17. Customer Correspondence
This chapter contains the following sections:
- Section 17.1, "Introduction"
- Section 17.2, "Drawdown Notices"
- Section 17.3, "Exchange Rate Fixing Advices"
- Section 17.4, "Interest Rate Fixing Advices"
- Section 17.5, "A note on Interest Rate Revision
Advices"
- Section 17.6, "Assignment Advice"
- Section 17.7, "Interest Rate Fixing Notice"
- Section 17.8, "Drawdown Notice to Participant"
- Section 17.9, "Amendment Fees for the Borrower"
- Section 17.10, "Amendment Fees for the Investor"
- Section 17.11, "Borrower Fax and Payment Message
for SLC Fees"
17.1 Introduction
This chapter explains the various types of advices and notices generated
at each stage for the type of contract that the Loans Syndication (LB)
module handles.
The following fields are common to all the Advices/Notices sent to
the customer:
- The Standard FAX Header
- The System Date
- The name of the Contact person and his address (may include Fax/Phone
No)
- The name of the customer (addressee)
- The Ref No of the facility contract, the facility amount and currency
and the date on which the contract is booked in the system.
- The name of the borrowing customer
- The details of sender of the advice/notice (Administrator’s
name and address)
Note
- While printing the amount, the system takes the full length of the
amount tag and prints the amount, due to which there is space between
the currency and amount and the amount and symbol for the currency. The
system can eliminate all spaces while printing amount fields, based on
the value of the UDF ‘AMOUNT FORMATTING REQUIRED’.
- You can maintain the value as ‘Y’ or ‘N’
for this UDF in the ‘File Format Maintenance’ and ‘Free
Format Template Maintenance’ screens.
The following details forms the part of all the drawdown notices
generated at your bank:
- Interest rate fixing date and time
- Exchange rate fixing date and time
Note
The default borrower of a facility may be different
from the default borrower of its tranche. Likewise, the default borrower
of a tranche may be different from the default borrower of its drawdown.
Hence, the borrower field in all the advices are populated based on the
type of the contract, whether facility, tranche or a drawdown, for which
the advice is being sent.
During advice/free format message generation, the system checks whether
the value of the UDF ‘AMOUNT FORMATTING REQUIRED’ is maintained
as ‘Y’ for a given format.
- If the value maintained is ‘Y’ and advice tags for the
amount type of fields in the advice/free format template is maintained
in the internal data store, the system while generating advices for the
format eliminate spaces before and after the value of all amount type
of fields that need to be printed in the advice.
- If the value maintained is ‘N’, there are spaces before
and after the value of all amount type of fields.
You need to eliminate the spaces for the following list of free format
messages:
- Billing Notice (Borrower + Participants)
- Full Repayment Schedule (Borrower + Participants)
- Payment Schedule (Borrower + Participants)
You need to eliminate the spaces for the following list of advice
formats.
- Billing Notice (Borrower + Participants)
- Drawdown Notice (Borrower + Participants)
- Rate Fixing Notice (Borrower + Participants)
- Rollover Notice (Borrower + Participants)
- Consol Rollover
- Split Rollover
- Re-Price Notice (Borrower + Participants)
- Merge Re-Price
- Split Re-Price
17.2 Drawdown Notices
17.2.1 New Drawdown Notice to the Borrower
You can generate this notice to inform the borrowing customer about
the new drawdown that is due to him.
The drawdown notice to the borrower contains the following information:
- The reference number of the tranche to which the new drawdown loan
is linked.
- The date on which the drawdown is booked in the system
- The period for interest calculation
- The Maturity Date of the drawdown
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) and amount
- The exchange rate - if exchange rate has been fixed during drawdown
booking The following Settlement Instructions details
- ‘Acc with bank’ name and address
- The beneficiary account number at ‘Account with bank’
17.2.2 Renewal Drawdown Notice to the Borrower
- This notice is generated to inform the borrowing customer when a
drawdown loan is due for renewal (rollover). All the fields (excluding
Standing Instructions) available in the ‘New Drawdown Notice to
the Borrower’ are available in this notice.
- Also, a renewal notice is generated on the day of the rollover. This
gets a precedence over the advice generated on the day the drawdown is
due for a renewal.
- This notice is generated for all the rollover types (Normal, Split
and Consolidated).
