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

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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 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
		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. ...