(Cayman) Multi-Issuance Structures in the Cayman Islands

This memorandum examines the options available to the capital markets practitioner seeking to set up a multi-issuance  structure in the Cayman Islands. There are several different types of transactions that would call for a multi-issuance structure, the most common of which would be a bond or loan "repackaging" transaction. A "repackaging" generally describes an issue of notes by a company established specifically for that purpose (the "Company", "Issuer" or "SPV"), where the notes are secured on assets of the Issuer (the "Underlying Assets"). Such assets produce cash flows which can be used to generate the cash flows due on the notes, usually via a swap agreement with a Swap Counterparty. The Underlying Assets are said to have been "repackaged" into the notes issued by the Company. The purpose of a repackaging is to turn the Underlying Assets into an asset (the "Notes") with different features that better suit an investor's needs.


Click to view memo

Rob JacksonManaging PartnerT +1 345 914 4281rob.jackson@walkersglobal.com
Philip PaschalidesPartnerT +1 345 814 4675philip.paschalides@walkersglobal.com

Daniel WoodManaging PartnerT +971 4 363 7912daniel.wood@walkersglobal.com

Andy RandallManaging PartnerT +852 2596 3305andy.randall@walkersglobal.com

Jack BoldarinManaging PartnerT +44 (0)20 7220 4995jack.boldarin@walkersglobal.com

John RogersManaging PartnerT +65 6595 4673john.rogers@walkersglobal.com

Related Content