17.2.3 Consolidated Renewal Drawdown Notice to the borrower
The main facility borrower contract can have several tranches under
it and each tranche can have multiple drawdown contracts linked to it.
At the time of rollover, you can choose to consolidate several drawdowns
under a tranche into a single consolidated drawdown loan.
The Consolidated Renewal Drawdown Notice is sent to the borrowing
customer of the new consolidated drawdown.
The advice includes details of the new consolidated loan as well
as details of each of the original loans that were consolidated into
the new loan.
New Consolidated Advance
- The reference number of the tranche to which the new drawdown loan
is linked.
- The date on which the loans are renewed (rolled over)
- The period for interest calculation
- The Maturity Date of the drawdown
- The tranche amount and the currency (Base Ccy) in which it is expressed
- The drawdown currency (Optional Ccy) and the amount
- The exchange rate - if exchange rate has been fixed during rollover
booking
Original Advances
- The tranche amount and the currency (Base Ccy) in which it is expressed
- The drawdown currency (Optional Ccy) and the amount
- The date on which the drawdown is booked in the system
- The period for interest calculation
- The maturity date of the drawdown
17.2.4 Split Renewal Drawdown Notice to the borrower
Just as you consolidate several drawdowns into one singe loan, you
can split one single drawdown into several drawdowns at the time of rollover.
The advice sent to the borrowing customer includes details of the
new split loans as well as details of the original loan that was split
into the multiple new loans.
Details of Original Advance
- The reference number of the tranche to which the new drawdown loan
is linked.
- The date on which the drawdown is booked in the system
- The period for interest calculation
- The maturity date of the drawdown
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) and amount
Details of New Consolidated Advances
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) for each drawdown and the amounts
- The date on which the loan is renewed (rolled over)
- The period for Interest calculation
- The maturity dates of the new loans
- The exchange rate - if exchange rate has been fixed during rollover
booking
Note
If the message type is ‘Consol’, the
Split Drawdown Notice received by each customer includes the details
of all the drawdowns. If the message type is ‘Individual’,
each borrower receives the details pertaining to his own drawdown.
17.2.5 New Drawdown Notice to the Participant Bank
You can generate this notice to inform the participant bank about
the new drawdown that is due to the customer.
All the fields (excluding Standing Instructions) available in the
‘New Drawdown Notice to the Borrower’ are available in this
notice. In addition, the following fields are included:
- The name of the borrowing customer
- The amount contributed by the participant bank and the base currency
in which it is expressed.
- The participant’s amount in the optional currency
- The following Settlement Instructions
- The name of the beneficiary’s bank, account no and address
17.2.6 Renewal Drawdown Notice to the Participant Bank
This notice is generated to inform the participant bank when a drawdown
loan is due for renewal. It includes all the fields (excluding Standing
Instructions field) available in the ‘New Drawdown Notice to the
Participant Bank’.
Also, a notice is sent on the renewal day. This gets a precedence
over the advice generated on the day the drawdown is due for a renewal.
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT643 is generated.
17.2.7 Consolidated Renewal Drawdown Notice to Participant
You can send a Consolidated Renewal Drawdown Notice to the participant
bank also when rolling over several drawdowns into a single drawdown.
All the fields available in the ‘Consolidated Renewal Drawdown
Notice’ sent to the borrower are available in this notice as well.
In addition, the following new fields are also included:
Details of New Consolidated Advance
- The name of the borrowing customer
- The participant’s amount in the tranche currency (Base Ccy)
- The participant’s amount in the drawdown currency (Optional
Ccy)
Details of Original Advances
- The original amount contributed by the participant for each drawdown.
This amount is the base currency equivalent of the amount in the drawdown
currency.
- The participant’s existing amount expressed in the optional
currency
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT643 isgenerated.
17.2.8 Split Renewal Drawdown Notice to Participant
Consolidated for All Splits
When you send a Split Renewal Drawdown Notice to the borrowing customer,
a similar advice has to be sent to the participant bank also. A consolidated
advice consisting of details of all the drawdowns are sent to all the
participants.
In addition to all the fields included in the Split Renewal Drawdown
Notice that is sent to the borrower, the following fields are also
included.
Details of Original Advance
- The name of the borrower
- The original contribution of the participant. This is the base currency
equivalent of the amount in the drawdown currency.
