Local Authority Loan Notes (LALNs)

Hello,

Has anyone done any further research into these, that some brokers have been pushing recently? Given the optionality clauses which seem to be heavily in favour of the lender, I suspect they're a reheat of LOBOs, so I am very wary of them.

Perhaps I'm wrong, if anyone has done some extensive research, particularly into the underlying derivatives, then I am interested to read it.