NEW YORK, April 21, 2015 /PRNewswire/ -- U.S. Bank
(NYSE: USB) is the first corporate trustee to adopt
Bloomberg's new standardized, open-source reporting on syndicated
loans that sit in collateralized loan obligations (CLOs). By
adopting this standard, CLO asset managers now have the ability to
easily identify loans and create comprehensive reports to help
investors better understand the performance of their
investments.
Called the Financial Instrument Global Identifier (FIGI),
Bloomberg created the standard as part of its Bloomberg Open
Symbology initiative. Last year, nonprofit technology standards
consortium Object Management Group voted unanimously to adopt FIGI
as the standard methodology for identifying financial instruments,
such as syndicated loans in CLOs.
"U.S. Bank is not only the first corporate trustee to adopt our
reporting standard, but the largest player in the space by market
share," said Mark Betteridge, Global
Product Manager, Syndicated Loans and League Tables, Bloomberg. "We
expect the move toward open-source to become an industry and
worldwide trend as firms look to eliminate the problems associated
with integrating multiple identification systems."
U.S. Bank is the largest trustee of CLOs globally. According to
annual league tables published by Asset-Backed Alert, the bank was
trustee on 45 percent of CLO issuances in 2014, up from 32 percent
in 2013, 26 percent in 2012 and just 8 percent in 2011.
"We've been able to gain market share by investing in people and
technology that improves our clients' experience," said
David Keys, senior vice president
for U.S. Bank Global Corporate Trust Services. "Along those lines,
we were interested in Bloomberg's FIGI methodology because it
creates a simplified and more transparent process than what our
industry has previously been able to offer."
Bloomberg's methodology will be incorporated into hard-copy
reports as well as U.S. Bank's new online client portal, Pivot. The
bank invested heavily in user experience design to build the Pivot
platform, and rolled it out late last year. Already cited as a
market leading portal in industry publications, Pivot becomes more
powerful for clients in its current and future state as a result of
the bank adopting FIGI.
Bloomberg will continuously build, update, and administer FIGI
identifiers to ensure their accuracy and effectiveness, but also
encourages third parties to integrate the standard into their
databases.
To learn more about Bloomberg's Open Symbology initiative, visit
bsym.bloomberg.com/sym.
About Bloomberg
Bloomberg, the global business and
financial information and news leader, gives influential decision
makers a critical edge by connecting them to a dynamic network of
information, people and ideas. The company's strength – delivering
data, news and analytics through innovative technology, quickly and
accurately – is at the core of the Bloomberg Professional service,
which provides real time financial information to more than 320,000
subscribers globally. For more information, visit
www.bloomberg.com. The Bloomberg Professional service is owned and
distributed by Bloomberg Finance L.P. and its affiliates.
About U.S. Bank Global Corporate Trust Services
U.S.
Bank Global Corporate Trust Services is one of the premier
providers of corporate trust services in the United States and Europe, serving private and public companies,
government and tax-exempt entities, and financial services
companies. The group operates a network of 50 domestic offices and
3 international locations in Buenos
Aires, Argentina; London,
England; and Dublin,
Ireland.
U.S. Bancorp (NYSE: USB), with $410
billion in assets as of March 31,
2015, is the parent company of U.S. Bank National
Association, the 5th largest commercial bank in the United States. The Company operates 3,172
banking offices in 25 states and 5,016 ATMs and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at
usbank.com.
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SOURCE Bloomberg