- The participant’s existing amount expressed in the drawdown
(optional) currency
Details of New Advances – Consolidated list
- The participant’s contribution for the new drawdown expressed
in the base currency
- The participant’s contribution for the new drawdown in the
optional currency
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT643 is generated.
17.2.9 Split Renewal Drawdown Notice to Participant
Only Individual Split Details
As stated earlier, participants can receive a Split Renewal Drawdown
Notice consisting of details of all the drawdowns. But you can also send
the notice by including only individual split details that is. each participant
receives the details pertaining his/her own drawdown.
In addition to all the fields included in the Split Renewal Drawdown
Notice that is sent to the borrower, the following fields are also included
in this notice.
Details of Original Advance
- The name of the borrower
- The original contribution of the participant. This is the base currency
equivalent of the amount in the drawdown currency.
- The participant’s existing contribution expressed in the drawdown
(optional) currency
Details of New Advance – Only Individual Contract
Details
- The participant’s amount for the new loan, in the base currency
- The participant’s amount for the new loan, in the new optional
currency
Note
- If you have chosen the SWIFT media for sending the advice, then instead
of the above mail format, the corresponding SWIFT message, MT643 is generated.
- The message type for the Borrower Drawdown Notice is DRAWDOWN_NOTC
and that for the Participant Drawdown Notice is PART_DDOWN_NOTC.
17.3 Exchange Rate Fixing Advices
17.3.1 Exchange Rate Fixing Advice to Borrower for New
Drawdown
If the drawdown currency is different from the currency of the tranche
under which it is initiated or the account to which it is linked, you
would use the exchange rates maintained at your bank for the currency
conversions.
You can send an ‘Exchange Rate Fixing Advice’ to the borrowing
customer when a new drawdown is initiated for the customer.
The following details are included in this advice:
- The reference number of the tranche to which the new drawdown loan
is linked
- The date on which the drawdown is booked in the system
- The period for interest calculation
- The Maturity Date of the drawdown
Note
Maturity date is the rate fixing end date.
- The exchange rate used for the currency conversion
- The currency (Base Ccy) of the tranche contract to which the new
drawdown is linked
- The Base currency equivalent of the amount in the drawdown currency.
- The drawdown currency (Optional Ccy)
- The drawdown amount, expressed in the optional currency
- The following Settlement Instructions:
- ‘Acc with bank’ name and address
- The beneficiary account number at ‘Account with bank’
17.3.2 Exchange Rate Fixing Advice to Borrower for Renewed
Drawdown
- Likewise, you can also send an ‘Exchange Rate Fixing Advice’
to the borrowing customer on the date the loan contract is due for renewal.
All the fields (excluding standing instructions fields) explained above
are made available for the renewed drawdown as well.
- In addition, an advice is generated on the renewal day. This gets
precedence over the advice generated on the day the drawdown is due for
a renewal.
17.3.3 Consolidated Exchange Rate Fixing Advice to the
Borrower
When you consolidate several drawdowns into a single consolidated
drawdown, you need to fix the exchange rate if the currency of the consolidated
drawdown is different from the currency of the tranche under which it
is initiated or the account to which it is linked. You can then send
a Consolidated Exchange Rate Fixing Advice to the borrower.
The following details of the new consolidated drawdown and the original
drawdowns are included in the advice:
Details of New Consolidated Advance
- The reference number of the tranche to which the new drawdown loan
is linked
- The date on which the drawdown loan contract is to be renewed
- The period for Interest calculation
- The maturity date of the drawdown loan
- The amount and currency of the main syndicate contract
- The exchange rate applied
Details of Original Advances
- The amount of the main syndicate contract
- The date on which the drawdown is booked in the system
- The period for Interest calculation
- The Maturity date of the drawdown
- The currency (Base Ccy) of the tranche contract to which the new
drawdown is linked.
17.3.4 Split Renewal Exchange Rate Fixing Advice to the
Borrower
When you split a single drawdown into a multiple drawdowns, you need
to fix the exchange rate if the currency of the new drawdowns is different
from the currency of the tranche under which they are initiated or the
account to which they are linked. You can then send a Split Renewal Exchange
Rate Fixing Advice to the borrower.
The following details of the each of the new drawdowns and the original
drawdown that was split are included in the advice:
Details of Original Advance
- The reference number of the tranche to which the new drawdown loan
is linked.
