Best site for MTNs: BNP Paribas
Runner-up: UBS Warburg
MTNMaster, the BNP Paribas website, enables issuers and investors to look at real-time indicative levels across the curve for every name BNP Paribas deals with, swapped into five currencies and both fixed and floating yields.
This feature frees up trader and sales time, and enables a client to search for a programme by several criteria, including yield, tenor, sector, and rating.
After finding a suitable programme, users can click through to a short description of the issuer, giving information such as its domicile, ticker and ratings.
One key feature is the Project Monitor tool, which facilitates more complex trades, structured to handle reverse enquiries. The tool provides a shared space for negotiations between bank, issuer and investor, with messaging facilities and information on projects. This includes size and maturity ranges, structures, minimum ratings, termsheets, and detailed comments added over time by both internal and external users as they collaborate on a deal.
As so often with a well-designed site, the benefits are internal as well as external. Daniel Cogoi, global head of MTNs at the bank, says: "The site lets us leverage a much larger number of people. It's a very efficient way of sharing information about a project that complements the daily meetings and emails very well.