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Securitization and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide by Markus Krebsz

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6.1 TYPICAL EXECUTION TIMING

An ABS offering could be typically completed in approximately 3 months (see Table 6.1).
Table 6.1. An ABS offering
Preliminary events and rating agencies (Month 1)Documentation (Month 2)Marketing and pricing (Month 3)
All hands organizational meetingReceive preliminary rating indicationsReceive preliminary ratings
Discuss structure of documentationLegal due diligencePrint and distribute “red herrings”
Due diligencePreparation of offering circularRoadshow
Finalize term sheetPreparation of transaction documentsOne-on-one meetings/calls with institutional investors
Initial meetings with rating agenciesBegin pre marketingPrice transaction
On-site rating agency due diligenceContinue rating agency discussionsFinalize all documentation
Close transaction

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. ...

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