Former Deutsche markets executives launch primary debt platform in Singapore

Covalent Capital’s OMAS platform seeks to digitize primary bond issues; the MAS is a backer.

A Singapore fintech filled with alumni from Deutsche’s once-dominant global markets business seeks to revolutionize primary debt capital markets (DCM).

Covalent Capital held at the end of November a launch event for OMAS, a bond issuance product that seeks to be a one-stop shop for the lifecycle of any new bond deal.

The platform, which has the backing of the Monetary Authority of Singapore (MAS) through its financial sector development fund sandbox initiative, centralizes and disseminates information on a new issue from mandate to roadshows, pricing and allocation.

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Sanjay Garodia,
Covalent Capital

“Unlike secondary, where you have clearly defined parameters, when you start with a primary process, very few things are defined,” says Sanjay Garodia, founder and CEO of Covalent Capital.

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