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BNP Paribas Group launches ISSUEMASTER Internet bond syndication system

The Fixed Income division of the BNP Paribas Group today announced the launch of IssueMaster, the bank's Internet bond syndication system.

IssueMaster is a web-based online ordering system that gives institutional investors the ability to apply for an allocation of a new debt issue. It allows investors to view details of the amount that they have applied for, and add to it at any time during the syndication period. For the issuer, it offers the ability to see the take up of the issue in real-time. At the point that the issue is closed, the allocations to investors are made available through the website.

David Ovenden, global head of syndication commented, "Although the opportunities to develop this for the retail market are obvious, what sets us apart from our competitors is the fact that that we have built this as an institutional system. Other products in the bond market tend to be based on the retail broker ordering systems. IssueMaster grew out of the work we did with the EIB last year."

As arranger of a debt exchange offer for the European Investment Bank, Paribas organised the first international bond transaction and the largest financial transaction in the history of the Internet. Nearly EUR800 million of bonds were exchanged during three days, from Wednesday 23 to Friday 25 June 1999, on a specially developed Internet site.

IssueMaster was developed in ASP running on the existing web IIS farm. The system uses application level security with 128bit SSL encryption.