Private Debt Investor: New platform aims to digitise leveraged loan market data

New platform aims to digitise leveraged loan market data 

Four big banks have named Cynthia Sachs to head the effort to centralise and standardise back-office records in real time.  

A group of four big banks has christened a new platform that will centralise and standardise data on leveraged loans in real time, from origination to syndication, and named Cynthia Sachs as its chief executive officer.

The platform, called Versana, aims to reduce inefficiencies and create more transparency for banks as administrative agents and institutional investors who participate in the $5 trillion leveraged loan market to record and view their back-office books and records in real time. The four banks are JPMorgan Chase, Bank of America, Citi and Credit Suisse, which recently joined the group. The platform, which is expected to launch later this year, is equally owned by all four banks.

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