OpenBook^® is a process for auctioning corporate bonds to investors on the Web. The process brings a number of important benefits to participants, including:

• Transparency. an OpenBook auction reveals a real-time, fully visible demand curve for a bond issue as it unfolds, resulting in improved distribution and enhanced liquidity.
• Bookbuilding. an OpenBook auction is an interactive bookbuilder that gives priority to investors who bid early while leaving the flexibility to place a final, undisclosed bid.
• Access. an OpenBook auction results in access to bonds, not allocation, with early market orders receiving highest priority for full bond awards.

OpenBook auction creates a transparent new issue market, offers all bidders equal access to securities, and gives both investors and issuers a seat on the syndicate desk.”

We invite you to learn more about how OpenBook auction system works and welcome your participation in future deals. Click here to learn how to participate in an OpenBook auctions.

A patent is pending on the OpenBook Auction System.
OpenBook is a registered service mark of WR Hambrecht + Co