skills/capital-markets-issuance/references/execution-checklists.md

# Execution checklists

Use this reference for launch planning, live process trackers, board/client execution timelines, and process risk registers.

## Table Of Contents

- [Universal phases](#universal-phases)
- [ECM execution checklist](#ecm-execution-checklist)
- [DCM execution checklist](#dcm-execution-checklist)
- [Private credit execution checklist](#private-credit-execution-checklist)
- [Board/client timeline format](#boardclient-timeline-format)
- [Risk register format](#risk-register-format)
- [Common go/no-go triggers](#common-gono-go-triggers)
- [MD-level execution advice](#md-level-execution-advice)

## Universal phases

### 1. Preparation
- confirm capital need and use of proceeds;
- update model and pro forma capitalization;
- validate source data and assumptions;
- confirm legal eligibility and disclosure readiness;
- identify mnpi/wall-crossing issues;
- prepare investor materials;
- align management, board, sponsor, counsel, auditors, and underwriters;
- define go/no-go triggers and fallback plan.

### 2. Market testing
- test investor/lender appetite where permitted;
- identify anchors;
- refine size and terms;
- update comps and market window;
- check competing calendar;
- confirm ratings/covenant/legal constraints;
- prepare launch recommendation.

### 3. Launch
- finalize documentation and approvals;
- announce or confidentially launch as appropriate;
- conduct roadshow/bank meeting/sounding;
- open order book;
- monitor demand quality and price sensitivity;
- update client on book progress and risks.

### 4. Pricing and allocation
- set final terms;
- assess book quality, not just oversubscription;
- allocate to anchors/core buyers consistent with aftermarket strategy;
- manage disclosure and announcements;
- confirm settlement mechanics.

### 5. Settlement and post-deal
- settle transaction;
- apply proceeds;
- redeem/refinance old debt if applicable;
- monitor aftermarket trading;
- follow up with investors;
- capture lessons for future access.

## ECM execution checklist
- shelf/registration eligibility;
- blackout/earnings window;
- comfort letter and diligence;
- lockups and insider/sponsor restrictions;
- wall-crossed process if needed;
- roadshow/testing-the-waters if applicable;
- underwriter risk appetite and economics;
- allocation/stabilization plan;
- press release and investor-relations messaging.

## DCM execution checklist
- rating agency engagement;
- offering memo/prospectus;
- debt-document capacity and covenant analysis;
- security/guarantee package;
- bank meeting or roadshow;
- price talk and flex strategy;
- tender/redemption mechanics if refinancing;
- settlement and funds flow;
- rating/covenant post-closing requirements.

## Private credit execution checklist
- lender universe and nda process;
- data room and diligence materials;
- management presentation;
- term sheet comparison;
- confirm hold size and certainty;
- negotiate covenants, call protection, fees, reporting, transfer rights;
- intercreditor and collateral package;
- closing timeline and conditions precedent.

## Board/client timeline format

| Phase | Timing | Key actions | Decision gate | Owner | Main risk | Fallback |
|---|---|---|---|---|---|---|

## Risk register format

| Risk | Why it matters | Mitigant | Decision trigger |
|---|---|---|---|

## Common go/no-go triggers
- volatility/spreads breach threshold;
- issuer misses earnings or cannot reaffirm guidance;
- anchor demand below base size;
- rating agency feedback worse than expected;
- covenant capacity insufficient;
- legal/disclosure issue unresolved;
- competing calendar crowds window;
- stock trades below support level;
- underwriter/lender terms become punitive.

## MD-level execution advice
- Preparation creates optionality even when launch is conditional.
- Do not launch a large deal hoping the book will appear; know anchor probability first.
- Book quality matters more than headline order book size.
- A failed or weak transaction can damage future access more than waiting.
- Always define the fallback before launch, not after demand disappoints.