Structured UITs and Repack Structures April 8, 2019
Structured UITs and Repack Structures
731403169
April 8, 2019
Agenda
? 40 Act vehicles ? Basic repackaging concepts ? Repackaging through a trust on an exempt basis or repackaging in reliance
on Reg AB II ? Tax considerations
2
BASIC TRUST STRUCTURE
Basic structure
? Institutional investor seeks structured product-like exposure and has, on a reverse inquiry basis, identified a basic payout
? Institutional investor may want to diversify issuer concentration ? A structured note equivalent can be issued through a trust, the assets of
which will be a plain vanilla bond and a derivative, an option or a warrant
4
Using a trust
? A trust is a common vehicle for repackaging debt (or other) securities or assets as well as accompanying derivatives or options. However, there are a number of structuring concerns associated with using a trust vehicle.
? A trust usually is a passive vehicle (neither the trustee nor other parties actively manage the investment).
? With a trust, often there is a concern that the trust will be an investment company under the Investment Company Act of 1940 (1940 Act).
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