The simulation allowed all the parties – including two leading dealer banks, a transaction counsel and a leading European frequent issuer – to produce and negotiate a complete set of transaction documents in English and German on NowDocs, NowCM’s documentation platform.
The key transaction information and new issue data was shared electronically with Liquidnet’s primary market workflow tools, designed to connect institutional investors to actionable electronic data in the syndication process.
According to CEO and founder of NowCM Robert Koller, this will not only give flexibility in the production of transaction documents but will also allow an unlimited number of parties – including both investors and dealer banks within a MiFID II compliant environment – to negotiate live syndicated debt transactions.
The group should make several rollout announcements in the coming weeks, showing thus the benefits of a “fully integrated value chain which is truly end-to-end and not only focused on a small part of the issuance process. The digital primary debt markets are now ready for take-off.”
As Head of Primary Markets at Liquidnet Paul Tregidgo specified, this successful outcome shows “the importance of connectivity between various parties of the transaction chain”.