Preliminary Prospectus ("Red")
A preliminary prospectus is the draft offering document filed with the SEC for a registered offering that includes most information other than final pricing. In private transactions, analogous documents are described as preliminary offering circulars or preliminary private placement memoranda.
- Where it applies
- Federal
- When it comes up
- Capital markets execution (pre-pricing)
- Property types
- CMBS and other securities issuance
In practice
"Red vs black" document changes are a critical-control surface; operators typically diff collateral tables and structural terms between versions.
Related terms
Institutional and Capital Markets
- Agency Securities
- Commercial Mortgage-Backed Securities (CMBS)
- Ginnie Mae Mortgage-Backed Securities (Ginnie Mae I)
- Master Servicing Fee
- Pooling and Servicing Agreement (PSA)
- Private Label Securities (Non-Agency Securities)
- Private Placement
- Prospectus
- Real Estate Investment Trust (REIT)
- Sub-Servicer
General information, not legal, tax or financial advice.