- The date of the drawdown loan
- The period for Interest calculation
- The Maturity Date of the drawdown loan
- The currency of the tranche to which the drawdown is linked
- The Base currency equivalent of the drawdown amount
Details of New Advances
- The amount of the main syndicate contract
- The currency of the tranche to which the drawdown is linked
- The exchange rate applied
- The date of renewal
- The period for Interest calculation
- The maturity date of the drawdown
17.3.5 Exchange Rate Fixing Advice to Participant for New
Drawdown
When you initiate a new drawdown for the borrowing customer, you can
send an Exchange Rate Fixing Advice to the participant bank also. To
recall, exchange rate is fixed only if the drawdown currency is different
from the currency of the tranche under which is initiated or the account
to which it is linked. The exchange is used for currency conversions.
All the fields (excluding Standing Instructions fields) available
in the ‘Exchange Rate Fixing Advice’ sent to the borrowing
customer is available in this advice also. In addition, the following
information is also be included:
- The name of the borrowing customer
- The participant’s contribution in the currency of the tranche
(Base Currency) under which the drawdown contract is linked
- The participant’s contribution in the drawdown currency (Optional
Ccy).
- Settlement Instructions like:
- The name of the Beneficiary’s bank account number and address
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT644 is generated.
17.3.6 Exchange Rate Fixing Advice to Participant for Renewed
Drawdown
Just as you send an ‘Exchange Rate Fixing Advice’ to the
borrowing customer, you may send a similar advice to the participant
bank when the exchange rate is fixed for a renewed drawdown. All the
fields (excluding standing instructions fields) explained for the ‘Exchange
Rate Fixing Advice’ to Borrower for the new drawdown is available
in this advice as well. In addition, the following fields are also included:
- The date on which the drawdown loan contract is due for a renewal
Also an advice is generated on the rollover date. This gets a precedence
over the advice generated on the day the drawdown is due for a renewal.
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT644 is generated.
17.3.7 Consolidated Exchange Rate Fixing Advice to the
Participant Bank
When fixing the exchange rate for the consolidated drawdown loan,
you can send a Consolidated Exchange Rate Fixing Advice to the participant
bank also.
All the fields included in the Consolidated Exchange Rate Fixing Advice
sent to the borrower, are available in this advice as well. In addition,
the following details are also be included:
Details of New Consolidated Advance
- The name of the borrowing customers
- The amount contributed by each participant. This amount is expressed
in the Base currency
Details of Original Advances
- The participant’s contribution for the original drawdown, expressed
in the base currency.
- The participant’s contribution in the original drawdown, expressed
in the optional currency.
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT644 is generated.
17.3.8 Split Renewal Exchange Rate Fixing Advice to the
Participant Bank
When fixing the exchange rates for the split drawdown loans, you can
send a Split Renewal Exchange Rate Fixing Advice to the participant bank
also.
All the fields included in the Split Renewal Exchange Rate Fixing
Advice sent to the borrower, are available in this advice as well. In
addition, the following details are also included:
Details of Original Advance
- The name of the borrowing customer
- The participant’s contribution for the original loan. This
is the Base currency equivalent of the drawdown amount.
- The participant’s contribution for the original loan, expressed
in the drawdown currency (Optional Ccy).
Details of New Advances
- The participant’s contribution for each of the new loans, in
the base currency
- The participant’s contribution for each of the new loans, defined
in the currency of the drawdown
- The maturity date for each new drawdown
Note
- If you have chosen the SWIFT media for sending the advice, then instead
of the above mail format, the corresponding SWIFT message, MT644 is generated.
- The Message Type for the Borrower Exchange Rate Fixing Advice is
BORR_EXFX_ADV and that for the Participant Exchange Rate Fixing Advice
is PART_EXFX_ADV.
17.4 Interest Rate Fixing Advices
17.4.1 Interest Rate Fixing Advice to Borrower for New
Drawdown
If the product specified for the tranche or drawdown loan has a ‘Rate
Fixing’ rate of interest, the same is applicable on the drawdown
loan. However, you can change this rate at the contract level. If a
‘Floating’ rate has been defined for the product, the rate
attached to the specified Rate Code, in the Floating Rates table, is
applicable. You can change the rate code by using the Value Dated Changes
function.
Note
This advice is generated as part of the IRFX event.
