Dealers split over competing repack standardisation efforts

Rival initiatives aiming to standardise documentation for repackaged bond investors to launch in coming weeks

boxing gloves
The two approaches have similar aims but are structured very differently

Two groups of dealers have clashed over how best to structure standardised repackaged bond transactions. One bank describes the opposing offering as too operationally complex, while a rival claims its own approach makes default scenarios easier to manage.

Bond repacks, which combine a bond and a derivative into a special-purpose vehicle (SPV) and pay out typically floating coupons to investors, have been a popular way for investors to generate extra yield in recent years.

Dealers are now looking

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