It's the nightmare scenario that haunts every driver. Running late for an appointment and desperate to make up for lost time, you hit the accelerator going through a reduced speed zone. The police pull you over and issue a speeding ticket. This isn't your first. Next thing you know, a letter arrives in the post saying your licence has been revoked. At a stroke, your freedom to travel is drastically curtailed.
US-based structured product issuers are plagued by a similar anxiety. This concerns the