Bill Sherman, Ipreo
London and New York - Ipreo, the provider of market intelligence and productivity solutions, has announced the implementation of Investor Access, which allows investors to electronically submit orders directly to the sell-side syndicate banks on fixed-income new issues.
A 5-year GBP-denominated covered bond transaction was executed for a Commonwealth Bank of Australia deal last Thursday, which marks the first time both sell-side and buy-side participants have conducted the deal process electronically - including order entry and allocation - on a live primary issue.
Investor Access allows the investors to be alerted to new-issue announcements, receive structured information on deal terms and conditions, submit and manage orders, and receive electronic notification of allocation and pricing details, along with other deal-related information such as the prospectus and final terms.
Investor Access is now available to all banks in the EMEA region, and work is underway to launch Investor Access in Asia in 2017.
"This is a very important milestone in the market evolution towards greater efficiency and reduced risk in the deal and order communications process," said Bill Sherman, EVP, Global Markets Group at Ipreo. "The solution has immediate tangible benefits to the investors, syndicate banks, and issuers. We're delighted to have been able to facilitate this process and help make these improvements possible."
Thursday's Commonwealth Bank of Australia deal was led by CBA, HSB and Nomura.
The Investor Access initiative is the result of collaboration between a core group of eleven sponsoring banks and over 100 buy-side participants. The original sponsoring group includes BNP Paribas, Crédit Agricole CIB, Commerzbank, Goldman Sachs, HSBC, ING, MUFG, NatWest Markets, Santander, Societe Generale, and UBS.