The issuance workflow depends on the subscriptions registration model (direct or indirect) agreed by the parties involved.
For reasons of simplification, the diagrams below describe the direct subscriptions registration model.
Phase 1: Instrument creation
- The Issuer drafts the term sheet in the Issuance Facility;
- The Investors send their IOIs to their respective dealers;
- The dealers record the IOIs in the Issuance Facility. The issuance book contains all IOIs submitted;
- The Lead Manager carries out the issuance by fixing the price and allocating the nominal amount to booked IOIs;
- The Issuer validates final terms and instructs the Security Token instrument creation;
- The Issuance Facility submits the instrument creation instruction to the Registrar;
- The Registrar creates the instrument Smart Contract, generating an on-chain event;
- The event is captured by the Issuance Facility (through its Oracle) to notify the Issuer and the Lead Manager of such event.