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skills/private-credit-underwriting/references/investment-banking-integrations.md
4.97 KB · Oct 2, 2026 · 00:27 UTC
# Investment Banking Integration Reference Use this reference when the private credit underwriting workflow depends on or feeds other Investment Banking skills. ## Table Of Contents - [Default Investment Banking Sequence For A Live Deal](#default-investment-banking-sequence-for-a-live-deal) - [Handoffs From Upstream Skills](#handoffs-from-upstream-skills) - [Downstream Handoffs](#downstream-handoffs) - [Boundary Reminders](#boundary-reminders) ## Default Investment Banking Sequence For A Live Deal 1. `financial-source-of-truth` - classify sources, dates, and fact / claim labels - identify source conflicts and stale data 2. `cim-teardown` - extract seller claims, management claims, red flags, and evidence asks - identify diligence items that affect credit decision 3. `excel-data-cleaner` - clean management accounts, TB, GL, covenant schedules, AR/AP aging, borrowing base, and KPI exports 4. `financials-normalizer` - build or validate EBITDA bridge, normalized EBITDA, lender-after-haircut view, and NWC support 5. `three-statement-model-builder` - build or update borrower operating model and lender case 6. `private-credit-underwriting` - synthesize borrower, terms, covenants, collateral, downside, risk rating, recommendation, and conditions - lead only when the output is lender decisioning or credit committee synthesis 7. `model-audit-tieout` - independently review workbook formulas, source tie-outs, and sensitivity logic before committee use 8. `ib-deck-qc` - check final memo, committee pack, lender deck, and repeated metrics before circulation ## Handoffs From Upstream Skills ### From `capital-markets-issuance` When issuer financing context feeds borrower-level credit decisioning, consume `capital_markets_issuance_to_private_credit_underwriting` from `../../../references/handoff-contracts.md`. Use market-clearing views as inputs only. Re-underwrite borrower risk, lender case, collateral, downside, conditions, and recommendation before making a credit conclusion. ### From `financial-source-of-truth` Expect: - source inventory - evidence labels - source hierarchy - stale-data flags - source conflicts - assumptions and open items Use these to set memo posture and evidence limitations. ### From `cim-teardown` Expect: - claims ledger - evidence asks - red flags - management / seller claims - underwriting quick math - workplan Map claims into credit risks, mitigants, and diligence conditions. ### From `financials-normalizer` Expect: - reported EBITDA - adjusted EBITDA - normalized EBITDA - lender-after-haircut EBITDA - NWC peg / screen - adjustment support status - lender treatment and haircut rationale Use lender-after-haircut EBITDA for debt sizing unless the user explicitly requests management case. ### From `three-statement-model-builder` Expect: - base / lender / downside cases - cash flow forecast - debt and liquidity outputs - covenant headroom - source and assumption labels - checks status Use these outputs to assess repayment and stress protection. ### From `comps-valuation` Expect: - valuation range - peer multiple support - EV cushion - market context - peer set caveats Use comps as recovery / valuation cushion context, not as the primary source of repayment. ## Downstream Handoffs ### To `covenant-package-analyzer` Pass `private_credit_underwriting_to_covenant_package_analyzer` from `../../../references/handoff-contracts.md` when the credit view raises document-definition, basket, headroom, reporting, amendment, waiver, or lender-protection questions. ### To `distressed-recovery-waterfall` Pass `private_credit_underwriting_to_distressed_recovery_waterfall` from `../../../references/handoff-contracts.md` when watchlist triggers, default/amendment risk, lien priority, recoveries, or first-loss drivers become central. ### To `memo-builder` Pass: - recommendation - investment / credit thesis - risk rating - metrics table - downside and first-break analysis - conditions and monitoring plan ### To `model-audit-tieout` Pass: - workbook or model output - covenant definitions - ratio definitions - sensitivity drivers - source inventory - checks status and known limitations ### To `ib-deck-qc` Pass: - final metric table - sources and as-of dates - EBITDA basis definitions - covenant thresholds and headroom - scenario names and outputs - open caveats ## Boundary Reminders - `capital-markets-issuance` owns issuer-side financing strategy, instrument choice, market window, launch timing, investor targeting, and use-of-proceeds advice. - `private-credit-underwriting` owns borrower-level credit recommendation, lender case, downside, risk rating, conditions, collateral/recovery read-through, and committee memo. - `covenant-package-analyzer` owns document-first covenant definitions, baskets, leakage, restricted payments, debt/lien capacity, amendments, waivers, and covenant EBITDA mechanics. - If the user explicitly invokes this skill, keep it as lead and label adjacent-skill topics as inputs, caveats, or downstream handoffs.
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