LONDON, Jan 9 (IFR) - Origin, a start-up platform for
frequent issuers of medium-term notes and private placements,
launched in beta mode on Monday with backing from six investment
banks and more than 20 international borrowers.
BNP Paribas, DekaBank, Bank of America Merrill Lynch,
Societe Generale, Credit Suisse and Danske Bank are the dealers
signed up, while the borrower roster includes Rabobank, IFC and
Korea Development Bank.
The platform allows issuers to post information such as
borrowing targets in one place, connecting them with dealers
rather than both sides having to go to the expense and effort of
maintaining several sets of bilateral relationships.
Private placement MTNs account for around a third of the
1trn of investment-grade debt issued annually in Europe,
according to a statement from Origin.
Ben Powell, head of funding for IFC, said the technology
simplifies what was once a "manual process prone to
Technology is gradually worming its way into the primary
debt business, which has been slow to adopt new methods when
compared to the widespread automation seen in financial markets
such as foreign currency and equity trading.
Investor Access, an electronic bookbuilding platform backed
by some of Europe's biggest DCM banks, was used for the first
time on a live deal on January 5, a £350m five-year covered bond
from Commonwealth Bank of Australia.
(Reporting by Tom Porter; Editing by Ian Edmondson)