Toronto-based bond issuance platform Overbond announced it has launched an integrated deal execution module that lets users to digitally execute both private placement and public offerings.
The module, OverbondX, enables counterparties to have a view of real-time communication, price discovery, investor order book management and deal with working group management and analytics.
OverbondX allows issues to get to market faster by reducing issuance time and take advantage of favorable market timing. It can also help reduce new issuance costs by standardizing all aspects of deal execution, and manage funding targets. Since it is integrated with Overbond's main platform, users will also be able to share documents to trace the steps to execute a syndicated or non-syndicated offering.
Overbond CEO Vuk Magdelinic said this is the first time all parties in the bond market will be able to execute transactions digitally, making the entire process from origination to launch faster.
"For the first time in the history of the bond market, corporate and government issuers, dealers and investors have all the tools required to digitally execute transactions for the entire primary bond issuance process, from pre-launch deal preparation to post-launch execution," Magdelinic said.
Overbond, which launched its bond issuance platform last year, has a growing client base of more than 100 firms and investors. It counts companies like Burger King, Molson Coors, Couche-Tard and Bell as well as investors Mackenzie Financial, Sprott Asset Management and CBC Pension as clients. The platform directly connects corporate and government issuers with dealers, institutional investors, and select retail investors.
Last year, the firm added integration of Thomson Reuters fixed-income market data and DBRS credit ratings to the platform.
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