Stavanger Becomes First Municipality to Adopt Bloomberg Bond Auction System
October 05, 2015
Norway’s oil capital has already conducted two auction rounds on the platform
London – Norwegian city of Stavanger is the first municipality worldwide to conduct its bond auctions using the Bloomberg Professional service Bond Auction System (BAS), a fully managed auction platform. Two auction rounds have successfully been completed for a NOK 250 million bond issuance and a NOK 300 million certificates of deposit issuance.
“Stavanger, the centre of the oil industry in Norway, has chosen the Bloomberg Bond Auction System as it allows them to manage their bond auctions more efficiently,” says Nicholas Bean, Bloomberg’s Head of Fixed Income Trading Products. “The solution provides a cost-effective and secure way to manage operations for primary markets for issuers who would otherwise have to conduct a manual process, or have to build and implement their own solution.”
Lauritz Haarr, Finance Manager at Stavanger municipality, says, “We see multiple advantages in Bloomberg’s solution. Stavanger municipality uses the Bloomberg auction system both for refinancing older issues and to raise new capital in an efficient and less time consuming way. Also, the whole auction process can be monitored and tracked, and is stored for later reviews and internal controls, which is an important point for us. Having the data stored on a market platform with real-time prices also facilitates the portfolio management. Stavanger has a significant portfolio, like the other larger municipalities in Norway, and by streamlining the whole auction process we’re also communicating better with the market place.”
BAS is part of Bloomberg’s FIT (Fixed Income Trading) offering and is accessible on the Bloomberg Professional service. It allows government agencies and financial institutions to perform their auction tenders with dealers who submit their bids via Bloomberg.
BAS includes a fully managed auction platform with a high-level flexibility supporting both competitive and non-competitive bidding, configurable market templates, full auction life cycle and an extensive straight-through-processing (STP) system. Bloomberg’s Auction System can be combined with the E-Bond Trading Platform to provide a full solution extending into the secondary market.
About Bloomberg
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 325,000 subscribers globally. For more information, visit www.bloomberg.com/company
The Bloomberg Professional service is owned and distributed by Bloomberg Finance L.P. and its affiliates.
About Stavanger
Stavanger is the fourth largest city of Norway with 130,000 citizens. It is located in the South West, in the third most important urban region. Over the past 40 years oil and gas activities have shaped Stavanger into an international city. Today 22 percent of the city’s population originates from outside of Norway, representing 181 nationalities. www.stavanger.kommune.no
Media Contacts
Bloomberg L.P.
U.S., Allan Schoenberg, aschoenberg@bloomberg.net, +1-212-617-4787
EMEA, Anna Schoeffler, aschoeffler1@bloomberg.net, +44-20-3525- 0776
ASIA, Belina Tan, belina.tan@bloomberg.net, +65-6231-3637
LATIN AMERICA, Pam Snook, pamsnook@bloomberg.net, +1-212-617-7653
Stavanger Municipality
Lauritz Haarr, lauritz.haarr.d.y@stavanger.kommune.no, +47 95 91 96 24