Ipreo said it plans to allow investors to electronically submit Indications of Interest on fixed-income issuances directly into IssueNet, Ipreo's syndicate-to-syndicate communications platform for the primary new-issue markets.
"Having worked closely with the buy side over the past 18 months and understanding the challenges they face, we're pleased to be able to provide a system that makes the deal communications process more efficient and with less inherent risk," Allen Williams, executive vice president and managing director of global fixed income at Ipreo, said in a press release Wednesday.
A bank-sponsored initiative, Investor Access will allow the buy-side clients of sponsoring banks to be alerted to new-issue announcements, receive structured information on their terms and conditions, set subscription alerts based on key parameters, submit and manage their IOIs and orders, and receive electronic notification of allocation and pricing details and other deal-related information such as prospectus and final terms.
"We strive to offer our clients efficiency and choice[s] in the way they submit and manage their business with us, primary markets are no exception," said Jean-Marc Mercier, global co-head of debt capital markets at HSBC. "We're excited to be able to offer this service as part of our wider commitment to improving market efficiencies and client service."
The initiative formally kicked off in July 2014. The current sponsoring group includes Banco Santander, BNP Paribas, Commerzbank, HSBC, MUFG, RBS, and Societe Generale Corporate & Investment Banking. The system is targeted to be pilot launched for the fixed-income market in 2015 with a market rollout to follow.
"Ipreo has been facilitating the new-issue process - across all asset classes - by providing mission-critical solutions to the sell-side for many years. We're delighted to be working with sponsoring banks to apply," said Williams.
