OpenBook Auction
The OpenBook® auction is a process for auctioning corporate bonds to investors on the Web. The process brings a number of important benefits to participants, including:
- Transparency. The 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. The 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. The OpenBook auction results in access to bonds, not allocation, with early market orders receiving highest priority for full bond awards.
The 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 our OpenBook type of auction works and welcome your participation
in future deals. Click here
to learn how to participate in OpenBook auctions.
A patent is pending on the OpenBook Auction System.
OpenBook is a registered service mark of WR Hambrecht + Co.
