Ipreo’s Investor Access system for bookbuilding primary bond deals will go live in December this year, following more than a year of piloting the scheme. Eleven banks are on board already, with two more, thought to be Credit Suisse and UniCredit, likely to join before the launch, but it remains controversial, with some fearing a loss of influence and control for the lead managers, and others concerned about the rise of a new market monopoly.
On the surface, the system is a superficial, technical change to the new issue process. Instead of putting in their orders for a new issue to the sales coverage at a lead manager, investors will submit them directly into an order book, accessible by all the lead managers.
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