After the appropriate interest rate has been fixed for the new drawdown
loan initiated at your bank, you can send an ‘Interest Rate Fixing’
advice to the borrowing customer.
The Interest rate fixing advice includes the following details:
- The reference number of the tranche to which the new drawdown loan
is linked
- The date on which the drawdown is booked in the system
- The period for interest calculation
- The maturity date of the drawdown
Note
Maturity date is the rate fixing end date.
- The amount of the drawdown loan
- If you have applied a floating interest rate on the drawdown, the
Spread (LIBOR basis) that is applied over the floating interest rate
- The margin applied on the interest rate
- The interest/lending rate applied on the drawdown
17.4.2 Interest Rate Fixing Advice to Borrower for Renewed
Drawdown
Similarly, you can send an ‘Interest Rate Fixing’ Advice
to the borrowing customer when you renew a drawdown loan. All the details
available for the above advice are included in this advice also. The
advice has the date on which the drawdown is due for renewal.
In addition, the advice is generated on the renewal date. This gets
precedence over the advice generated on the day the drawdown is due for
a renewal.
17.4.3 Consolidated Interest Rate Fixing Advice to the
Borrower
When you consolidate multiple loans into a singe drawdown and apply
the interest rate on the new drawdown, you can generate the Consolidated
Interest Rate Fixing Advice to be sent to the borrower.
The following details of the new consolidated drawdown and the original
drawdowns are included in the advice:
Details of New Consolidated Advance
- The reference number of the tranche to which the new drawdown loan
is linked
- The date on which the drawdown loan contract is to be renewed
- The maturity date of the drawdown loan
- The drawdown amount
- The period for Interest calculation
- If you have applied a floating interest rate on the drawdown, the
Spread (LIBOR basis) that is applied over the floating interest rate.
- The margin applied onthe interest rate
- The interest/lending rate applied on the drawdown
Details of Original Advances
- The amount of the main syndicate contract under which the original
drawdowns were initiated.
- The drawdown date
- The period for Interest calculation
- The maturity date of the drawdown loan
- The currency of the tranche to which the drawdowns are linked
17.4.4 Split Renewal Interest Rate Fixing Advice to the
Borrower
Likewise, when you split a single loan into multiple loans, you need
to fix the interest rates to be applied on each drawdown. You can then
send a Split Renewal Interest Rate Fixing Advice to the borrower.
The following details are included in this advice:
Details of Original Advance
- The reference number of the tranche to which the new drawdown loan
is linked
- The drawdown date
- The period for Interest calculation
- The maturity date of the drawdown loan
- The amount of the main syndicate contract
- The currency of the tranche to which the drawdown is linked
- The Base currency equivalent of the drawdown amount
Details of New Advances
- The amount of the main syndicate contract under which the new drawdowns
are initiated.
- The currency of the tranche to which the drawdowns are linked
- The date on which the drawdown loan contract is to be renewed
- The maturity date of the drawdown loan
- The amount for each new drawdown
- The period for Interest calculation
- If you have applied a floating interest rate on the drawdown, the
Spread (LIBOR basis) that is applied over the floating interest rate.
- The margin applied on the interest rate
- The interest/lending rate applied on the drawdown
17.4.5 Interest Rate Fixing Advice to Participant for New
Drawdown
Just as you send an ‘Interest Rate Fixing’ Advice to the
borrowing customer, you may send an Interest Rate Fixing Advice to the
participant bank as well, at the time of initiating a new drawdown for
the borrowing customer.
All the fields (excluding Standing Instructions) available in the
advice sent to the borrower are available in the advice to the participant
bank also. In addition, the following additional fields are included:
- The name of the borrowing customer
- The Participant’s contribution in the currency of the tranche
(Base Currency) under which the drawdown contract is linked.
- The Participant’s contribution in the drawdown currency (Optional
Currency).
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT644 is generated.
17.4.6 Interest Rate Fixing Advice to Participant for Renewed
Drawdown
You can send this advice to the participant bank when you renew a
drawdown for a borrowing customer.
- All fields available for the ‘Interest Rate Fixing Advice’
that is sent to the participant for a new drawdown, is available in this
advice also.
- The date on which the drawdown loan contract is due for renewal is
also specified in the advice.
In addition, an advice is generated on the rollover date. This gets
precedence over the advice generated on the day the drawdown is due for
a renewal.
