RBC Capital Markets Joins DirectBooks
DirectBooks™, the capital markets consortium founded to optimize global financing markets, today announced that RBC Capital Markets has joined the DirectBooks platform. Addressing inefficiencies in the marketplace across multiple communication channels, DirectBooks is simplifying the primary issuance process through the use of structured data and streamlined communications.
The DirectBooks platform first launched 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. The product set will continue to expand globally with Euro deals, as well as orders and allocations functionality. Onboarding of additional dealers and institutional investors will continue to be phased in throughout 2021.
“The power of our global network continues to grow as we welcome RBC Capital Markets to the platform, and as we further expand beyond our initial founding banks,” said DirectBooks CEO, Rich Kerschner.
“The creation of DirectBooks answered an urgent need for a truly integrated and digital solution to the primary issuance market,” said Dan Botoff, Managing Director, Head of US Investment Grade Syndicate at RBC Capital Markets. “We’re committed to providing best-in-class solutions to our clients and DirectBooks was a clear answer for us.”
The order book was the largest for a sovereign green transaction.
RBC Capital Markets paid more than $800,000 to resolve charges that it engaged in unfair dealing in munis.
Electronification of the municipal bond market also presents a large opportunity.
The success of Northbound trading showed electronic execution is way forward for the bond market.
Investors will be able to better assess the economic stability and creditworthiness of issuers.