Credit Memo Generator

Tools & Summaries

• references/common-pitfalls.md: Read this for Common Memo Pitfalls to Avoid.

Interactive Wizard Workflow

If the user explicitly requests an "interactive memo", "wizard", or "guided creation", or if they do not provide sufficient initial context to generate a meaningful memo, prompt them with the following interactive questionnaire before generating output:

1. Credit Type: "What type of credit is this?"

   • Corporate (IG/HY)
   • Private Credit / Direct Lending
   • Commercial Real Estate
   • Structured Finance (CLO/ABS/CMBS)

2. Target: "What is the issuer or deal name?"

3. Data Sources: "What data sources are available?" (multi-select)

   • 10-K / Annual Report
   • Credit Agreement / Indenture
   • Quality of Earnings (QoE) Report
   • Rent Roll / Property Appraisal
   • Rating Agency Report
   • Management Presentation

4. Scope: "What is the analysis scope?"

   • Full IC Memo
   • Quick Credit Summary
   • Update to Existing Memo

Once these inputs are collected, proceed to the Output Deliverables workflow using the collected context.

Output Deliverables

1. Source Citations: You MUST explicitly cite your sources for all data and information provided (e.g., website URL, 10K page number, company presentation page, data provider for market data, statistics provider for economic/trend data).
   • When a stable direct URL exists, include that URL inline with the citation so downstream workflows can collect all source links for a consolidated appendix.
   • Keep locator detail in the same citation when available (for example: filing page number, presentation slide, report date, or access date).
   • Prefer canonical primary-source links over search results or aggregator URLs.
   • If no stable URL exists, retain the normal non-URL citation rather than inventing a link.

When asked to produce a credit memo, follow this structure:

1. Read the appropriate memo template from references/memo-by-credit-type.md
2. For each section, use the relevant domain skill to generate analysis:
   • Business & Industry → industry-sector-analysis
   • Financial Analysis → credit-modeling-and-valuation
   • Capital Structure → debt-structure-covenants
   • Relative Value → trading-pricing-mechanics
   • Management/Sponsor → due-diligence-and-assessment
   • Risk Assessment → compile from all sections
   • Recommendation → portfolio-investment-process
3. Assemble sections into the standard memo format
4. Validate against references/memo-structure-and-writing-guide.md (Pre-Submission Final Check)
5. If conflicting signals emerge across sections, consult references/conflict-resolution-guide.md to frame the tension explicitly in the memo
6. Calibrate recommendation conviction using references/conviction-calibration.md
7. For any data gaps, flag them using the templates in references/incomplete-data-guidance.md — never silently fill gaps with assumptions
8. Run references/cross-skill-validation-checklist.md before finalizing the draft so internal conflicts, benchmark mismatches, and missing handoffs are resolved.
9. If the memo is headed to formal IC review, send the completed draft to the credit-committee agent as a post-assembly challenge step. Incorporate any substantiated findings back into the final memo before submission.

Limitations

• Memo quality is bounded by the quality and completeness of upstream skill outputs — gaps in sector analysis, financial modeling, or structure analysis propagate into the memo
• Orchestration across multiple skills may surface inconsistencies between analytical outputs — always run skills/credit-memo-generator/references/cross-skill-validation-checklist.md before finalizing
• Memo format standardization aids comparability but may not capture all nuances of unusual or hybrid credit structures — supplement standard sections as needed
• For broader framework limitations, consult skills/credit-memo-generator/references/analytical-limitations.md

Data Quality

• When data is incomplete or unavailable, consult the credit-memo-generator's references/incomplete-data-guidance.md for gap disclosure templates. Never silently fill gaps with assumptions.
• When applying standard analytical frameworks, consult skills/credit-memo-generator/references/analytical-limitations.md to identify when the framework may produce unreliable results. Disclose limitations proactively rather than presenting framework outputs as authoritative.

Examples

• examples/worked-corporate-bb-memo.md: Complete IC memo for BB-rated corporate credit (MedTech Holdings) demonstrating how outputs from credit-modeling, debt-structure, and trading-pricing skills assemble into a structured memo