Overview
The Primary Bond Issuance (PBI) solution helps traders, portfolio managers and credit analysts detect new bond issuance activity, evaluate deals and request allocations with maximum speed and efficiency.
It ensures investment teams have complete, up-to-date and accurate information by aggregating, reconciling and normalizing deal data from multiple sources, to create a unified, real-time view of new issue markets.
It integrates users’ analytics, reference data and order management systems to create a single workspace to optimize deal-related workflow. Embedded collaboration tools and alerting ensure teams work together with maximum efficiency and effectiveness.
In overcoming data fragmentation in the new issue markets and bringing together the systems traders, PMs and analysts use, PBI gives firms an edge in detecting the most advantageous deals, deciding on whether to invest and transmitting allocation requests rapidly in this highly-competitive market.
Industry Challenges
Fragmented deal data: Syndicate banks use multiple channels to transmit deal data to asset managers making it hard to get a holistic, real-time view of the market
Short pricing windows: Asset managers have as few as two hours to request allocations
Inefficient system switching: Traditional workflow involves switching between data, compliance, analytics, reference data and order systems
Complex decision making: It’s complex for portfolio managers, credit analysts and traders to align on deal quality, pricing and allocation requests
User Benefits
Complete, real-time view of the market: Aggregating and reconciling deal data creates a real-time, consolidated view of all deal activity and updates
Rapid communication of allocation requests: Data aggregation, system integration and improved collaboration enable investment teams to act on deal opportunities with unmatched speed.
Unified workflow: A single deal-focused workspace optimizes efficiency through multiple integrations
Seamless collaboration: Embedded collaboration and alerts faciliate rapid decision making
Features & Capabilities
Data aggregation: Consolidates data from multiple providers and sources.
Data reconciliation and normalization: Compensates for asynchronous updates from multiple sources and presents deal data in a user-defined standard.
Workflow: Alerts, notifications and handoffs facilitate efficient collaboration between PMs, analysts and traders.
Centralized, integrated workspace: A deal-focused workspace eliminates switching between systems (through integrations), improves efficiency and reduces errors.
Integrations
- Data: Connects to any deal information source, including data vendors, email, chat platforms
- Internal systems: Reference data, analytics and compliance system integration
- Order management: Integrates with OMS for efficient allocation requests and order monitoring
- Collaboration: Symphony or MS Teams
Customization & Extensibility
- Configurable Data Mapping & UI: Firms can tailor data workflows, mapping rules, and dashboard layouts to fit their internal processes.
- API-First & Modular Architecture: RESTful APIs enable seamless integration with OMS, trading platforms, and internal systems.
- AI & Automation Customization: Firms can leverage AI-powered data extraction and define automation rules for deal tracking and compliance.
Security & Compliance
- Enterprise-Grade Authentication: Supports SSO, OAuth2, JWT, and Active Directory, ensuring secure access control.
- End-to-End Encryption & Auditability: AES-256 encryption for data at rest and in transit, with full audit trails for regulatory compliance.
- Regulatory Compliance & Surveillance: Built-in compliance monitoring aligns with MiFID II, SEC, and FINRA standards, with real-time alerts.
- Performance Metrics & Scalability: Cloud & On-Prem Scalability – Deployed on AWS, Azure, Google Cloud, or on-prem, supporting dynamic scaling.
Component Breakdown
- New Issuance Dashboard: Centralized interface displaying real-time market data, ensuring traders, analysts & asset managers have the latest updates on new bond issuances.
- Data Aggregation & Normalization: Reconciles multiple data sources into a standardized, user-defined format to improve accuracy.
- Reference & Analytical Data Storage: Stores market analytics, credit assessments, and pricing models to aid in decision-making.
- Order Management System (OMS) Integration: Ensures seamless allocation requests and execution within existing client workflows.
- Allocation Management: Automates and tracks allocation requests and confirmations from syndicate banks.
- Collaboration & Notifications: Embedded alerts and collaboration tools (e.g., Symphony, MS Teams) facilitate real-time communication between traders, portfolio managers, and credit analysts.
Event Processing Flow
- Data Ingestion: The system ingests deal data from external providers, such as DirectBooks, Bloomberg, and S&P Global.
- Normalization & Processing: The data is reconciled and standardized, ensuring consistency across multiple sources.
- Visualization & Alerts: Processed data is displayed on the New Issuance Dashboard, where users receive alerts and notifications.
- Decision & Order Placement: Investment teams collaborate using embedded communication tools to analyze deals and submit allocation requests.
- Order Execution & Allocation Tracking: Orders are routed to syndicate banks, with allocations received and processed.
- Client OMS Integration: Finalized allocations and executed orders are fed into the Client OMS, providing full workflow visibility.
