21 Aug 2014, Yuki Ishii , Yugo Okumura , Societe Generale , Asia Risk
The repackaging concept is an essential tool for businesses such as project finance, securitisation and all kinds of asset-backed securities, including residential mortgage-backed securities/commercial mortgage-backed securities. It can be used to access restricted onshore investments, to customise cash flows by implementing derivatives or to transform the forms of investment. The traditional way is to set up a special-purpose vehicle in a country with preferential tax treatment and appoint agents such as trustees, custodians and paying agents – which are usually independent from the arranger. To better serve its clients, Societe Generale has also launched a dedicated platform allowing the replication of the repackaging scheme using its own flagship issuer: Societe Generale Issuer (SGIS). As the global issuer of Societe Generale for both unsecured and secured notes, the issuing process for SGIS is industrialised, with a faster time to delivery and minimal cost. The range of assets is wide and can comprise bonds, equities or even Ucits funds.
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