15.6.4 Rate Set Notice

The Rate Set Notice is generated at the borrower level with one message for a drawdown/ tranche for the following events:

• Drawdown Value dated amendment for interest rate changes (VAMB)
• Drawdown Interest Rate amendment (IRAM)
• Drawdown Margin Rate Revision (MRFX)
• Drawdown Floating Rate Revision (REVN)
• Drawdown Exchange Rate Amendment (ERAM)
• Tranche Fee Rate Revision (FRFX) for non-adhoc (non-USERINPUT) components

Rate Set Notice is a bulk message with borrower global level message and participant details. The bulk message constitutes the following messages grouped together.

• Message for each participant
• Message for the global details for borrower

You need to maintain the message at the VAMB, IRAM, MRFX, REVN and ERAM events for the drawdown product. If the VAMB event is for anything other than changes in interest rate, the system systematically suppresses the notice generation. In addition, you can manually suppress the notice during VAMB but not during IRAM, ERAM, MRFX, FRFX, and REVN events.

If the fee rate change involves fee rate change for multiple fee components, then system generates one message for each fee component for which the rate is changed. Rate set notice for Interest/Margin/Exchange/Fee rate changes is applicable only when Take on Deal/ Take on Facility FpML notice and Drawdown notice are generated. Position Update Notice should also be generated if you want to generate the Rate Set Notice.

The message will display Ext Deal CUSIP/ISIN captured at the tranche level for the InstrumentId field in Deal Summary.