Callable repack frenzy opens up new options market in Europe

Demand driven mainly by French life insurers looking for alternatives to low-yielding sovereign bonds


In 2017, four big banks set up the Spire platform for standardised issuance of repackaged notes outside of the US. The products include a relatively new callable version – and these hit the big time late last year.

For banks offering callable repacks, the benefits are multiple. On top of selling the notes, dealers are establishing a new market in long-dated European government bond options, exposure created as part of the repacks. The options can be offered to life insurers, asset managers and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: