely not SPIRE? <br>
 {{script|MaJor}}: SPIRE? Pah! Trouble me not with such pocket discombubulator stuff. No, I speak of none but the repackaging programme that is to come after me. A ''FAST'' programme, one whose merest operational parameters I am not worthy to calculate, but yet I will provide them —<br>
 ''At this point the communication was broken''
 }}
-===Zombie queen ants===
-When contemplating the legal contracts around a repackaging programme, it is well to remember: a [[repackaging vehicle]] is a zombie queen ant, prostrate in its Caribbean nest, immobile, pinned down and paralysed, while a small army of [[Swap dealer|drones]], [[Calculation agent|agents]], bots and pleasure-droids crawl over it, administering necessary opioids and analgesics so that the various [[Client|investors]], [[Swap dealer|hedge counterparties]] and agents can do whatever it is they want to do to each other under a prophylactic cloak of non-responsibility. It is rather like swimming in wellingtons, we are told.
-===Note issuing vehicle===
-We rather think a repackaging vehicle would fall within the definition of “[[note-issuing company]]” under section 83(3) of the [[Finance Act 2005]]:
-{{quote|
-A “[[note-issuing company]]” means a company in relation to which the following conditions are met—
-:(a) it is party as debtor to a capital market investment,
-:(b) the securities that represent the capital market investment are issued wholly or mainly to independent persons,
-:(c) the capital market investment is part of a capital market arrangement, F3. . .
-:(d) the total value of the capital market investments made under that capital market arrangement is at least £50 million [F4, and
-:(e) if it has any business apart from the activity mentioned in paragraph (a) (and any incidental activities) it consists in one or both of the following—
-::(i) acquiring, holding and managing assets forming the whole or part of the security for the capital market arrangement;
-::(ii) acting as guarantor in respect of loan relationships, derivative contracts, finance leases or other liabilities of other companies where the whole, or substantially the whole, of the company's rights in respect of the guarantee (including any right of subrogation) form the whole or part of the security for the capital market arrangement.}}
 ===A quick word about limited recourse===
 {{repackaging limited recourse capsule}}
@@ Line 31: / Line 19: @@
 [[Limited recourse]] is a trickier proposition when you try it outside the laboratory in the real world. We discuss this in our [[voidable preference]] article.
-===A quick word about repacks and the {{isdaprov|Single Agreement}}===
-{{Repack and the single agreement|isdaprov}}
-{{emir hedging exemption}}
-{{securitisation spe}}
 {{sa}}
+*[[Repackaging vehicle]]
 *[[Voidable preference]]s
 *[[Limited recourse]] generally
-*What this all means for the {{isdaprov|Single Agreement}}
 {{ref}}