Action:. CA323 Amend name and definition of PCAL event Item is postponed to next call due to lack of time. Written input received: Bernard Input – reviewed defs of PCAL / PRED / DRAW PCAL Partial Redemption Securities are redeemed in part before their scheduled final maturity date With Reduction of with reduction of the nominal value of the securities. The outstanding Nominal Value amount of securities will be reduced proportionally. PCAL Partial Securities are redeemed in part before their scheduled final maturity date. NEW Redemption It is done without any pool factor reduction. The redemption out-turn is without pool factor reflected with a face amount reduction. reduction PRED Partial Redemption Securities are redeemed in part before their scheduled final maturity date Without Reduction of without reduction of the nominal value of the securities. This is commonly Nominal Value done by pool factor reduction. PRED Partial Redemption Securities are redeemed in part before their scheduled final maturity NEW with pool factor date. The redemption out-turn is reflected with a pool factor reduction. reduction No movement of securities occurs. DRAW Drawing Redemption in part before the scheduled final maturity date of a security. Drawing is distinct from partial call since drawn bonds are chosen by lottery and with no reduction in nominal value. DRAW Drawing Securities are redeemed in part before the scheduled final maturity date of a NEW security. It is done without any pool factor reduction. The redemption out-turn is reflected with a face amount reduction. Drawing is distinct from other partial redemptions since drawn bonds are chosen by lottery. Input from SE The WG had no comments to provide and hence agreed with the description. Input from XS I am ok with the scenarios but we should add the specific qualifiers of each case, e.g. for PCAL pro-rata we decided to report OPTF//PROR ZA Feedback ZA agrees Actions: 1. All NMPGs to provide feedback if they agree with the description as a basis for the discussions for a change of the PCAL definition.
Action:. CA323 Amend name and definition of PCAL event Item is postponed to next call due to lack of time. Written input received: Bernard Input – reviewed defs of PCAL / PRED / DRAW PCAL Partial Redemption With Reduction of Nominal Value Securities are redeemed in part before their scheduled final maturity date with reduction of the nominal value of the securities. The outstanding amount of securities will be reduced proportionally. PCAL NEW Partial Redemption without pool factor reduction Securities are redeemed in part before their scheduled final maturity date. It is done without any pool factor reduction. The redemption out-turn is reflected with a face amount reduction. PRED Partial Redemption Without Reduction of Nominal Value Securities are redeemed in part before their scheduled final maturity date without reduction of the nominal value of the securities. This is commonly done by pool factor reduction. PRED NEW Partial Redemption with pool factor reduction Securities are redeemed in part before their scheduled final maturity date. The redemption out-turn is reflected with a pool factor reduction. No movement of securities occurs. DRAW Drawing Redemption in part before the scheduled final maturity date of a security. Drawing is distinct from partial call since drawn bonds are chosen by lottery and with no reduction in nominal value. DRAW NEW Drawing Securities are redeemed in part before the scheduled final maturity date of a security. It is done without any pool factor reduction. The redemption out-turn is reflected with a face amount reduction. Drawing is distinct from other partial redemptions since drawn bonds are chosen by lottery. Input from SE The WG had no comments to provide and hence agreed with the description. Input from XS I am ok with the scenarios but we should add the specific qualifiers of each case, e.g. for PCAL pro-rata we decided to report OPTF//PROR ZA Feedback ZA agrees Actions: 1. All NMPGs to provide feedback if they agree with the description as a basis for the discussions for a change of the PCAL definition.
FINAL_Mins_SMPG_CA_telco_20160126_v1_0.docx