The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Repackaging of all kinds of credits

Issuer: Snap

Amount: $1 billion

Arranger: ING Barings

Launched: August 24 1994
Issuer: Ribs

Amount: $5 billion

Launched: March 27 1997

Arranger: Deutsche Morgan Grenfell

Back from a few days wandering the medina in Marrakech, you are inspired to take a punt on Moroccan securities. Scouring the Euromarkets, you can't find a product that fits your investment criteria, and you haven't got the first idea how to access Morocco's domestic market. What option do you have, apart from placing a bulk order for Moroccan carpets?

An increasingly attractive solution for investors is buying an MTN issue from a programme set up to repackage securities. Since the start of 1996, 37 such programmes have been launched and more than $20 billion worth of paper issued, mostly by special purpose vehicles arranged and managed by investment banks.

Two banks making strides in this market are ING Barings and Deutsche Morgan Grenfell. Guy Thomas, assistant director at ING Barings, sums up the market's appeal: "We give investors what they want, in a form they are comfortable with."

ING was one of the trailblazers in this market, launching a $1 billion programme for its Snap vehicle in June 1994 - the name is an acronym for structured note asset packaging.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree