BWIC Updates History

We’re improving our product with every update.
Stay tuned for news and useful features.

New Release - May 6, 2021

Improvements:

With one click, Sellers can view Dealers who have submitted bids.

During a BWIC, Sellers can search the Dealer's panel to easily view bids from specific broker-dealers.

When the Seller clicks on a ticker during a BWIC, all bids tab is shown by default.

Release - Apr 19, 2021

New Features:

Standardized Blast Messages to bidders

Save time by sending Blast Messages to all bidders. BWIC Reminder: “Please submit your bid or indicate that you pass”. Send this message as a reminder to those invited who did not submit a bid. Final Improvement Request: “Please submit your final level”. Choose to send to Top 3, Top 5 or All. Depending on the protocol, send this message to the appropriate number of bidders to conclude your BWIC.

Bank salespeople have a dedicated Viewer role/tools

KopenTech has features that are helpful for salespeople to manage orders and track market data: - AMR Refinancings - Electronic BWIC 
Trading - Issuance Monitor - CLO Inventory - Market Monitoring KopenTech AMR has a built-in order management system that helps salespeople collect client bids in preparation for bidding in AMR auctions. KopenTech BWIC has helpful market monitoring features including online BWIC bidding monitoring as well as primary and secondary market surveillance features.

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Improvements:

The improved bidding screen layout allows customization, faster data entry, autosaving and ability to mark dealers as Favorites.

Improved auto-feedback functionality automating BWIC status updates and significantly reducing communication efforts.

More details about the release...

Release - Mar 23, 2021

Improvements:

Improved flow for Bid On Behalf and Live Bidding for Sellers.

Sellers now have the ability to see their favorite broker-dealers on New BWIC Step 3 and Dealers pages.

Additional roles for broker-dealers and asset managers.

Release - Feb 4, 2021

Improvements:

New Table: Biggest Movers

The Biggest Movers table shows the largest price changes from prior traded levels over the last 30 days. This table is updated daily at 6:00 PM EST and excludes all DNT’d securities.

Bug Fixes:

Minimized graph view & unified filters on the Dashboard page.

Ability to upload user photo in the Account Settings.

Ability to see user’s Kopentech Sales Representatives.

Release - Jan 11, 2021

New Features:

CLO Issuance Monitor

The Issuance Monitor is a centralized portal for all primary activity: new issues, refis and resets. With this portal, our objective is to have a centralized location and standardized approach to collecting deal information. When you arrive on the Issuance Monitor page, you’ll immediately see similar filters to the BWIC monitor. Advanced filtering tools are available to search for specific transaction types, ratings, reinvestment, or non-call periods along with 15 other portfolio characteristics. Investors will be able to access granular deal details in five intuitive sections.

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Improvements:

New Graph: Px Talk Deviation from Color - Px Talk Accuracy Barometer

Average Px Talk Deviation from Color (PTDC) is a measure of aggregate broker-dealer Px Talk accuracy. For each trade where color is provided, we find the absolute error between the actual color price and the average Px Talk value across dealers. The higher the value, the less accurate dealers are in predicting actual prices at that point in time. The higher the error value, the less liquid the market.

New Table: Most Traded Bonds

The Most Traded Bonds table shows which tickers have been traded the most in the past 30 days. This table is updated daily at 6:00 PM EST.

Release - Dec 23, 2020

Improvements:

New Graph: Security Lookup: Px Talk & Color Dispersion

This interactive security look-up feature allows investors to view pricing data over a customized length of time. Over six years of historical data are available for analysis, visualization and download.

New Graph: DNT % - Barometer of Demand

The Did Not Trade (DNT) rate is a widely-used measure of demand. It is the percentage of bonds that were sent out on BWICs and tagged DNT, meaning "did not trade," or no trade agreement was reached. The higher the value, the less implied liquidity exists in the market.

New Graph: BWICs as % of TRACE

The graph shows BWICs as a percentage of the TRACE reported volume broken down by IG and HY.

Release - Nov 30, 2020

Improvements:

New Graph: Trading Volume Barometers

FINRA’s TRACE database is comprised of daily BWIC trades as well as bilateral trading activity broken down between IG and HY.

New Graph: TRACE Broker-Dealer Net Flow

TRACE reports the daily volumes of how much customers buy and sell from broker-dealers in terms of positive or negative dealer net flow. When dealers have a positive net flow, they purchase more bonds from customers vs. what they sell and vice versa.

Seller can increase or decrease Bids on Behalf.

Release - Nov 11, 2020

New Features:

E-bidding Multi-Dealer Functionality

Complete CLO secondary marketplace: access dealer price talk and color. Export, search or filter data for your own analysis. Historical data: explore data for going back over six years. See security information, up-to-date rating and graphical representation of historical px talk & color.

