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Repackagings — The Legal Basics

 
Continuing our series on legal and other concepts aimed at those working in tax Jenni Charlesworth International Capital Markets Department Allen & Overy demystifies repackaging
 
Jargon proliferates but the essence of a repackaging is really quite straightforward.
What Is Repackaging And Why Do It?
 
Repackaging involves a special purpose vehicle (SPV) purchasing assets (most commonly securities) using the proceeds received from issuing its own securities which will be secured on those assets. It uses the income received in respect of the assets to fund directly or indirectly the interest and principal payments it is obliged to make on the notes it has issued. Repackaging originally developed as a technique to overcome the...

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