Pool Sharing and Mandates
Learn how to share pools with other organizations and manage mandates
Overview
Pool sharing enables collaboration with other organizations in the structuredfinance process. As an issuer, you share pools with market makers, investors, ratingagencies, and other parties who need to review or participate in your transaction.There are two distinct sharing flows: Preview (Share) for review and mandatedecisions, and Start Deal for deal commitment when prerequisites are met.Understanding these flows helps you move pools through the workflow effectively.
Who Can Use This
• Issuers/Borrowers : Create pools and share them with other parties using theShare button or Start Deal button. Issuers control sharing configuration andpermissions.
• Market Makers/Facility Agents : Receive pool shares, review pool details, andmake mandate decisions (Accept or Reject). After accepting, market makerscan share pools further with investors.
• Investors/Lenders : Receive pool shares in their Pools dashboard, review pooldetails, and provide feedback. Investors cannot share pools further.
• Rating Agencies : Receive pool shares for analysis, review pool details, andprovide comments. Rating agencies have read-only access.
When This Is Used
Use Preview Sharing (Share button) when:
• You want market makers,
investors, or rating agencies to review the pool
• You need feedback before
finalizing pool composition
• You want recipients to make
mandate decisions (Accept/Reject)
• You want to collaborate while
retaining editing rights
• The pool is in Created or Preview status
Use Start Deal when:
• Prerequisites are met (typically all pool loans NFT-minted)
• Pool composition is final and ready for deal commitment
• You want to send a deal-ready pool to market makers
• You're ready to lock down structural editing after acceptance
Step-by-Step Process
Preparing the Pool for Sharing
Before sharing, ensure your pool is ready for review:
1. Verify Pool Information
• Pool name, asset class, and transaction type are correct
• Description provides relevant context for recipients
• Organization assignments include all parties you want to share with
2. Confirm Loan Mapping
• Loans have been mapped from the Loan Registry
• Pool metrics reflect the current loan composition
• Review metrics in pool details to ensure they meet your targets
3. Check Pool Status
• Pool should be in Created or Preview status for Share
• For Start Deal, verify prerequisites (NFT minting) are complete
Prepare Pool
Sharing via Preview Flow (Share Button)
1. Access Sharing
• Navigate to the pool details page by clicking on the Pool ID
• Click the Share button at the top right
• A sharing configuration pop-up appears
Pool Share - Issuer
2. Select Recipient Type and Organizations
• Select the Recipient type from
the dropdown (Market Maker, Investor,Rating Agency, etc.)
• The Preview Profile dropdown
shows organizations of that type that wereassigned to this pool during creation
or editing
• Select the specific organizations
you want to share with
• You can share with multiple
organizations of the same type in one action
Pool Share - Select Recipient Organization
3. Configure Sharing Permissions
• Allow Feedback: Toggle
on/off to control whether recipients can provide feedback on the pool and
loans. Default is enabled.
• Allow Download: Toggle
on/off to control whether recipients can download loan tape data. Default is
enabled.
• These permissions apply to the selected organizations and can be adjusted later in the Sharing tab.
Pools Sharing Settings
4. Add Documents (Optional)
• You can add documents
relevant to the pool for recipients to review
• Upload offering memorandums,
legal documents, or other supporting materials
• Recipients can view and
download these documents based on permissions
5. Complete the Share
• Click Share to finalize
• If the pool was in Created status, it moves to Preview status
• Recipients see the pool in their dashboard with status Mandate Pending
• Recipients have Accept and Reject action buttons
• Important : Before accepting the mandate, market makers cannot providefeedback on the pool—feedback functionality becomes available only afteracceptance
6. Track Sharing in the Sharing Tab
• In pool details, go to the Sharing tab to see all shared organizations
• View and edit permissions (feedback, download) for each organization
• Changes save automatically
Managing Mandates (Preview Flow)
After sharing via Preview, recipients make mandate decisions:
1. Recipients Review the Pool
• Market makers see the pool in their Pools dashboard with status MandatePending
• They can view pool details, metrics, loan composition, and supportingdocuments
• They evaluate whether to accept the mandate to structure the deal
2. Recipients Make Decisions
• Accept : Recipient accepts the mandate
◦ Their view shows status Under Review
◦ Feedback functionality becomes available
◦ They can now provide pool-level and loan-level feedback
◦ They can request loan removals using the cross icon in the Loans tab
