6.1 TYPICAL EXECUTION TIMING
An ABS offering could be typically completed in approximately 3 months (see Table 6.1
|Preliminary events and rating agencies (Month 1)||Documentation (Month 2)||Marketing and pricing (Month 3)|
|All hands organizational meeting||Receive preliminary rating indications||Receive preliminary ratings|
|Discuss structure of documentation||Legal due diligence||Print and distribute “red herrings”|
|Due diligence||Preparation of offering circular||Roadshow|
|Finalize term sheet||Preparation of transaction documents||One-on-one meetings/calls with institutional investors|
|Initial meetings with rating agencies||Begin pre marketing||Price transaction|
|On-site rating agency due diligence||Continue rating agency discussions||Finalize all documentation|
6.2 EXECUTION RESOURCES
This section lists the key resources required by an originator to successfully execute a securitization transaction by outlining the typical personnel and department that would provide such a resource. In addition, we will take a closer look at the typical role such staff play as part of executing a transaction and give an indication of the required time (depending on the nature of the transaction).
In practice, this may vary to some extent, depending on the individual circumstances, such as nature and the jurisdiction of the originator’s business, whether this is a tactical deal or forms part of a strategic securitization platform, and the asset class considered for securitization. ...