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Broadway Federal Bank has opted for DealVector, a specialist in the fixed income and structured credit space, to distribute the company’s proposal to extend the maturity of its debentures.
Using DealVector has allowed Broadway to deliver its proposal directly to the inboxes of front office decision makers, avoiding the delays that typically accompany notifications that pass through DTCC.
The current bondholder communication infrastructure for time sensitive proposals is widely acknowledged to be antiquated and slow. A proposal must first be sent to the trustee, who then posts it to the DTCC LENS system.
Custodians must pull the notification out of LENS (no automated “push” functionality exists) and pass it along to investors, where it is typically delivered to the back office. Further time is taken routing the notification to the actual decision maker.
DealVector allows issuers such as Broadway Financial to distribute their materials directly to the decision makers, and establish an online communication path to respond to questions. This results in more rapid dissemination of information, higher delivery rates, and opportunity for dialogue among interested parties.
“We are pleased to report that the requisite investors of the trust that holds our Floating Rate Junior Subordinated Debentures have approved our proposal, which was facilitated by DealVector’s platform and helpful personnel,” says Wayne Bradshaw, CEO of Broadway Financial. “Their ability to connect us directly to investors in the trust that holds our debentures helped us gain the approval we needed in a very short time frame.”
DealVector‘s research team also contacted investors who were not yet registered on the site’s communication platform to alert them that the proposal had been distributed and was available to them immediately for free on DealVector.
“One investor informed me she received the proposal on DealVector two days prior to receiving it from her custodian,” says Mike Manning, CEO and co-founder of DealVector. “This gave her more time for analysis in advance of the deadline, allowing for a more considered decision.”
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