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Hi Bhavik,
I am still working on the Rollover issues with the FpML but
should be done this week. With regards to the LC Termination, the only
reference to a prior amount that is stored in Loan IQ is the original amount of
the contract. I do not believe that this would be an accurate
representation of the prior amount since it could have been adjusted post
origination. We can discuss further if you would like. Thanks,
Ann From: loanwg@xxxxxxxx [mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira Sent: Tuesday, November 03, 2009 3:25 AM To: loanwg@xxxxxxxx Subject: Loan FpML WG Meeting: 3 November 2009, 1000-1100EST (London Time: 3-4pm) Dial-in
Details US: + 1 (888) 481 -
3032 Intl: + 1 (617) 801-
9600 UK: 0800
904-7961 Participant Code:
28413758 Please refer to the attached
schema design. Items to
discuss: 1.
Design Proposal:
Introduction of a Commitment Adjustment Structure. a.
Review
structure b.
What business
scenarios should it be used…? Is it simply when there is a commitment change
where no cash flow occurs…? c.
Agree that it should
be used whether there is a decrease or an increase. d.
Change can be
positive or negative…? Or should we have a flag followed by an absolute
amount…? 2.
Design Proposal:
Should we introduce an ‘Effective Date’ in the facility notice
section…? 3.
Design Proposal:
Rollover changes a.
Added
‘effectiveDate’. b.
Renamed ‘Maturing-‘
to ‘Prior-‘ and ‘New-‘ to ‘Current-‘. c.
Introduced the
‘currentLoanContract’ structure d.
CurrentLoanContract
contains a optional choice which contains either a DrawdownPayment,
loanContractIncrease or conversionFlag. 4.
Design Proposal: L/C
Termination should contain the change amount rather than the prior amount. More
generically, should we be capturing change amounts in all notices, rather than
prior amounts…? (It was mentioned in the last call that prior amounts are
notoriously difficult to extract in many cases). 5.
Design Proposal:
Interest payment adjustment added to InterestPayment structure. Should we
capture this extra field to take into account an adjustment from a previous
period…? The other option is to capture this in the new Cash Flow section and
make it generic to all business events. 6.
Design Proposal:
Updated the LenderLoanContractPeriod in the InterestAccrualSchedule to
InterestLoanContractPeriod. This is to account for the fact that the interest
accrual may not be based on the actual lender position. It may be based on a
portion of the lender position. E.g. A repayment occurs mid-accrual period and
the interest relating to the repayment amount is paid. When the interest payment
is communicated, the underlying InterestLoanContractPeriod, not the full lenders
loan contract position. a.
Are we interest in
knowing whether the InterestLoanContractPeriod is actually the lender’s
position…? b.
Should we represent
both InterestLoanContractPeriod and
LenderLoanContractPeriod…? 7.
Confirm:
Modification Flag in Facility Notice. There is no way to tell multiple instances
of a modification… is this an issue…? 8.
Confirm: L/C
contains amount and participation amount. 9.
Confirm: Choice
containing full deal structure in the Facility Notice. 10.
Confirm: Contacts
structure. 11.
New Request: In the
following scenarios should we expect to send multiple messages out or come up
with a combination message type: a.
Repayment with
Interest b.
Repayment and New
Loan c.
Multiple On-Going
Fees, Interest Payments, Rate Fixes, Margin Changes etc… Regards, Bhavik
Katira CEO TenDelta™ Fresh
insight. Pure logic. +1.917.582.4574 new york +44.(0).7780.808732 london TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with engineering
innovative & logical solutions; we endeavor to deliver timely, robust,
cutting-edge solutions. Copyright ©2008-2009. TenDelta™ LLC (US),
TenDelta™ Limited (UK). All Rights Reserved. From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira All, Unfortunately I have a clash
with this call for tomorrow and will be travelling. In the last few weeks we have
had feedback from working group members regarding: -
Increased
flexibility with the Rollover Notice structure – especially with respect to
increases & repayments. -
Suggested updates to
the Business Validations from the business working group. -
Suggested updates to
the L/C structure. -
Suggested updates to
the Interest Payment structure to cater for the case where we have a partial
interest payments, mid-period. -
The introduction of
Contact information. -
Simplification of
new vs modified messages using a flag to denote the
difference. -
The introduction of
a simple Commitment Adjustment structure. The feedback has been great and
we are expecting more, based on our last FpML call. A new copy of the schema will be
available as soon as the latest changes are in. We are waiting for some feedback
on a few design points – we expect it to be completed at some point this
week. Please keep sending in your
comments as they relate to applying the standards to real-life
messages. Regards, Bhavik
Katira CEO TenDelta™ Fresh
insight. Pure logic. +1.917.582.4574 new york +44.(0).7780.808732 london TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with engineering
innovative & logical solutions; we endeavor to deliver timely, robust,
cutting-edge solutions. Copyright ©2008-2009. TenDelta™ LLC (US),
TenDelta™ Limited (UK). All Rights Reserved. ============================================================================== |