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DirectBooks and Axoni announced that they have launched a core service to simplify and evolve the primary issuance process for corporate bonds. The service will be supported by 9 global banks, consisting of Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo.
"It is exciting to be able to launch our platform this year and move from start-up to scale-up," said DirectBooks CEO, Rich Kerschner. "The combination of our market knowledge, talented team, advanced and scalable technology, and growing network of market participants, has enabled DirectBooks to continue to move forward despite challenging working conditions in 2020." The DirectBooks platform launched initially with deal announcement functionality for globally distributed U.S. Dollar Investment Grade issuances, offering a common set of structured deal data and document access for institutional investors. Orders and Allocations functionality will be added next, and the product set will continue to expand globally with Euro deals in the first half of 2021. Onboarding of additional dealers and institutional investors will continue to be phased in throughout this quarter and into 2021.