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT644 is generated.
17.4.7 Consolidated Interest Rate Fixing Advice to the
Participant Bank
When you fix the interest rate on the new consolidated drawdown, you
can send the Consolidated Interest Rate Fixing Advice to the participant
bank just as you would send to the borrowing customer.
All the fields of the Consolidated Interest Rate Fixing Advice sent
to the borrower are available in this advice. In addition, the following
fields are included:
Details of New Consolidated Advance
- The name of the borrowed
- The amount contributed by the participant, expressed in the Base
currency
Details of Original Advances
- The original amounts contributed by each participant, in the Base
currency
- The original amounts contributed by each participant, in the Optional
currency.
Note
If you have chosen the SWIFT media for sending the
advice, then instead of the above mail format, the corresponding SWIFT
message, MT644 is generated.
17.4.8 Split Renewal Interest Rate Fixing Advice to Participant
Bank
When you fix the interest rate for the split drawdowns, you can send
the Split Renewal Interest Rate Fixing Advice to the participant bank
just as you would send to the borrowing customer.
All the fields of Split Renewal Interest Rate Fixing Advice that is
sent to the borrower are included in this advice. The following additional
fields are also available:
Details of Original Advance
- The name of the borrower
- The participant’s contribution for the original loan. This
is the Base currency equivalent of the drawdown amount.
- The participant’s contribution for the original loan, expressed
in the drawdown currency (Optional Ccy)
Details of New Advances
- The participant’s contribution for each of the new loans, in
the base currency.
- The participant’s contribution for each of the new loans, defined
in the currency of the drawdown.
- The maturity date for each new drawdown
Note
- If you have chosen the SWIFT media for sending the advice, then instead
of the above mail format, the corresponding SWIFT message, MT644 is generated.
- The Message Type for the Borrower Interest Rate Fixing Advice is
BORR_IRFX_ADV and that for the Participant Interest Rate Fixing Advice
is PART_IRFX_ADV.
17.5 A note on Interest Rate Revision Advices
Oracle Banking Corporate Lending allows an interest rate revision
beyond the last interest liquidation date, recalculates the interest
for the paid schedules and tracks the payable and the receivable for
the difference in the interest amounts.
- Receivables and payables are captured by Oracle Banking Corporate
Lending for both the borrower and the participants (through the ‘Payable-Receivable
Details’ screen). Receivables and payables can arise out of amount
due changes resulting from either of the following two scenarios:
- Back value dated rate revision beyond the last liquidation/schedule
date
- Back value dated Margin changes due to the new back valued Drawdowns
beyond the last liquidation/schedule date.
- The payable and receivables are tracked for each of the associated
events (REVN for interest rate revision and MRFX for the margin changes).
Advices are sent to the participants and the borrower for rate revision
and margin revision events giving details for amount due, amount received
and the receivable or the payable amount.
17.6 Assignment Advice
Assignment advices are generated by Oracle Banking Corporate Lending
when a participant transfer (assignment) happens. The fields/tags that
are available on the advice are the following:
- Facility
- Borrower code
- Borrower Name
- Tranche
- DD
- Currency
- Value Date of the transfer assignment
- Transfer From – Party details (code & name)
- Transfer Amount
The transferee advice (for each transferee) has the following fields/
tags:
- Transfer To – Party details (code & name)
- Amount
The associated event is the PRAM (Participant Amendment).
The advices are sent to both the participant – transfer from
– party (the transferor) and the participant – transfer to
– party (the transferee). The transferee details are present in
the advice sent to the transferor as well. For a transferee, each transferee
advice has only his/her share of the transferred amount in the advice
apart from the transferor details.
17.7 Interest Rate Fixing Notice
17.7.1 Interest Rate Fixing Notice to Participant
Just as you send an ‘Interest Rate Fixing’ Advice to the
borrowing customer, you can send ‘Interest Rate Fixing’ notice
to the participant at the time of initiating a new drawdown for the borrowing
customer.
All the fields (excluding standing instructions fields) available
for the above advice are included in this notice also.
In addition, the following field is also included:
- The name of the Borrowing customer
17.7.2 Interest Rate Fixing Notice to Borrower for New
Drawdown
You can send the ‘Interest Rate Fixing Notice’ to the
Borrower customer when a new drawdown is initiated for the customer.
