Origin and Allen & Overy to Automate Legal Documentation for Debt Capital Markets
19th June 2018 – London: Origin, a capital markets fintech company, and Allen & Overy, one of the leading international law firms, have announced the successful launch of software for the automatic drafting of final terms for the debt capital markets.
Transaction volumes between Origin clients continue to grow, with the platform recording $4.5bn of issuance across 110 transactions in the first half of the year.
Origin’s debt capital markets origination platform launched a year ago, and now counts 16 dealers and over 56 frequent borrowers on board. Clients include investment banks such as Mizuho International, Credit Agricole Corporate and Investment Bank, and Danske Bank, and frequent issuers such as the European Bank of Reconstruction and Development, ABN Amro, Hitatchi Capital UK, and Grupo ACS. The system is used by over 500 professionals worldwide in 45 cities.
The Origin platform has expanded beyond showing the initial contributions of funding requirements from issuers, and now includes a comprehensive transactional workflow tool. Dealers can automatically draft termsheets for issuers directly on the system, receive mandates, and keep track of trades that are in progress or that have been executed.
In collaboration with Allen & Overy, Origin has extended the workflow tool to include the automatic drafting of final terms. The tool can handle any issuer borrowing with a European or Global Medium Term Note Programme.
“By encoding issuers’ documentation into Origin’s easy to use wizard, thousands of legal hours can be saved across the industry in the processing of final terms documents,” said Richard Cohen, Senior Associate at Allen & Overy. “This is a great example of how getting the interface right between legal advice and technology can create a real opportunity to improve efficiency and optimise processes in a transparent and use friendly way” added Philip Smith, Partner at Allen & Overy.
The tool is being tested with IFC, one of the most frequent issuers in the market and an existing Origin client. Flora Chao, Head of Funding from IFC said, “As a regular issuer, we have to process thousands of pages of legal documents every year to support our funding program. The costs and operational risks associated with doing it manually are considerable. We’re very excited to help develop this tool together with Origin and A&O.”
Origin and Allen & Overy expect testing of the tool to continue with a wider pool of issuers, before a live launch of the service by the end of the year.
Origin has built the world’s first digital debt capital markets origination platform, connecting frequent borrowers including corporations, governments, and financial institutions to both regional and global investment banks worldwide. Origin helps borrowers diversify their sources of funding, while helping investment banks automate many of the manual tasks involved in debt issuance. Origin’s pioneering workflow solution automates and standardises legal documentation, and the company is developing tools to automate clearing and settlement. Since its public launch in 2017, Origin has grown to include over 500 users in 35 cities worldwide, across over 15 investment banks and 55 institutional borrowers. For more information, please visit https://originmarkets.com or contact us at email@example.com.
Allen & Overy
1. Allen & Overy is an international legal practice with approximately 5500 people, including some 550 partners, working in 44 offices worldwide.
2. In this press release ‘Allen & Overy’ means Allen & Overy LLP and/or its affiliated undertakings.
3. The term ‘partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.