Open ended guarantees with Auto Renewal enabled will be picked and extended on expiry date as part of LCEOD batch.

If the Applicable rule is URDG, the new expiry date is defaulted as 3 years from current expiry date for guarantees and 3 years 30 days for counter guarantees and 3 years for corresponding local guarantees. If the Applicable rule is not under URDG, the new expiry date is extended by the tenor amount from current expiry date for guarantees, counter guarantees and by local guarantee tenor for corresponding local guarantees. Auto Renewal will be processed similar to amendment of expiry date without beneficiary confirmation. AMND event will be triggered and MT767 will be generated with extension details in 72Z tag.