A new platform for the syndicated loan market called Versana launched on Tuesday, with the goal to streamline a part of the debt capital markets that has so little standardization that investors often get updates on their positions through a hodgepodge of emails, instant messages, phone calls, and even the occasional fax.
- Founding banks involved in the platform include JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., and Credit Suisse Group AG, according to a news statement
- The platform will digitally capture agent banks’ deal data on a real-time basis. Investors holding loans where the participating banks are administrative agent will be able to see positions on a fund-by-fund basis, historical cash flows, base rate contract details, and receive digitized event notices
- The platform is currently focused on the roughly $1.4 trillion US leveraged loan market, or Term Loan Bs held by institutional investors, and also the Term Loan A portion of the market that is typically held by banks. The platform expects to expand to other types of services and loans, such as revolving credit facilities, Bloomberg reported in March