Knowledge zone

Institutional memory and memos.

KNOWLEDGE

KNOWLEDGE is what the institution already learned: past deals, life after closing, and the committee memo for the deal that is open now.

Institutional memory

Route	/workspace/institutional-memory
Sidebar	Institutional Memory

Purpose. Look up how this institution structured similar deals, which covenants it imposed, and whether those deals later paid and complied.

What it does. Title Mémoire institutionnelle. Metrics and cards come from GET /api/locus/precedents (precedents + post-close outcomes). Promote a CLOSED dossier with POST /api/precedents/promote. Fresh tenants see an empty memory until something is promoted.

Tabs:

• Comparables. Search/filter over SoR precedent rows (country filters built from loaded data).
• Post-clôture. Outcomes linked to promoted deals when recorded at promote time.

Terms.

• Comparable / précédent. A past deal similar enough that its spread, covenants, and conditions are evidence for the one you are structuring now. It is not a statistical sample. Three cards are a memory, not a market database.
• Committee outcome. Approved, approved with conditions, or declined. Conditions are the CPs you already saw: BEAC filing, DSRA, concession extension.
• Spread / courbe. The margin versus the sovereign curve at pricing, in basis points. SEEG at +220 bp over the curve is a much wider credit spread than BDEAC at +50 bp, which matches a development bank versus a utility.
• Post-clôture. Monitoring after signing: did they pay, did a covenant break, was the bridge refinanced.
• IRR (TRI, taux de rendement interne). The annual rate that sets the present value of the actual cash flows to zero. A realized 7.85% means the money the lender actually earned, which can differ from the coupon if fees, delays, or an early refinance changed the timing. The card prints the stored percent. It does not solve an IRR from a cash-flow table.
• Technical default. A covenant or paperwork breach while payments are still being made. Payment default means a missed interest or principal payment. Performing means neither, in this enum.
• Waiver. Mentioned in the tab subtitle as how breaches were managed. The SEEG outcome describes a cure (the ratio recovered), not a waiver document.
• DSRA maintenu à 100%. The reserve account stayed full. That is the post-closing test of the mitigant the credit lab recommends.

Business value. Committees hate being shown a structure that ignores what the same institution accepted last time. Memory answers “what did we require of SEEG in 2022, and did it hold?” The decision is whether this new mandate’s covenants are tighter or looser than the precedent, and whether the old DSCR breach means the 1.20x floor was already too tight.

Use case. Filter to Gabon. Read the 2022 SEEG loan: the same three covenants (3.5x, 1.2x, 2.5x) and the same three risks as the live file. Open Post-clôture and read that DSCR did touch 1.02x and was cured, and that the bridge was refinanced. Take that into the memo as the precedent, not as a prediction.

Next. The memo.

Reports and memos

Route	/workspace/memo-drafter
Sidebar	Reports & Memos

Purpose. The committee paper for the open deal, written as sourced facts, calculated inferences, and open questions.

What it does. Title Mémorandum de diligence. Actions: Copier (briefly becomes Copié), download .md, and Imprimer.

A legend defines the reading method: Fait sourcé (a fact with a source), Déduction calculée (an inference), Question ouverte (unresolved). The letterhead is L’Archer Securities, Corporate Finance & Debt Syndication, then the operation name, the issuer, the draft date, and Interne / Comité d'Engagement.

Each statement is badged FAIT, DÉDUCTION, or QUESTION. A citation button opens the PDF. If the document id starts with ohada-, cosumaf-, beac-, cobac-, or cg-, the button is labeled as an official text. Deal PDFs show the file name and page. The downloadable markdown keeps the raw statement type (FACT, INFERENCE, OPEN_QUESTION) and quotes the citation.

Data. currentProject.memo. The default open deal is PAPN, so the first memo you see is the port memo, which has no citations. SEEG, Eneo, and SNPC have their own memos. Stored projects can override the memo.

PAPN (default): a 75 million euro container-terminal extension. Facts: 1.1 million TEU a year, 49.20 billion FCFA, a 250 meter quay extension, dredging to −16 m for New-Panamax ships. Inference: 2024 net debt / EBE at 1.19x, with EBE margin 32.6% on revenue of 108.4 billion. Open question: the BDEAC DSCR floor is 1.40x and the syndicated documents say 1.25x, and that gap can create a cross-default.

SEEG memo, dated 30 September 2026, is the one that matches the rest of this guide:

1. Mandate of 53.4 million euros. Inference: net debt 87.90 billion, EBE 34.85 billion, leverage 2.52x versus a 3.50x cap. Fact: the bridge ends 30 June 2025 and must be repaid by a BVMAC bond.
2. Concession ends 31 December 2028. Open question: the bond runs to November 2031, 35 months past the handback of assets. A sovereign comfort letter or a concession extension is an imperative CP.
3. Revenue grew from 178.2 billion in 2021 to 198.45 billion in 2023, and the EBE margin from 16.6% to 17.6%. Inference: ICR 3.20x using EBIT 16.65 / interest 5.20, above 2.50x. Fact: cash 14.80 billion, of which 4.20 billion is escrowed, so free cash is 10.60 billion.
4. Open questions: the 6.75% versus 7.20% margin, and the pledged escrow versus negative pledge article 12. A waiver or a specific carve-out is required.
5. Inferences with no citations: favorable opinion subject to reserves, because of the concession monopoly and 2.52x leverage; CP 1 is a Gabon confirmation that the concession continues past 2028; CP 2 is a cleaned-up negative pledge and one syndicate coupon.

Eneo’s memo is a 62 million euro restructuring and solar facilities, with the open question of an escrow fed by large industrial customers. SNPC’s memo is a 110 million euro prefinancing, with the open question of an intercreditor agreement before the BVMAC order book opens.

Terms.

• Fact versus inference versus question. A fact is something a document says. An inference is a ratio or a judgment built from facts. A question is not yet decided. The product’s claim is that a committee memo that blends these three is how errors enter the minutes. The badges are the control.
• Comité d’engagement. The commitment committee, the meeting that binds the arranger or the lender. The memo is the paper for that meeting.
• Lettre de confort. A letter from the state that is morally or politically supportive and often not a full guarantee. The SEEG memo asks for one, or for a real concession amendment. They are not the same legal strength.
• Intercreditor agreement. A contract between lenders who have different pledges, deciding who gets paid first. SNPC’s memo says the cargo pledge is already granted to someone else, so the new bond cannot open an order book until that ranking is written down.
• TEU and New-Panamax. The PAPN facts. A TEU is a twenty-foot container. New-Panamax is a ship size. They explain why the port is borrowing. They are not credit ratios.
• Cross-default inside the memo. PAPN’s question is the practical version: two contracts with two DSCR floors means a breach of the tighter one (1.40x) can pull the other loan into default.

Business value. This is the deliverable the securities edition’s north star measures: time from mandate to an approved memo. Everything else in the workspace is evidence for or against the sentences on this page. The decision is the last section: favorable with CPs, or not ready.

Use case. Switch the URL to the SEEG deal. Read section 5 and check that each CP has a matching open question in sections 2 and 4 and a matching card on the risk register. Download the markdown if you want to diff it in git. Do not treat PAPN’s uncited inferences as sourced; the legend says a fact should carry a source, and that memo has none.

Next. Profile, if the name on the attestation and the audit log should be yours. Or back to the risk register to align statuses with the CPs you just read.

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