Settlement transaction types
NSYN: Non Syndicated
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NSYN marks the settlement of short and medium term paper, such as commercial paper, certificates of deposit, medium term notes and other notes, issued under a programme without a syndicate.
- Code
- NSYN
What NSYN means
Issuers with a CP, CD or MTN programme issue tranches as they need funding, often daily, through dealers or directly to investors. There is no underwriting syndicate. The issuing and paying agent delivers the new paper to the buyers against payment, and those settlements carry NSYN.
Issues distributed by a syndicate under a lead manager use SYND. PLAC is the general placement code.
When you see it
What to do next
- Use NSYN for programme issuance without a syndicate. Later secondary market trades in the same paper are TRAD.
- In T2S markets the transaction type is not one of the matching fields, so the code on your instruction does not stop it matching. Some markets do match on it: Clearstream states that for KDPW (Poland) the SETR indicator is a mandatory matching criterion. There, agree the code with your counterparty, or both instructions stay unmatched with reason SETR (see unmatched settlement instructions).
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT540, MT541, MT542 and MT543: sequence E (SETDET), field 22F,
:22F::SETR//NSYN. The SETR qualifier is mandatory, so every instruction carries one code (format:4!c/[8c]/4!c; with a data source scheme a proprietary code may be sent instead). - Repeated in the confirmations MT544, MT545, MT546 and MT547 (sequence E,
:22F::SETR//NSYN) and in the MT548 status advice (sequence B, where SETR is mandatory when the sequence is present). - Optional in the statements: MT536 subsequence B1a2 and MT537 subsequences B2b and C2.