NEW YORK, Nov. 19, 2020 /PRNewswire/ -- DirectBooks™, the
capital markets consortium founded to optimize global financing
markets, today announced that it has launched its core service to
simplify and evolve the primary issuance process for corporate
bonds. DirectBooks was formed and is supported by 9 global banks,
consisting of Bank of America, Barclays, BNP Paribas, Citi,
Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and
Wells Fargo.
Addressing inefficiencies in the marketplace across multiple
communication channels, DirectBooks simplifies the primary issuance
process using a common set of structured data and streamlined
communications. The new platform increases workflow efficiency and
accuracy of deal information among market participants, distributed
through a robust communications infrastructure that can be
integrated into underwriter and investor systems.
"It is exciting to be able to launch our platform this year and
move from start-up to scale-up," said DirectBooks CEO, Rich
Kerschner. "The combination of our market knowledge, talented team,
advanced and scalable technology, and growing network of market
participants, has enabled DirectBooks to continue to move forward
despite challenging working conditions in 2020. We are delivering
on our mission to optimize global financing markets, and this is
the first step on our journey for the benefit of the market."
The DirectBooks platform launched initially with deal
announcement functionality for globally distributed U.S. Dollar
Investment Grade issuances, offering a common set of structured
deal data and document access for institutional investors. Orders
and Allocations functionality will be added next, and the product
set will continue to expand globally with Euro deals in the first
half of 2021. Onboarding of additional dealers and institutional
investors will continue to be phased in throughout this quarter and
into 2021.
DirectBooks developed the platform in partnership with Axoni, a
New York-based technology firm
that specializes in multiparty financial workflows and distributed
ledger technology, which has been deployed as critical
infrastructure in a wide range of global capital markets. The
DirectBooks primary issuance platform leverages Axoni's expertise
and technology to deliver a service that is scalable across asset
classes and regions.
For a detailed FAQ, please click here: www.directbooks.com
ABOUT DIRECTBOOKS
DirectBooks leverages its technology expertise and market
knowledge to optimize global financing markets. DirectBooks
improves the efficiency and accuracy of communications for
underwriters, allowing institutional investors to focus on their
investment process. DirectBooks was formed by 9 global banks,
consisting of Bank of America (NYSE:BAC), Barclays (NYSE:BCS), BNP
Paribas (FR:BNP), Citi (NYSE:C), Deutsche Bank (NYSE:DB), Goldman
Sachs (NYSE:GS), J.P. Morgan (NYSE:JPM), Morgan Stanley (NYSE:MS),
and Wells Fargo (NYSE:WFC). For
additional information on DirectBooks, please
visit www.DirectBooks.com.
MEDIA CONTACT:
Chris Rodriguez
Chris.Rodriguez@DirectBooks.com
(848) 888-7704
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SOURCE DirectBooks