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Debt Issuer Services

MUFG Corporate Markets supports its Issuer clients in meeting their bond refinancing, broader liability management and debt investor relations objectives via its subsidiary D.F. King Ltd.

The D.F. King Ltd Debt Issuer Services team provides information, tender, exchange, tabulation and identification agency services to bond Issuers across the globe and the major international fixed income markets.

D.F. King is a global brand with an extensive 80+ year history and deep knowledge of financial markets infrastructure. Our expertise in designing and executing bond corporate actions, creating a seamless security holder experience continues to be trusted by Issuers and their advisors time and time again.

In conjunction with our counterparts at D.F. King & Co., Inc., the D.F. King brand has been ranked number one information agent on liability management transactions by securities value in each of the previous 5 years.

Having supported liability management transactions across multiple business, credit and interest rate cycles, we can leverage our deep experience to help Issuers navigate financial markets and smoothly execute transactions.

With execution teams in London, New York and Hong Kong, we offer insightful solutions and expert guidance on transaction mechanics and execution. Our global footprint enables us to navigate complex transactions with agility and precision.

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Debt Issuer Services Bondholder ID Liability Management and Debt Restructuring
Gordon Soo (1)

Gordon Soo
Senior Business Development Manager, Debt Issuer Services
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Our solution

D.F. King provides comprehensive execution services in connection with secondary market bond transactions, including tender and exchange offers, consent solicitations, bondholder identification and meetings, as well as complex debt restructurings.

We help issuers and their advisors navigate identifying, reaching and communicating with bond investors.

Our direct, real-time links to the international clearing systems and expertise in their procedures and settlements processes help to facilitate a smooth and efficient execution of even complex transactions.

We have executed campaigns globally for corporate and non-corporate issuers ranging from small to mega cap across all sectors as well as municipal, regional and sovereign debt.

The key to success of our clients’ transactions are our trusted, long-standing  relationships with the clearing systems, custodians and investors, with whom we are in constant contact. Through our “round the globe” support, clients have our most experienced team members on call as needed in both London and Hong Kong, as well as New York.

Our services can be tailored to meet your requirements. These include:

We track ownership of a bond, drilling down the custody chain to the beneficial owner, investment manager or private bank, gathering investor details, including domicile and holdings information – through ‘Full scope ID’s, ‘Under the radar’ IDs and SEC prescribed ‘look-throughs’

We advise on clearing system procedures to help develop effective strategies to yield maximum investor participation and provide practical solutions for document distribution and restrictions or eligibility

D.F. King has long-standing relationships with the clearing systems, custodian banks and brokers. We reach out to all known holders to ensure timely receipt and comprehension of transaction materials, providing dedicated project microsites to house all documents and a (toll-free) helpline for banks/investors. We provide continuous assistance and support to the market, answering questions and maximising timely and accurate submission of instructions.

Our direct links with the clearing systems via SWIFT and ATOP mean that we can receive, process and tabulate investors’ instructions in real time and as such are able to provide regular progress updates on participation to the working group. We act as a proxy, voting on behalf of investors according to their instructions at bondholder meetings. Upon settlement we manage the markdown, issuance of new proceeds and distribution of cash. A full end to end service provider.

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Why are we different from our competitors?

Our highly regarded teams contain industry professionals with an excellent track record in ensuring the best outcome for their clients. D.F. King has agented on in excess of US$1.4 trillion of securities in bond liability management transactions since 2015. We have also matched in excess of US$100 billion+ of bond holdings and their holdings since 2019.

D.F. King has an extensive global database and investor out-reach capabilities in the market and working with D.F. King typically secures the best possible outcome for our client's transactions.

Our expertise means we can deliver well-designed and targeted campaigns to improve the holders understanding of issues, gauge investor sentiment and increase voting participation.

If you’d like to learn more about how our experts can help you, please get in touch. 

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Bondholder ID Liability Management and Debt Restructuring

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