5.2.1 Capturing Details in the ‘Drawdowns’ Tab
You can change some of the default values for a drawdown. You can also capture additional information specific to a drawdown in the Drawdowns tab of the screen.
Table 5-2 Drawdowns tab details
Fields | Description |
---|---|
External CUSIP/ISIN | Internal and External CUSIP/ISIN is defaulted from the tranche
for new drawdowns and cannot be changed at the drawdown level.
If there is a change in the External CUSIP at the tranche level, it gets propagated to the drawdowns for the tranche. The updated details for the drawdown are sent to Markit, a financial system that acts as an inventory for all agency activities, through FpML messages. Refer the chapter FpML Messaging for more details on the updation process.For more information on Internal and External CUSIP Number refer section Capturing Contract Details in this chapter. |
Currency | You have to select the currency for the drawdown. The option list
displays the currencies allowed for the tranche. If the drawdown
currency is different from the tranche currency, the system displays
the following message:
Exchange Rate needs to be fixed! The Exchange Rate Fixing Date displays the current system date (booking date of the drawdown).Note: If the drawdown currency is different from the tranche currency and the Exchange Rate Code that defaults from the product is not maintained for the currency pair (tranche and drawdown currencies), the system displays an error message. |
Amount | Specify the amount being availed by the customer through the
drawdown. This amount should be between the minimum and maximum DD
amount specified at the tranche level. When you capture the amount,
system displays its equivalent in the tranche currency
(Amount in Tranche Ccy field). The sum of
all drawdown amounts must not exceed that of the borrower tranche,
total facility amount, and global LC sublimit at the tranche level.
Note:
Example In our first example of the facility contract with Mr. Robert Carr, the drawdown schedules requested by him for the first tranche were as follows:Portion of
loan desired in the first tranche: 50000 USD
|
PIK Margin | The PIK amount carried forward from the parent contract during rollover gets displayed here. |
Unapplied Amount | The total uninitiated amount for an increase in drawdown principal for each value dated amendment is displayed here. |
New Maturity Date | The unapplied maturity date for a value dated amendment is displayed here. |
Drawdown Date | By default, the drawdown date is equal to the value date of the
tranche. You can change the date to any date within the tranche
period. In addition, the date should be later than the start date of
the drawdown product. The date should be captured in
DD-MMM-YYYY format. The system displays
an override if the specified drawdown falls on a holiday of the
local currency. The system generates SWIFT messages to be sent to
the participants before the drawdown date, intimating them to
fulfill their commitment contracts.
Example In our first example of the facility contract with Mr. Robert Carr, the drawdown schedules requested by him were as follows:Portion of
loan desired in the first tranche: 50000 USD.
|
Original Start Date | By default, the original start date of the tranche is applicable to the drawdown. You can specify a different date provided the new date is not earlier than the tranche original start date and not later than the tranche maturity date. |
Maturity Date | By default, the tranche maturity date is applied. You can change the maturity date such that it is earlier than the tranche maturity date and less than or equal to the drawdown date. If the drawdown is completely paid ahead of the maturity date, then the maturity date is automatically be changed to the date of the drawdown paid. |
DD Notice Date | This date is displayed based on the notification days maintained
for the DD currency at the tranche level (in the Currency
Details screen). The notification date is arrived at
using the notification holiday processing rules maintained for the
tranche.
For details on maintaining notification days and holiday processing rules, refer the heading Specifying currency details for the tranche in this chapter. In case of current dated or back dated drawdowns, the booking date gets defaulted here. You can change the date beyond the booking date but less than or equal to the value date (if the value date and booking date are different). The system displays an override if the notification date is less than the current application date. |
Int Rate Fixing Date | The interest fixing date for the DD currency is displayed based
on the Interest rate fixing days defined for
the tranche and the list of holiday currencies maintained for each
currency allowed for the tranche.
The interest rate fixing date is the date (prior to the drawdown date) as of which the interest rate is fixed for a new drawdown or for the new rate fix period. If you change the drawdown currency or the drawdown date, the system re-computes the interest rate fixing date and displays the same here. |
Exch Rate Fixing Date | Similarly, the exchange rate fixing date for the drawdown
currency is displayed based on the Exchange rate fixing
days defined for the tranche and the list of holiday
currencies maintained for each currency allowed for the tranche.
Exchange rate fixing for the new drawdown or the new rate fix period
is done on this day.
For details on maintaining exchange rate and interest fixing days and holiday processing rules, refer the heading Specifying currency details for the tranche in this chapter. |
Special Amount | Specify the special amount disbursal, if any.
Note:
|
Industry Code | Specify the industry code. The adjoining option list displays all industry codes maintained in the system. You can choose the appropriate one. |
Global DD Amount | The Global Drawdown amount is computed and populated during new
drawdown booking based on the Tranche, Global Tranche, and Drawdown
amounts. The Global Drawdown Amount is computed as follows:
Global Drawdown Amount = (Global Tranche Amount / Tranche Amount) * Drawdown Amount. You can amend this amount only for non-lead drawdowns and only if the corresponding Tranche has Cascade Participation set to No. You cannot amend this amount if the underlying Tranche has Cascade Participation set to Yes. The latest Global Amount as on the date of handoff is used for handoff of the Commitment Reduction to the Loans QT system.However, only those Drawdown Global Amounts, with cascade participation set to N, can be amended using the new screen Global Amount Update/Amendment screen. Note: The Global Drawdown amount cannot be updated during drawdown amendments. |
Parent topic: Capturing Drawdown Details