The following details are included in this notice:
- The reference number of the tranche to which the new drawdown loan
is linked.
- The date on which the drawdown is booked in the system.
- The period for interest calculation
- The Maturity Date of the drawdown
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) and amount
- The Interest fixing date/time applied on the drawdown
17.7.3 Interest Rate Fixing Notice to Borrower for Renewal
Drawdown
This notice is generated to inform the borrowing customer when a drawdown
loan is to undergo a renewal. All the fields available in the ‘Interest
Rate Fixing Notice to the Borrower’ are also available in this
notice.
In addition, the notice is generated on the rollover date. This gets
precedence over the advice generated on the day the drawdown is due for
a renewal.
17.7.4 Consolidated Interest Rate Fixing Notice
Consolidated Interest Rate Fixing Notice to Borrower
for Renewal Drawdown
This notice is generated to give the borrowing customer a consolidated
view of the interest rate fixing applied for a drawdown loan due for
renewal.
The consolidated interest rate fixing notice includes the following
details:
Details of New Consolidated Advance
- The reference number of the tranche to which the new drawdown loan
is linked.
- The date on which the drawdown loan contract is due for renewal.
- The period for interest calculation
- The Maturity Date of the drawdown
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) and amount
- The Interest fixing date/time applied on the drawdown
Details of Original Advances
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) and amount
- The date on which the drawdown is booked in the system.
- The period for interest calculation
- The Maturity Date of the drawdown
17.7.5 Interest Rate Fixing Notice to Borrower for Split
Renewal
This notice is generated to inform the borrowing customer when a drawdown
loan is due for a split renewal.
The interest rate fixing notice includes the following details:
Details of Original Advance
- The reference number of the tranche to which the new drawdown loan
is linked.
- The date on which the drawdown loan contract is due for renewal.
- The period for interest calculation
- The Maturity Date of the drawdown
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) and amount
Details of New Advances
- The tranche currency (Base Ccy) and amount
- The drawdown currency (Optional Ccy) and amount
- The date on which the drawdown is to be Renewed
- The period for interest calculation
- The Maturity Date of the drawdown
- The Interest fixing date/time applied on the drawdown
17.7.6 Interest Rate Fixing Notice to the Participant Bank
It includes all the fields of 6.1 and the following additional fields
- The name of the Borrower customer
- The amount contributed by the participant bank and the base currency
in which it is expressed.
- The participant’s amount in the optional currency
- The Settlement Instructions:
- The name of the beneficiary’s bank name, account number and
address
Note
In case you have chosen the media as SWIFT, an MT643
is generated instead of the above mail format.
17.7.7 Interest Rate Fixing Notice to Participant for Renewal
Drawdown
This notice is generated to inform the participant customer when an
interest rate fixing is done for a drawdown loan. All the fields available
in the ‘Interest Rate Fixing Notice to the Borrower’ are
available in this notice. In addition, the notice states the date on
which the drawdown loan contract is due for a renewal.
Note
In case you have chosen the media as SWIFT, an MT643
is generated instead of the above mail format.
In addition, a notice is generated on the renewal date. This gets
precedence over the advice generated on the day the drawdown is due for
a renewal.
17.7.8 Interest Rate Fixing Notice to Participant
Interest Rate Fixing Notice to Participant for Consolidated
Renewal Drawdown
This notice is generated to give the participant customer a consolidated
view of the interest rate fixing done for a drawdown loan. All the fields
available in the ‘Interest Rate Fixing Notice to the Borrower’
are available in this notice. In addition, the following fields are included:
- Details of New Consolidated Advance
- The name of the borrowing customer
- The amount contributed by the participant bank and the base currency
in which it is expressed.
- The participant’s amount in the optional currency
- Details of Original Advances
- The Participant’s existing amount (Base Currency equivalent)
- The Participant’s existing amount (Optional currency amount)
Note
In case you have chosen the media as SWIFT, an MT643
is generated instead of the above mail format.
17.7.9 Interest Rate Fixing Notice to the Participant
For Split Renewal Drawdown – Consolidated for
All Splits
This notice is generated to give the borrowing customer a consolidated
view of when a drawdown loan is due for a split renewal. All the fields
available in the ‘Interest Rate Fixing Notice to the Borrower’
are available in this notice. In addition, the following fields are
included:
Details of Original Advance
- The name of the borrowing customer
- The Participant’s existing amount (Base Currency equivalent)
- The Participant’s existing amount (Optional currency amount)
Details of New advances – Consolidated list
- The New Base Currency Participation
- The New Optional Currency Participation
Note
In case you have chosen the media as SWIFT, an MT643
is generated instead of the above mail format.