• Reject : Recipient declines the mandate
◦ Their view remains Pool Rejected
◦ You can revise the pool and share with other organizations
3. Respond to Feedback
• If recipients provide
feedback, review it in the Feedback section (pool-level)or via the chat box
icons in the Loans tab (loan-level)
• Make changes based on feedback
if needed
• Address loan removal requests using the tick (accept) or cross (reject) icons
4. Proceed to Start Deal When Ready
• After completing review and addressing feedback, you can proceed to StartDeal when prerequisites are met
Sharing via Start Deal Flow
When prerequisites are met (typically all pool loans NFT-minted), you can initiatethe Deal flow:
1. Verify Prerequisites
• The Start Deal button is enabled only after required prerequisites are met
• Typically, all loans in the pool must have completed NFT minting
• Check that the pool composition is final
Submit Pool for Mandate
2. Access Start Deal
• In pool details, click the Start Deal button at the top right
• A configuration pop-up appears similar to the Share pop-up
3. Select Recipients
• Select organizations to receive the deal invitation
• You can include market makers, paying agents, servicers, and ratingagencies as applicable
• These organizations will receive the pool with status Ready for Deal
4. Send Deal Invitation
• Click to send the deal invitation
• Pool status changes to Deal
• Recipients see the pool as Ready for Deal with Accept/Reject actions
5. Recipients Make Deal Decisions
• Accept : Recipient commits to the deal
◦ Pool status remains Deal and structural editing is restricted
◦ The accepting market maker proceeds with deal structuring
◦ Downstream activities (structuring, investor allocation, etc.) continue
• Reject : Recipient declines the deal
◦ Pool
remains in Pool Rejected for that recipient
◦ You can
send deal invitation with other organizations
Managing Shared Organizations
After sharing, you can manage sharing settings:
1. Access the Sharing Tab
• In pool details, navigate to the Sharing tab
• View all organizations shared with and their current settings
2. Edit Permissions
• For each organization, you can toggle:
◦ Allow Feedback : Enable or disable feedback capability
◦ Allow Download : Enable or disable loan tape download capability
• Changes save automatically
3. Track Acceptance Status
• View acceptance status for each organization (pending, accepted, rejected)
• Monitor which organizations have accepted or are still deciding
Rules & Validations
• Pool Status for Sharing : You can share pools while they're in Created orPreview status. For Start Deal, prerequisites must be met.
• Organization Assignment Required : Only organizations assigned to the poolduring creation or editing appear as sharing options. Add organizations via EditPool Details before sharing.
• Preview vs Start Deal : Preview sharing allows recipients to review with mandatedecision; Start Deal sends a deal-ready pool after prerequisites are met.
• Feedback Before Acceptance : Market makers cannot provide feedback untilthey accept the mandate. After acceptance, feedback becomes available.
• One-Way Sharing : Issuers share with market makers, investors, and ratingagencies. Market makers can share further with investors. Investors and ratingagencies cannot share further.
• Permissions Per Organization : Feedback and download permissions are setper organization and can be adjusted in the Sharing tab.
• Status Progression : Preview share moves status to Preview (if it was Created).Recipients see Mandate Pending. Accept shows Under Review. Start Dealmoves status to Deal. Recipients see Ready for Deal.
• Edit Rights : You retain editing rights during Created, Preview, and Under Reviewphases. Deal status restricts structural editing.
• Mandate Decisions Are Recorded : All acceptance and rejection decisions arerecorded with who decided, when, and any associated messages.
What Happens Next
After Preview Sharing:
• Recipients see the pool in their dashboard with Mandate Pending status
• Recipients can view pool
details, metrics, and loan information
• Recipients make
Accept/Reject decisions
• After acceptance,
recipients can provide feedback and request changes
• You respond to feedback
and refine the pool
• When ready, proceed to
Start Deal
After Mandate Acceptance:
• Recipient view
shows Under Review status
• Feedback functionality
becomes available for the recipient
• You can collaborate
through feedback and continue refining the pool
• The pool moves toward
deal readiness
After Start Deal:
• Pool status becomes Deal
• Recipients see Ready
for Deal status with Accept/Reject options
• Acceptance commits the
deal and restricts structural editing
• Accepting market maker
proceeds with deal structuring
• Downstream activities
(investor allocation, documentation, closing) continue
After Deal Acceptance:
• Pool is finalized and committed
• Structural editing is
restricted
• Market maker coordinates
structuring activities
• Pool progresses through
remaining transaction steps
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