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Practical guide to identifying and engaging bondholders in restructurings and liability management: clearing systems, holding chains, disclosure strategies and the identification agent’s role
PRACTICE NOTES
Practical guide to identifying and engaging bondholders in restructurings and liability management: clearing systems, holding chains, disclosure strategies and the identification agent’s role
This Practice Note outlines guidance on identifying and engaging with bondholders in the context of a restructuring. For broader background on debt securities, see the following Practice Notes: Key features of the debt capital markets Bonds and notes Issuing debt securities—key documentation Parties in an issue of debt securities For materials focused on restructuring where debt securities are involved, refer to these Practice Notes: Guide to representing bondholders in a restructuring Liability management of bonds Enforcement of debt securities Why keep in touch with bondholders? Traditionally, issuers of bonds have not maintained regular dialogue with their bondholders, with communications largely confined to moments when action was required from debt holders, most often linked to a corporate action. Such contact commonly took the form of a notice released or circulated by the issuer, frequently via a bond trustee. The trustee is a
Restructuring & Insolvency
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