Pre-Register as a PFX Bonds Subscriber

Please read the following introduction before pre-registering as a PFX Bond Subscriber.

Subscription to PFX Bonds is limited to entities suitably regulated in their own jurisdictions. For retail investors, all Subscribers including fund managers, regional and local wealth and asset managers will be searchable on the PFX Bonds website so that you can find an advisor near to you should you wish to add PFX Bonds to your investment portfolio.   

PFX Bonds
PFX Bonds are unique.  They are not grounded in past history, market and financial forecasts, but in in fully underwritten contractual certainties.  These are the agreements between the project and its construction, operating, off-take and other counterparties.  PFX Bonds will be among the safest and most secure assets in your fixed-income portfolio.  

Project Finance
The accepted definition of project finance is: Investment predicated on the track record and financial stability of whoever is contracted to buy the output from the built project, with the same criteria applying to all other counterparties to the project.  The assets and balance sheet of the borrower come a distant second to these considerations.

Over the past few decades project finance has become established as its own unique and distinct investment structure.  However, with thousands of projects at any one time and 100’s of thousands of (mostly private markets) investors worldwide, the chances of investors and projects actually identifying, connecting and engaging with each other became progressively more remote. 

After four years of development, PFX can now provide the long-awaited market infrastructure that overcomes the fragmentation and opacity which is the cause of so much frustration for both investors and projects in seeking to identify, connect and engage with each other.  PFX provides for the structured, timely and secure exchange of information between the parties involved in the transaction.  These include projects (issuers), underwriters and investors (subscribers).

Coupon/Interest Rate
The coupon is based on the A-or better rating of the insurance Wrap underwriters which automatically transfer to the Bond when the Wrap is fully prepared.  This is when the Single Group Policy issued through Lloyds-of-London or other leading insurance market is bound (completed).  The Issuing Agent has discretion to add 50 to 250 basis points guided by the size, nature, location and socio-economic impact of the project the Bond is financing.

Insurance Wrap
Lloyds-of-London and the global insurance markets play a pivotal role in the PFX Bond market.

Any project financing be it in hospitality, infrastructure, energy or other sector is built on the construction, off-take and other contracts and agreements that, when fully completed and assembled are the manifestation of a viable project.  Until now projects, assuming they can find a compatible investor, have had to work within that investor’s own unique and specific due diligence and financial structuring requirements.  This presents major compliance and cost challenges for project principals. 

Now, with the Insurance Wrap provided with PFX Bonds compliance, focused almost entirely on due diligence, is not only covered in granular detail but, now, also insured by world leading underwriters rated ‘A’ or better by AM Best, Fitch, Moody’s or S&P. 

Every risk, contingency and event is covered by the overlapping policies assembled for the Wrap. The policies are then aggregated under one Single Group Policy through Lloyds-of-London and other leading global insurance markets.  Under long-established mechanisms, the underwriter’s credit agency ratings are transferred to the PFX Bond.  Making your PFX Bonds one of the most secure, stable and reliable assets in your fixed-income portfolio.  The Wrap has been developed, tested and proven over more than a decade.

Institutional Investors
The Wrap underwriters’ credit agency ratings are automatically transferred to the Bonds.  This means that institutional investors including pension, mutual and other regulated funds now have direct access to what was previously the almost exclusive domain of the private markets.  PFX Bonds are a natural addition to fixed income portfolios.  At the outset there will be no trading in PFX Bonds, however this is compensated for by the 50 to 250 basis point uplift on interest paid.  

Subscriber registration is open to regulated entities in qualifying jurisdictions worldwide.

BUTTON: [Download Subscriber Pre-Registration Guide] (4 mins)

 There is a link at the bottom of the guide for your pre-registration, which includes e-mail verification.  We will notify you as soon as the market is open with its maiden listings.