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Corporate action events

INFO: Information

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INFO carries information from the issuer that has no accounting or financial effect on holders, such as a conference call for bondholders. Nothing is credited or debited and no instruction is expected.

Code
INFO
Usually announced as
MAND

What INFO means

INFO is the code for pure information. The issuer, trustee or agent wants holders to know something, but no cash or securities move and holders are not asked to choose anything. The message is sent with :22F::CAMV//MAND and no options that move resources.

A typical example is a conference call: the issuer or trustee invites noteholders to an informal call to discuss a possible change to the notes, with nothing said on the call being binding. MT564 has a dedicated indicator for this, :22F::INFO//CONF in sequence D.

INFO is a notification-only code. It is in the event code lists of the MT564 and MT568, but not in those of the MT565, MT566 or MT567: there is nothing to instruct or confirm.

When you see it

  • In an MT564 or MT568 on bonds, often with a narrative (:70E::ADTX or :70E::INCO) that explains what the issuer is announcing.
  • Compared with OTHR: OTHR is for an event that has some effect but no code of its own, while INFO is for news with no effect at all. Compared with CHAN: CHAN changes something about the security (name, form, terms), INFO changes nothing.
  • If the issuer later formalises the proposal, it comes back as its own event, for example CONS for a consent solicitation or BMET for a bondholder meeting.

What to do next

  • No instruction. Route the narrative to the portfolio manager or credit analyst who holds the bond, especially for distressed or restructuring situations.
  • Keep the event reference (:20C::CORP) so a later consent or meeting event can be linked back to it.

Where it appears in MT and ISO 20022

MT (ISO 15022)

  • MT564 sequence A (GENL), :22F::CAEV//INFO with :22F::CAMV//MAND
  • MT564 sequence D (CADETL), :22F::INFO//CONF when the information is about a conference call
  • MT568 sequence A, :22F::CAEV//INFO for a narrative-only notice

MX (ISO 20022)

  • seev.031 CorpActnGnlInf/EvtTp/Cd = INFO (checked in seev.031.001.15), with the flag in CorpActnGnlInf/MndtryVlntryEvtTp/Cd
  • Not in the event code lists of seev.033 or seev.036 (checked in the ISO 20022 model), which matches the MT side: an INFO event is never instructed or confirmed