DZ Bank launches new MTN platform

DZ Bank launched InGen this week. The new medium term note (MTN) trading platform aims to simplify the reverse inquiry process.

  • By Frank Jackman
  • 06 Jun 2019
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According the bank, InGen allows investors to search through private placements from almost 200 issuers and make decisions based on criteria such as yield, term, sector and structure, among others factors.

“Securities in private placement format are issued in many different shapes and sizes,” said Friedrich Luithlen, head of debt capital markets at DZ Bank in a statement. “The large number of possible combinations often makes it difficult for investors to make the right choice.”

The platform works by giving institutional investors the option of filtering private placements to match their preferences. InGen then supplies what it thinks best matches the investors’ criteria, and lists them based on potential returns in real time.

Developing the pricing engine took DZ Bank’s Innovation Lab two years.

Trades cannot be completed on the platform, and still require investors to call the MTN desk to finish the deal.

While MTN dealers were happy to see another platform take on Origin, they are still waiting for a system that can close deal electronically.

“There’s nothing wrong with electronic platforms consolidating information, but the important part is the ability to close a transaction and we still aren’t close to being able to do that on these platforms,” said a MTN banker. “What would be good is to have something like the electronic bookbuilding systems employed on some public market trades.”

  • By Frank Jackman
  • 06 Jun 2019

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,855.48 22 11.53%
2 HSBC 11,564.92 14 8.97%
3 Citi 11,516.11 17 8.94%
4 BNP Paribas 9,658.90 15 7.50%
5 SG Corporate & Investment Banking 9,565.12 12 7.42%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 22,825.14 52 12.69%
2 JPMorgan 19,716.36 48 10.96%
3 Barclays 12,625.49 27 7.02%
4 HSBC 11,868.27 28 6.60%
5 Deutsche Bank 11,082.27 24 6.16%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 30,754.04 60 10.11%
2 HSBC 21,914.95 64 7.20%
3 Credit Agricole CIB 21,079.26 45 6.93%
4 BNP Paribas 20,894.22 43 6.87%
5 Goldman Sachs 18,777.54 34 6.17%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 55,898.32 241 8.17%
2 HSBC 44,170.70 155 6.46%
3 Citi 43,504.97 122 6.36%
4 Barclays 36,671.77 126 5.36%
5 Deutsche Bank 29,979.56 91 4.38%