Hi Everyone,
I am attaching an updated version of the loans FpML schema for review next Tuesday on our working group call. It contains following changes:
- PricingChangeNotice – For the OnGoingFeeRateChange structure I’ve added a choice between a simple price and a tiered price. This will allow support for scenarios such as utilization fee.
- InterestPaymentNotice – Last time we discussed adding choice between an amount or PIK amount. We should also consider whether some of the accrual structures should be choices as well.
- Trading Structures – I am suggesting the following changes to the trading structure to fully model the trades.
DealTrade
Added following attributes (don’t think we should use the otherTradeTerms field)
- actualSettlementDate – Actual date that the settlement takes place. Only populated once settlement happens.
- whenIssuedFlag – Need to identify when issued trades. i.e. traded before the credit agreement has been signed.
- breakCostsFlag – Need to identify if break costs should apply
- delayedCompensationFlag – Need to identify if delayed compensation will apply (since by default it does)
Changed following attributes
- parDistressedFlag – renamed to documentationType and created DocumentationTypeEnum with values “Par” and “Distressed”. I think this is better way to model this concept.
- On buyerCounterparty and sellerCounterparty loanPartyContactType had attribute pricingChangeReasonScheme which looks like a mistake. I renamed to loanContactPartyTypeScheme
Additional suggestions
- Can we abbreviate the AccrualSettlementEnum used by accrualSettlemenType as follows
- Settled without Accrued Interest - SWOA
- Settled with Accrued Interest - SWA
- Trades Flat – Flat
- Should we add Transfer Fee information?
FacilityTrade
Added following attributes
- settledCommitmentAmount – The amount that we actually settle. Due to permanent commitment adjustments/ permanent paydowns this can differ from the tradedCommitment
- utilizedTrade – This represents the available to draw component of revolvers and delayed draw term loans. This allows us to represent the amount as well as the contribution to the purchase price.
- commitmentChanges - We need to represent permanent commitment changes and how they impact the purchase price. To do this I’ve added following:
- commitmentChange – This represent the permanent change to the commitment amount
- permanentReductionCredit – If this is only a change in unfunded commitment then this represents the credit for the change
- loanContractRepayment – This represents the permanent principal repayments and the reductionCredit that results. Also I identify pikAmount clearly since that does not get a credit. Finally paydowns can be done at a price different to par so I’ve included
the optional field.
- loanContractCapitalization – Clearly identity the PIK events that result in commitment increases. These do not get and credit.
Changed following attributes
- tradeAmount – renamed to tradedCommitmentAmount so we know it is the original amount traded
LoanContract
Added following attributes
- pikAmount – Amount of PIK that has capitalised onto the contract
- contractProceed – Represents the contribution to the purchase price.
Changed following attributes
- interestAccrualSchedule made optional
- tradeAmount – This excludes the PIKAmount. So if you want entire contract amount the 2 must be summed.
Additional suggestions
- The delayedCompensation structure does not seem to have correct cardinality. We’ll need to review this.
LcTrade
Added following attributes
- lcProceed – Represents the contribution to the purchase price.
Changed following attributes
- lcAccrualSchedule made optional
- lcTradeId made optional
Regards.
Mazhar.