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Improvements:

New Graph: Price Ranges by Rating

The Price Levels graph shows price dispersion by rating. Hover for full quartile statistics.

New table: Dealers Stats (for Sellers on the My BWICs page)

The Dealers Stats page is a comprehensive overview of participation from broker-dealers on your BWICs including px talk, improvement patterns and bids by rating.

Release - Oct 7, 2020

New Features:

Evaluate dealer bidding across BWIC history

Get dealer performance statistics at your fingertips including participation rates, px talk frequency and accuracy as well as trading/winning statistics.

Multi-Factor Authentication

Users now have the ability to log in to KopenTech BWIC using Multi-Factor Authentication (MFA).

Improvements:

New Graph: Daily Trade Analysis

See statistics from today’s BWIC trading session, including posted and traded volume, security count, DNT rates and Color rates. Quickly compare Px Talk and Color across ratings.

New Graph: Same-day BWIC % - Stability Barometer

The Same-day BWIC Rate is the percentage of bonds that were announced for sale to investors and traded on the same day via BWIC. Most BWICs are announced 48 hours in advance to allow bidders enough time to research the bonds in question. It can be used as more of an abstract measure of market sentiment, with a higher value indicating more stress.

Release - Sep 7, 2020

New Features:

Bidding Auto-Feedback

Improve BWIC efficiently: automate feedback to dealers. Toggle on/off any time during BWIC. Notify platform dealers via system messages and off-platform dealers via email.

Improvements:

New Graph: Color % - Transparency Barometer

The Color Rate graph represents the percentage of BWIC trades where price information is provided in the post-trade color. It can be used as a measure of market transparency, with higher values indicating more transparency.

Release - Aug 19, 2020

New Features:

Security details combined in a side panel

Open the security panel from a portfolio or individual BWIC page, view Fitch/S&P ratings, export historical trades and download deal docs.

Improvements:

Email alerts

Enable a wide range of email alerts in Account Settings. Daily market recap and alerts by ratings are now available.

Within the Address Book and BWIC Participants tab, Sellers can invite to join all users in one click.

Release - Jun 30, 2020

New Features:

New BWIC Selling Protocol – Live Bidding

Live Bidding is an innovative method of conducting a BWIC. Historically, CLO BWICs have been conducted in a first-price sealed-bid auction format in which: - Bidders submit sealed bids directly to the seller - None of the participants know one another‘s bids - The top bidder pays the submitted price Live Bidding is a methodology that allows a Seller to conduct a 2-stage BWIC. The first stage is like a normal BWIC but for only 30 minutes. At the end of that 30 minutes, the top 3 bidders on each listing will be promoted to a second round in which the current best price is shown to all 3 bidders. When a new high price is submitted, the other 2 dealers have 5 minutes to improve upon it. If 5 minutes time expires with no additional bids, the highest submitted bid wins the bond.

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Improvements:

Export data on Blotter page to Excel.

Broker-dealers can invite buyside clients.

Release - Apr 30, 2020

Improvements:

New Graph: Scheduled BWICs

The scheduled BWICS bar graph displays upcoming BWICs, broken out by ratings and updated in real-time. Filtering by currency is available.

New Graph: Scheduled BWICs Heatmap

Our heatmap enables investors to visualize upcoming BWICs through colored tiles. The tiles are colored more intensely when larger notional is scheduled and the number of securities is displayed next to volume. The heatmap helps both buyers and sellers to schedule their participation. Sellers can avoid busy periods to get better participation from broker-dealers.

Release - Mar 17, 2020

New Features:

Historical Data for Your Securities

Simplify your month-end pricing with historical data stored in one centralized place.

Portfolio Alerts

Get notified when securities from your portfolio are on an upcoming BWIC. Toggle on an alert for all portfolios or for a specific portfolio.

Improvements:

New Table: My Scheduled BWICs

My BWICS shows any BWICs you scheduled as a seller. My Bids shows any bids you placed on the upcoming
BWICs via KopenTech’s multi-dealer bidding platform.

Invite Broker-Dealers

Invite Broker-Dealers with whom you trade to join the KopenTech BWIC platform.

Add Additional Traders

Add additional traders from your firm instantly.

Add Company Contacts

Add your ops, compliance, billing, and other company contacts for streamlined communication.

Visual historical prices

View combined Price Talk, Trade Color and Implied Levels from DNT trades in one price graph.

Zoom in on the details

Hover over plots to see specific data points.

Release - Feb 10, 2020

New Features:

Off-Platform Dealers

Bid-on-behalf feature allows you to add bids for off-platform dealers. Add off-platform bids in 3 steps: - Step 1: Select Broker-Dealer - Step 2: Enter bid(s) - Step 3: Confirm bid(s)

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