A corner of the debt capital markets known for still sending official notifications via email and even the occasional fax is poised for a modern update.
Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are developing a new platform for the $4 trillion syndicated loan market that would let lenders access data across their portfolio all in one place. Currently, lenders receive a hodgepodge of updates on each individual loan -- interest payment notices and requests for amendments, for example. It’s a headache for investors who often have to manually update that data into their own internal systems.
