01 March 2017
Visit dh.com

Broadway Financial Corporation selects DealVector

09 April 2014  |  1510 views  |  0 Source: DealVector

DealVector, providers of the first identity-protected communication network for the fixed income and structured credit space, today announced that Broadway Financial Corporation (NASDAQCM:BYFC), parent company of Broadway Federal Bank, f.s.b., has leveraged DealVector for distributing 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," said 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 proactively 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," said 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. "

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit dh.comvisit BNP paribas

Top topics

Most viewed Most shared
Starling releases Open API, talks up marketplace modelStarling releases Open API, talks up marke...
8729 views comments | 19 tweets | 18 linkedin
Barclaycard strikes new wearable deals for contactless jewellery and watchesBarclaycard strikes new wearable deals for...
7958 views comments | 17 tweets | 15 linkedin
In wake of Cloudflare bug, Starling advises customers to change passwordsIn wake of Cloudflare bug, Starling advise...
7344 views comments | 7 tweets | 12 linkedin
Bank of America first to launch Zelle P2P paymentsBank of America first to launch Zelle P2P...
7181 views comments | 12 tweets | 10 linkedin
Kaspersky records uptick in financial phishing and banking malwareKaspersky records uptick in financial phis...
6791 views comments | 6 tweets | 8 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job