Versana announced that Citi has connected to its digital platform, enabling data from syndicated loans administered by the lender to be available in real time to the platform’s clients, Versana said in a news release.
Citi joins Versana’s other three founding investors — Bank of America, Credit Suisse, and JPMorgan — in centralizing global reference, historical transaction, position and floating-rate contract details for the $7 trillion syndicated loan and private credit markets.
“With Citi’s connectivity to Versana, we continue to deliver on our mandate to digitally centralize administrative agents’ data on one platform across the corporate loan asset class,” CEO Cynthia E. Sachs said in the statement.
Versana launched in December with the goal of streamlining the syndicated loan market, which has so little standardization that investors often get updates on their positions through a hodgepodge of emails, instant messages and phone calls. The platform digitally captures agent banks’ deal data on a real-time basis.
Written by Jeannine Amodeo for Bloomberg
