A new record!
So, summer is well and truly over, and the market has had a rip-roaring return “back to school.” Excitingly for us, this week, Origin has hit an exciting new milestone, breaking another record in our Documentation product. We’ve now processed 140 transactions year to date via Origin Documentation, breaking last year’s record of 138… and we still have over 3 months left to go in the year.
We thought it’d be cool to break down these 140 transactions to give you some insight into the depth and breadth of usage of Origin across the market so far this year.
Market Breadth
We helped process transactions for 57 different issuers, helping them raise over USD 26bn in funding. These issuers were a diverse crowd, including corporates, financials, and public sector borrowers. They are from all corners of the world, including Australia, South East Asia, MENA, Europe, and North America. Supporting them were 14 different dealers, including a mix of large global bulge bracket banks, and smaller regional leaders. Breaking down our transaction volume by issuer type:
FIG 77 (55%)
SSA 38 (27%)
Corp 25 (18%)
Transaction Types
Origin Documentation started life facilitating private placement EMTN transactions. Since then, we have expanded the product to cover nearly every type of debt security issuance…from short dated very simple CDs / money-market instruments all the way through to large, syndicated, multi-tranche benchmark transactions. In particular, as more Dealers have joined the platform, the scope for supporting syndicated transactions has increased substantially.
So far this year, we’ve supported 27 syndicated trades and the other 113 were non-syndicated. Of the non-syndicated trades, 24 were CDs, and the balance (89) were MTNs.
Currencies
We helped process transactions in 11 different currencies, including G3 (USD, EUR, JPY), other European currencies (GBP, SEK, NOK, CHF), and Asian currencies (AUD, HKD, CNH, and INR). The transaction type heavily influenced the currency of transaction:
Our 27 syndicated trades were all denominated in European currencies: 21 in EUR, 3 in SEK, 2 in NOK, and 1 in GBP.
Meanwhile our 24 CD trades were all sold in APAC: 12 were USD, 9 were HKD and 3 were CNH.
The other 89 transactions were MTN private placements with a good spread of currencies. Interestingly our most active currency was SEK, reflecting the traction we’ve managed to achieve in the Nordic region (as well as the general market tendency in that region to finance through short dated PPs).
Maturities
With support for CDs, MTN private placements, and syndicated benchmark issuance, we are now processing trades across the entire curve. Broken down by maturity bucket, we can see the most popular maturity is in the 3-6y, and the vast majority of transactions are under 6y. As Origin gets adopted more widely, it will be interesting to see how this distribution evolves:
Accelerating traction
We did our first live transaction via Origin Documentation over 5 years ago. Since then, our product has grown and evolved, and now includes support for more transaction types, currencies, and documentation formats. Additionally, we’ve built out our suite of integrations with exchanges, CSDs, paying agents, and market data companies, slowly but surely automating away the manual steps involved in issuing a security. We still have plenty of work to do, but we’re proud to see the efforts we’ve put in translate to real traction with real trades in the market. Excitingly, it’s only the middle of September… we can’t wait to see where we’ll be by year-end!