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Banks Launch Bond Platform DirectBooks Amid Issuance Surge

  • Firm seeks to revamp how high-grade company debt is issued
  • Blue-chip bond sales have reached record $1.7 trillion in 2020
Updated on

DirectBooks LLC, a new bond-ordering system backed by Wall Street’s biggest banks, took its first steps Thursday toward a process its backers predict will transform the way trillions of dollars of company debt is marketed and sold to investors.

Founded by Bank of America Corp., Barclays Plc, BNP Paribas SA, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co., the new platform will initially provide deal announcements and updates for U.S. dollar investment-grade bond sales, according to a company statement. The ability of investors to place orders and dealers to make allocations will come later, and the firm plans to integrate euro-denominated offerings in the first half of 2021.