To Issue a New Facility or not to Issue a New Facility (Apr 18 2024)

When amending a deal, when should a new facility be issued vs. the existing facility retained?   Is it important to maintain historical data?  Should there be a market standard when employing cashless rolls to extend a maturity date or change an interest rate?  If a facility is fungible, when does it funge?  The trading, settlement, and operational implications inherent in these questions will be discussed.  The importance of the timely application, publication, dissemination, and maintenance of CUSIPs will be reviewed.  The LSTA’s and Coefficient Markets’ efforts to synchronize identifiers and identifier changes across the market will be explained.  Presented by Hugo Pereira, Vice President of Market Analytics & Investor Strategy, LSTA; Brian Callahan, Founder and CEO, Coefficient Markets; Seth Dancy, Executive Director, Head of Americas Loan Operations, Credit Suisse; and David Lee, Senior Analyst, Trade Operations. Fidelity Investments at the 2024 Operations Conference in Philadelphia.


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