4.9.3.1 Specifying Basic Details
- Customer
By default the customer (borrower) of the facility contract is displayed as the customer for the tranche contract. You can select a different customer from the option list provided. This list displays the borrowers identified for the facility contract. The customer you select defaults to any borrower drawdowns you enter against the tranche.
Upon selection of the customer (borrower), the settlement details maintained for customer is defaulted in the Settlement Details section of the screen. This enables the system to easily obtain the settlement details defined for the selected customer. - CUSIP Number
You have to capture a unique number to identify the tranche. This number is used to identify the loans being traded and to quote the market price. This number gets defaulted to all the drawdowns processed under the tranche and cannot be changed at the drawdown level. You can use a maximum of 16-alphanumeric characters for a CUSIP.
CUSIP also appears in all correspondences under the tranche that is,. advices to both participants and borrowers. CUSIP number is modifiable as part of contract amendment (CAMD).After authorization of the CAMD event, the internal CUSIP propagates to all the underlying drawdowns, linked commitment, its underlying loans, linked trades and position contract, if any.
The Internal CUSIP cannot be changed as part of CAMD if there exists:- Any PRAM or Non-prorata VAMI for the corresponding tranche
- Any open position for the existing CUSIP
Note:
The Internal CUSIP is mandatory and cannot be made null during contract input or amendment. - Currency
The currency of the facility contract is displayed for the tranche as well. This is the currency in which the tranche amount is expressed. You can change the currency, if required. The option list displays the allowable currencies defined for the facility contract against which the tranche is processed.
- AmountYou have to specify the total amount that should be committed under the tranche (for borrower tranche contracts). The amount you enter must be:
- Lesser than or equal to the total borrower facility contract amount,
if no tranches have as yet been opened or drawdown loans disbursed
as on today’s date. However, it should be less than the minimum
defined for the facility contract.
If the amount is below this minimum, the following error message is displayed.
Amount must be more than the minimum defined at the facility contract level - Lesser than or equal to the unused portion of the total borrower
facility contract amount as on today’s date. However, the amount
should not exceed the maximum defined at the facility
level.
Amount must be less than the maximum defined at the facility level
Note:
- When you specify the contract amount, the system computes and display the equivalent amount in the reporting currency (in the Amt Report Ccy in the Reporting Details section of the screen) using the exchange rate maintained between the two currencies for the branch.
- If the tranche currency is different from the facility currency, the system computes the equivalent in the facility currency and display the same Amt Facility Currency field in the Facility Details section of the screen.
- Whenever a drawdown is processed under a tranche, the system updates the O/ S Amount field in the Reporting Details section of the screen.
- Lesser than or equal to the total borrower facility contract amount,
if no tranches have as yet been opened or drawdown loans disbursed
as on today’s date. However, it should be less than the minimum
defined for the facility contract.
- Ext CUSIP/ISIN
The external CUSIP/ISIN number is captured here. It is modifiable as part of contract amendment (CAMD).The external CUSIP number is not used for internal processing, but it is used in non-processing areas such as faxes, payment messages, reports and interfaces.
The FpML messages for the participants at tranche and drawdown level are generated only if you have specified the External CUSIP/ISIN number. Otherwise, it is systematically suppressed.After authorization of the contact amendment, which triggers the CUAD (CUSIP Amendment) event, the external CUSIP/ISIN is propagated to all the underlying drawdowns, linked commitment, its underlying loans, linked trades if any.
External CUSIP/ISIN gets defaulted to all the drawdowns processed under the tranche and cannot be changed at the drawdown level.Whenever there is a change in the External CUSIP/ISIN, the system sends the following FpML messages to Markit (a financial system that acts as an inventory for all agency activities)- A new Take On Facility message
- Cancellation messages for all the prior messages sent to Markit, except for the Take On Facility notice
- Amend Contract message with the updated CUSIP value
- All the prior messages that were cancelled with the new CUSIP value
- Position Update message for Position Statement with the latest positions for latest value date
- Ext Deal CUSIP/ISIN
Specify the external deal CUSIP/ISIN.
It is not mandatory to specify the Ext Deal CUSIP/ISIN. System does not perform any validation for the uniqueness of the Ext Deal CUSIP/ISIN. Multiple tranches can have same Ext Deal CUSIP/ISIN. However, system validates that the maximum permissible length for the value you specify for ‘Ext Deal CUSIP/ISIN’ does not exceed 16 characters.Ext Deal CUSIP/ISIN is captured during Tranche booking. However it can be amended during Tranche amendment, from the 'Tranche Contract Online' screen. During Tranche booking, the value for ‘Ext Deal CUSIP/ISIN’ is defaulted from the ‘CUSIP No’ of the Facility (Deal). The defaulted value can be changed, if required. However, any amendment of ‘CUSIP No’ at Facility (Deal) level will not propagate to the ‘Ext Deal CUSIP/ISIN’ value at Tranche level.
Note:
The following reports display the value captured for ‘Ext Deal CUSIP/ISIN’ for the tranche:- Active Facilities Report for SNC
- Active Facilities Report_Adhoc
- Lender List by Fund Manager
Parent topic: Capturing Details in the ‘Contract’ tab