ING Bank has completed its first Euro Commercial Paper (CP) transaction, issued by Dutch company Royal Friesland Campina, on the Onbrane platform for primary market issuance.
In November, ING’s dealing desk joined the platform to digitalise their Euro CP and NEU CP negotiation and issuance processes. This should allow ING to execute deals faster and eliminate operational errors. The onboarding process reportedly took three months, and ING plans to integrate its internal systems with Onbrane to allow for a more automated data flow and facilitate straight-through processing.
Onbrane is a French fintech company that focuses on providing solutions for the debt market using web-based technology. In September, Onbrane announced a partnership with Nasdaq, launching a new iteration of the platform called Nasdaq Primary powered by Onbrane. Through this partnership, Onbrane and Nasdaq aim to further develop the product offering and expand into more markets.
“In 2022, we have seen 20X more volume on Onbrane than in 2021,” says Pascal Lauffer, CEO & co-founder at Onbrane. “Teaming up with Nasdaq to launch ‘Nasdaq Primary powered by Onbrane’ and onboarding major market actors such as BNP have significantly accelerated the pace of Onbrane’s adoption. Currently, we have a strong pipeline of issuers, intermediaries, and asset managers at different stages of onboarding, and ING’s arrival has already become a powerful motivator for more market actors to join. The primary debt market is changing fast and we’re happy to provide our customers with the tools to enable and simplify this transformation.”
The platform is used daily by large players in Europe, including BNP Paribas, Société Générale, Urssaf, and Engie.
©Markets Media Europe 2022
