Game-Changing New Issuer Grid

THE IMPORTANCE OF LISTENING

Prospective clients often ask me what we’ve learned from our existing customers since they’ve started using Origin. It’s a great question, because I think the measure of a great business is to see what they’ve learned from their existing customers and how they’ve adapted as a result.

At Origin, we take this very seriously. We’re constantly asking our customers to tell us, honestly, how we’re doing. Are we living up their expectations? Is their business being helped by our product? Are we adding value? Can we do more?

The great thing about the way we design, build, and deploy new features is that we can listen to the our customer’s feedback, and very quickly implement changes they might recommend. In this sense, we can be hyperreactive.

With our technology hosted in the cloud, we are constantly iterating, upgrading, and deploying new features and improvements to our product. As a result, whilst we’ve met some large institutions who’ve built proprietary systems that do the basics of what we do, we believe that our agility, and our willingness to listen and respond to our customers’ needs makes our solution more robust and comprehensive than anything out there in the market.

HOW OUR CUSTOMERS ARE SHAPING OUR FUTURE

When we first started out, we thought the primary value in the Origin platform would be to help dealers save time by allowing them to collect static data and funding targets from their issuer clients. For sure, we know we help here.

But we’re learning new things, too, which is shaping the future of our product.

We’re discovering that dealers are actually using Origin as a tool for origination… Of course, the clue is in the name! For many dealers without a global DCM franchise, Origin is an effective, efficient way to connect with borrowers outside of their core geographies. In fact, we have seen concrete transactions between dealers and issuers who met for the very first time on the Origin platform.

Extending this, one of the most interesting value propositions that we’ve learned is that we are helping to connect internal origination and distribution teams within each dealer.

When we launched, our main users were on the MTN desk. But we were soon asked to add users in other functions, too, such as syndicate, DCM, and also, importantly, structuring and sales. The latter two are particularly important because they are the liaison with the buy-side –  they’re the ones speaking to investors daily and reacting to their reverse enquiries.

Of course, sales and origination have always been in contact, this isn’t new. But before Origin, the primary methods of communication between these functions were email, Bloomberg, and the telephone. Price information would often be shared via messy spreadsheets, each only as good as the last time someone bothered to check prices, which could have been weeks ago. This process is particularly messy when trying to connect origination and distribution teams across different timezones.

With Origin, the whole organisation marches to the same beat. Every morning, we see salespeople logging in from Australia, Japan, Singapore and Hong Kong. They’re using the real time funding targets and pricing calculators, and are able to have real, up-to-date conversations with investors. When their European origination colleagues get in a few hours later, they have trades lined up, ready to execute. Fewer opportunities are slipping through the cracks. We’ve even seen a dealer win a trade because sales and origination who were in the same building, but sat on different sides of the trading floor, were able to work together more efficiently and react to an opportunity faster than the competition.

That’s what Origin does. It brings transparency and efficiency to a fast-paced, turbulent space.

HOW WE’VE RESPONDED

In response to these learnings, today we’re proud and delighted to announce the release of one of the most exciting features we’ve built to date. We believe it will help sales make use of the data available via the Origin platform to an even greater extent.

Here’s how this new issuer grid works:

Most transactions start with an investor’s reverse enquiry, which generally looks something like:

“Hi, I’m looking for USD 25mm of 10-15y paper, with a minimum rating of A-, and a yield of 1%.”

Taking inspiration from our favorite flight booking websites, we’ve created a search interface that simply matches the inputs of that reverse enquiry, making it easy for a salesperson to plug in the parameters, and return a shortlist of results.

Secondary filters can then be applied that allows the user to drill down into even more detail if they wish, filtering their search results by country of issuer, documentation format, or a host of other parameters.

And because we have cross currency calculations built into the system, results are returned to the user in the currency and funding terms that the investor is looking for, i.e. USD fixed yield, 3m€ floating spread etc.

AND WE’RE NOT STOPPING THERE

What’s really exciting for us is to think about how we can extend this functionality even further.

With the addition of this search function and search parameters, we can also start to suggest suggestions for taps, or, even, begin to offer a choice of secondary market trades. Also, we can start to feed information back to issuers, giving them colour on the maturities, currencies, and structures that investors are looking for. Of course, issuers get some of this market colour from their dealers, but, now with Origin, that colour will be real-time, systematic, and data driven.

OUR APPROACH IS OUR APPROACH FOR THE LONG TERM

This new feature is just one example of how we aim to work with our customers, to evolve Origin into an ever-more integral part of their workflow. We’ve come a long way in just 10 months, and we can’t wait to see where we’ll be in the next 10 months or, hopefully, 10 years.

A NOTE…

If you have an existing Origin account, you can access the new search functionality in the issuer grid dropdown here:

If you don’t yet have access to Origin, you can request a tour of our platform here.

Otherwise, please don’t hesitate to get in touch with one of us at sales@originmarkets.com to talk about how we can get you on board.