17.7.10 Interest Rate Fixing Notice to the Participant
For Split Renewal Drawdown – Only Individual
Split Details
Similarly, you can send a consolidate ‘Interest Rate Fixing’
notice to the participant customer when you do a split renew of a drawdown
loan according to their individual splits. All the details available
for the above notice is included in this advice also.
All the fields available in the ‘Interest Rate Fixing Notice
to the Borrower’ are available in this notice. In addition, the
following fields are included:
Details of Original Advance
- The name of the borrowing customer
- The Participant’s existing amount (Base Currency equivalent)
- The Participant’s existing amount (Optional currency amount)
- Details of New Advance – Only Individual Contract Details
- The New Base Currency Participation
- The New Optional Currency Participation
Note
- In case you have chosen the media as SWIFT, an MT643 is generated
instead of the above mail format.
- The Message Type for Borrower Interest Rate Fixing Notice is BORR_INOT_NOTC
and that for Participant Interest Rate Fixing Notice is PART_INOT_NOTC.
17.8 Drawdown Notice to Participant
In case there is an exchange rate fluctuation, the participant of
the account is sent a drawdown notice.
- The drawdown notice to the participant contains the following information:
- The CIF id of the Borrower specified in the contract
- The Additional Amount in the Drawdown Currency
- The Value date of the drawdown
- The Base Currency of the contract
- The Drawdown Currency
- The Settlement Instructions
- The Beneficiary bank name
- The Account number and address
- The Interest Rate Notice (rate fixing date and time)
In case you have chosen the media as SWIFT, an MT643 is generated
instead of the above mail format.
Note
The message type for the MT 643 SWIFT message is
PART_ERAM_NOTC.
17.8.1 Amendment to Earlier F/X Notice Sent to Participant
The Draw down Notice sent to the participant in case of fluctuation
of exchange rate can be amended and resent to the participant of the
account with the following information:
- The Optional Currency
- The Base Currency
- The new exchange rate
- The New amount (Base currency)
- The Old amount (Base currency)
- The Original F/X notice date
In case you have chosen the media as SWIFT, an MT644 is generated
instead of the above mail format.
Note
The message type for the MT 644 SWIFT message is
EXRT_AMEND_ADV.
17.9 Amendment Fees for the Borrower
This notice is generated to give the borrowing customer a message
for the amendment fee with the following information.
- Due Date
- Remittance Currency
- Remittance Amount
17.9.0.1 Wiring Instructions to Remit
the Payment
- Bank
- Bank Code
- Account
- Account Name
- Ref
- Attn
- Ref Cusip
17.10 Amendment Fees for the Investor
This notice is generated to give the investor a message for the amendment
fee with the following information.
- Credit Date (Schedule payment date)
- Credit Amount (Amendment fees that are to be liquidated)
- Credit CCY
- Basis points
- Withholding Tax
17.10.0.1 Wiring Instructions to Credit
the Payment
- Bank Name
- BIC Code
- Account
- Account Name
- FFC Account
- FFC Account Name
17.11 Borrower Fax and Payment Message for SLC Fees
This notice is generated to give the borrowing customer a message
with regard to the LC Synthetic Libor Interest due with the following
information.
- Amount Funded
- LIBOR Base
- LIBOR Spread
- All in Rate
- Day Basis
- From Date
- To Date
- Number of Days
- Interest Due
17.11.1 Borrower Fax Messages
For Delayed Funding and Compensatory Interest Component
Computation Details
The following FAX messages address the delayed funding and display
the corresponding Compensatory Interest component computation details
- Borrower FAX as part BPMT for DD booking for Prime, Libor and Fed
funds
- Borrower Normal Rollover FAX for full funding, Late funding and Non
funding
- Borrower Normal Rollover with the Decrease /Increase FAX for full
funding, Late funding and Non funding
- Prime To LIBOR Reprice FAX
- Merge Reprice FAX
The following FAX template facilitates the Recall Notice to borrower
through Free format messages
Borrower Normal Rollover FAX for full funding, Late funding and Non
funding