In the case of the current Chinese offering, the designated holding company is the Depository Trust Company of New York.

CENTERFORSECURITYPOLICY: Center For Security Policy

When a corporation pays interest on a bond, it will typically send the aggregate amount that it owes on a whole issuance of bonds to Depository Trust Company (DTC), which will then divide the interest among bondholders according to how much they are owed individually.

FORBES: Portfolio Impact: Clearing Firms Downgraded to AA+