Issuing & Fiduciary Agents | Pre-Registration

Since 2021 the Project Finance Exchange (PFX) has been operating as an ‘intermediary’ between projects, curated directly by PFX, and a cohort of PFX registered investors.  They have collaborated with us as we have worked towards our ultimate objective of creating a global bond market, a marketplace, for major project finance across all sectors, in approved jurisdictions worldwide.  A $multi-trillion capital market hiding in plain sight for decades.

PFX provides the long-awaited infrastructure for the timely and secure exchange of information between projects (issuers), underwriters, issuance and settlements services and investors (subscribers).  Streamlining the currently burdensome and challenging journey to financing for investors as well as projects. In the PFX Bond Agent Pre-Registration High Level Briefing (25 mins) which you can download below, we present the contrast between the cumbersome, time consuming and costly traditional structured project finance status quo and the PFX Major Projects Bond market.  

The role of PFX Bond Issuing & Fiduciary Agents is open to appropriately regulated private debt & equity, alternative investment, hedge and other funds, investment/merchant banks, consulting accountants and similar ‘financial advisory’ entities.  Minimum deal value is $/€50m with an upper limit of $/€500m until all systems have been ‘bedded in’.  After which it will be ‘No upper limit’.

Our preference is for seasoned, proven firms with experience of the project finance structure and the capacity to fulfil the dual roles of PFX Bond Issuance & Fiduciary Agents.  Your online application will include all the normal IDV, but with additional checks to confirm your registration with the financial regulator for your jurisdiction.  

After long experience, your website will also be checked for cloning and other red flags that have become prevalent across the market over recent years.  And at which PFX has become adept at identifying and reporting to the relevant authorities.

In your Issuing Agent role you will:

• Assist the Issuer (project) in developing their full Prospectus, based on our lawyer-approved prospectus template, and data-room using the PFX Bond Prospectus Builder
• Liaise with the lead insurance Wrap underwriter who will provide you with the full Wrap schedule for inclusion in the Prospectus
• Upload all content from the Prospectus Builder to your listing dashboard.
• Provide link to finished Prospectus to [Issuance]. Bond ID and other data will then be added to the Prospectus.
• Liaise with [Issuance] and [settlements] on preparing Bond for issue. PFX systems are integrated with [issuance] and [settlements]. 

In your Fiduciary Agent role you will:

• Establish xxxxxxx-domiciles SPV (automated by PFX system).  Largely automated.
• Liaising with [Settlements} manage subscriber funds in the SPV account to pay construction (pre-stabilisation) stage tranches to the Issuer.
• Monitor payment progress using image and bank statement evidence prior to payment of subsequent tranches.
• Monitor and manage Issuer repayment and maturity transfers to SPV account for the full term of the Bond.
• Fulfil the role of Fiduciary Agent by ensuring coupon and maturity payments are made to the paying agent, from the SPV, in good time for distribution to subscribers.
• Fulfil other responsibilities to subscribers which are presented in the 'PFX Bond Agent Pre-Registration HIgh Level Briefing'.

Further information
There is much more detailed information in the ‘PFX Bond Agent Pre-Registration High Level Briefing’ (25 mins), which also includes your pre-registration link.  The Briefing includes:

1. Introduction
    PFX Bond Market Structure (including organogram)
    Traditional PF structure v PFX Bond market (Mindmaps)
    Intermediaries
    Combined Agent/Subscriber Registration

2. Intake
    Issuer Application
    Engagement
    Listing
    Private Placements
    Issuance Banking and Settlements
    Completion Fees

3. Agent (Issuance) Responsibilities
    Prepare Prospectus
    Tranches
    Financials
    Build Data-Room
    Issuance

4. Agent (Fiduciary) Responsibilities
    Pre-Stabilisation Tranches
    Subscriber Information
    Monitor for Default Events

5. Launch Offerings    
    ‘Live’ Bond issues in preparation for launch

Button: [Download PFX Bond Agent Pre-Registration High Level Briefing] (25 mins)

The Briefing includes your pre-registration link and e-mail verification.  You can also add any projects now in your pipeline to the ‘PFX Bonds Pipeline’ list. Agents with projects already in their pipeline will be given registration processing preference.