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A corner of the debt capital markets known for still sending official notifications via email and even the occasional fax is poised for a modern update. Bank of America, Citigroup, and JPMorgan are developing a new platform for the $4t syndicated loan market that would let lenders access data across their portfolio all in one place. Currently, lenders receive a hodgepodge of updates on each individual loan and it’s a headache for investors who often have to manually update that data into their own internal systems.
“Our clients are spending too much time chasing each individual agent bank for confirming and reconciliation of what they actually own, and this will really give them the power to do some of that themselves,” Alex Naboicheck, head of U.S. leveraged loan trading at Bank of America, said in an interview.
