Repackaged Securities (“Repacks”) Repacks are trust certificates that represent an interest in the assets of a single trust. A sponsor, typically an investment bank, purchases corporate debt or capital securities of an unrelated company and sells the securities to a newly formed trust. The Repacks issued by the trust have set maturity dates which correspond to the maturity of the underlying securities and typically range from 25 to 50 years, but can be called prior to maturity, typically at par or face value. A typical Repack also offers a call protection period, generally five to seven years from issuance, and is subject also to a call of the underlying securities.