Morrow Sodali launches real-time liability management reporting system

Chicago, May 27 – Morrow Sodali launched a new real-time system for updating issuers and advisers regarding debt restructurings, tender offers, exchange offers and consent solicitations, according to a press release.

The proprietary BondWatch reporting system, 18 months in development, aims to eliminate and update the previous system, which relied on “infrequent, retrospective emails and spreadsheets.”

“The concept comes from an old system which Bondcom had developed many years ago, but with their fall from pre-eminence in LM, no-one else picked it up, until now,” Damian Watkin, Morrow Sodali’s debt services senior director, told Prospect News.

The decision to invest the necessary resources into updating the way liability management information gets transmitted to agents and bankers was partially based on market volume.

“With the pickup in LM transactions, with agents and bankers juggling multiple deals at once, it really comes into its own,” Watkin said.

Volume in the liability management field was over $410 billion in 2020, up $74 billion from the year 2019 and $70 billion higher than 2018, according to Prospect News data.

Morrow Sodali’s work represented over 150 projects in the field in the last 18 months, Pia Gowland, director for the Americas debt services, noted.

The system “enables us to keep our clients and their advisors fully informed as key deadlines approach, rather than having to wait for reports dispatched infrequently and only at set times of the day,” Watkin said, separately.

“Bond investors and intermediaries are located around the world, and the success of transactions often comes down to the wire. With key decisions being made based on those results, we recognized that our clients and their advisors required more timely data,” Ken Abela, director in the debt services team based in Hong Kong, noted in a press release.

The launch was announced on Wednesday.

Morrow Sodali, a corporate advisory firm, has headquarters in New York and London.

© 2015 Prospect News.
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