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PROCESS FLOW OF THE PDS ISSUANCE PROCESS

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Needs analysis

Business and financial justification to raise capital

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Appointment of a Financial Advisor/Lead Arranger

Process of identification and appointment

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Business and financial analysis

– Preparing the business write-up– Preparing the cash flows

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Bond structuring

– Structuring the optimised bond structure – Looking out for structuring requirements that could be

“traps”

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Rating exercise

– Managing expectations– Preparing the information package for the rating team– Anticipating the focus of the rating team

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Formalising relationships with other stakeholders

– Trustee– Monitoring accountant– Shariah experts (only if issuance in a sukuk)

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Legal documentation

– Preparation of the various documentations– Ensuring rights of the issuer as well as investors are

protected

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Approval process

Submitting applications to relevant authorities

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Marketing road show

Promoting the bonds to potential investors

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Tendering process

Finalising the choice of tendering

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Issuance

Seal the deal

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Surveillance

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What’s the priority?

Appointment of a Financial

Advisor/Lead Arranger

Business and financial analysis

Rating exercise

Bond structuring

Formalising relationships

Legal documentation

Marketing road show

Approval process

Tendering process

Issuance

Surveillance

Needs analysis1

2

6

54

310

9

8

7

12

11