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A repayment plan is a numerical representation of the repayment process for a financing debt to be repaid in installments.
The repayment plan consists of the header containing the calculation parameters for a repayment plan and the actual repayment plan itself, which is a table showing the repayment transactions, i.e., the individual installments by maturity, principal and interest, as well as the repayment balances and statuses.
The input fields for principal (number of maturities, cycle, 1st maturity date, amount structure) and interest (number of maturities, cycle, 1st maturity date, amount structure) are calculated separately. This creates a mutually independent principal and interest structure, which calculates and indicates when amounts are to be paid or capitalized.
Only with the selection “Customize of rate” = 'Yes', the interest structures are merged into the principal structure and the interest is combined with the first principal due date, regardless of what would have been valid for the interest afterwards.
A repayment plan can be calculated
- without relating to a specific business operation using transaction Maintaining Export Finance Simulation, or
- as a 'temporary' repayment plan (i.e., prior to disbursement) and provided to a selected participant, for example using transaction Request for Binding Offer.
In the case of Drawdown, a definitive repayment plan (possibly based on a temporary repayment plan) will be calculated using a financing account for the relevant contract parties (borrower, Agent Bank, sub-participants). Interest rate differentials between the borrower and the Agent Bank (external interest vs. internal interest) are shown in the exporter's interest rate differential schedule. Interest rate differentials between the Agent Bank and sub-participants (referred to as 'skim') can also be calculated.
Header
All the parameters needed for calculating the repayment plan are entered in the header.
| Field name | Content | Description |
|---|---|---|
| Loan Amount | Amount | Base amount for calculating the repayment schedule |
| Number of maturities of principal | any value between 1 and 999 | |
| Number of maturities re: interest | any value between 1 and 999 | Restriction see 'Adjust interest' |
| Interval | Monthly/ Bi-monthly/ Quarterly/ Trimester/ Half-yearly/ Yearly/ Flat (once-off)/ Variable | If 'Flat (once-off)' is selected, only one maturity date is possible for principal or interest; if 'Variable', maturity dates can be entered as desired |
| 1. Maturity date | Date | The date of the first maturity can be entered freely, but it must occur after the date of the first disbursement. |
| Grace days | Number | The number of grace days can be entered freely. |
| Calculatation basis of grace days | Bank working days/ Calendar days | When grace days are entered, it must be specified, the calculation basis must be selected. |
| Amount structure principal | Linear/ Percentage/ Variable | “Linear”: Splitting of loan amount in equal principal amounts across the number of maturities. “Percentage”: in the repayment plan the shares entered as percentages are distributed across the maturities in accordance with the calculated principal amounts. The entire loan amount (=100%) must be distributed across the maturities before the repayment plan can be saved. “Variable”: The amounts per maturity can be entered freely. The entire loan amount must be distributed across the maturities before the repayment plan can be saved. |
| Amount structure interest | calculated/ variable | “Calculated”: The interest is calculated by the application based on the interest rate, normally taking the public holiday calendar into account. “Variable”: The interest amounts per maturity can be entered freely. |
| Capitalization until | Date | Date until which the interest is capitalized. Capitalization is only possible if the principal amount structure is “linear”. |
| Interest capitalization | Percentage | The field is only visible if a date has been entered into the field “Capitalization until”. The field is used to define the percentage share of the interest to be capitalized, i.e., added to the principal. Example: If 100% of the calculated interest is to be capitalized up to the capitalization date, then is will be shown in the repayment schedule in the column Principal, added to the balance and then distributed across the other maturities in accordance with the selected amount structure. |
| Holiday calendar | Yes (-days)/ No / Yes (+ days) | “Yes (+ days)”: If the maturity date calculated based on “1st maturity date” and “Interval” is a public holiday, then the maturity date in the repayment schedule is moved to the next working day. “Yes (- days)”: If the maturity date calculated based on “1st maturity date” and “Interval” is a public holiday, then the maturity date in the repayment schedule is moved to the last working day preceding the public holiday (predating). |
| Month-end Code | Yes/ No | “Month-end Code = Yes” may only be used in connection with “Public holiday calendar = Yes (- days)” and only refers to the 1st maturity date principal and/or interest having a month-end date (last day of the month). Example: If a month-end date is entered in “1st maturity principal” (e.g., 10/31/2020), it will be calculated using the public holiday calendar = Yes (-days). If no month-end date is entered in “1st maturity interest”, it will be calculated using Holiday Calendar = Yes (+days). |
| Interest rate valid from/ to | Date | For the “Valid from” date, the date of the 1st disbursement is offered by default. For the “Valid until” date, the date of the last maturity is offered by default. The “Valid until” date can be changed, also allowing repayment schedules with variable interest rates to be calculated. The “Valid until” date must not be later than the date of the “Last maturity”. |
| Adjust interest | Yes/ No | If “Customize of Rate” = 'Yes' is selected, then the interest payment is combined with the principal The “1st maturity date interest” must not occur later than the “1st maturity date principal”. |
| Initial disbursement | Date | Date of initial scheduled disbursement of export finance. The date for the temporary repayment schedule can be freely entered in the dossier splitting (e.g., in the transactions New Request/ Contract Editor, Contract Amendment. In the transaction Drawdown it is the value date of the first disbursement under the dossier. If multiple disbursements are made under the dossier under the same account, then the earliest date is the date of the first disbursement. |
| Last maturity | Date | Date of the last maturity of the repayment schedule on which the balance of the principal reaches zero |
| Standard | EU (365/360) | Days are calculated precisely to the calendar date, the year at 360 days (Period inclusive start date and exclusive end date) |
| EU (365/365) | Days are calculated precisely to the calendar date, the year at 365 days (Period inclusive start date and exclusive end date) | |
| CH (360/360) | Each month at 30 days, the year at 360 days (Period exclusive start date and inclusive end date) |
