OpenBook: Benefits

"A Seat on the Syndicate Desk"

Issuers and Investors can gauge demand for an issue directly as a deal unfolds, without the information filters of the traditional syndication process.

Valuable Information about Market Conditions

OpenBook provides investors with unique information about the supply and demand dynamics of the corporate bond marketplace. This information will be available on an historical basis to investors that have been awarded bonds in an auction.

Access to Bonds

Successful bidders can buy the amount of bonds they want in a deal.

Greater Price Stability in the Secondary Market

Investors awarded bonds in an OpenBook auction get the amount of bonds they want, at the price they bid (or cheaper). OpenBook should result in greater price stability of an issue in the secondary market because securities are more likely to be placed with long-term investors.

Broader Investor Base

Because OpenBook is accessible on the Web, the system offers a far wider potential distribution of securities than is available through existing channels.