Duelling repack platforms find common ground

Standard documentation initiative mulls shared SPV model as founders seek to join rival

Since 2016, the bond repackaging market has been divided by a common vision. Dealers want to tackle dangers revealed by the Lehman Brothers collapse, while also making the notes easier to buy and sell. But they have split into two groups – six banks on each side – over the details of how to get there.

For the past two years, each group has privately rubbished the efforts of the other. Now, they may be converging.

The Standard Repackaging Documentation initiative believes harmonised contracts