Origin moves into deal execution for private placements
The new platform for borrowers to display indicated funding terms at which they will strike private placement deals is expanding fast.
Origin, the fintech platform for issuers in the private placement market to distribute target funding terms to chosen dealer banks in the hope dealers can find an investor to match, has grown fast since its beta launch at the start of 2017.
Back then, Origin had six investment banks – BNP Paribas, DekaBank, Bank of America Merrill Lynch, Société Générale Corporate and Investment Banking, Credit Suisse and Daiwa – receiving terms from 22 international borrowers.
When Euromoney catches up this summer with chief executive Raja Palaniappan, who co-founded the business after leaving his derivatives dealing desk at Credit Suisse in 2015, Origin has grown to 15 dealer banks and 58 borrowers. These borrowers reflect the typical frequent issuers of small, targeted private placements, comprising 38 financial institutions, 17 supranationals and three corporate issuers.
The firm grew fast in Europe. Four of the top five Nordic dealers in private placements, for example, use Origin, and most of the region’s frequent issuers – but this is now a global business.
“We’ve seen great progress with clients, with borrowers from Europe, North America, South America, Africa and the Middle East now using Origin,” says Palaniappan.