Platform Release Notes

Refi/Reset Alerts Are Now Available for Portfolios

In the midst of a busy calendar filled with refis and resets, it can be easy to lose track of what’s coming up in your pipeline. With so many syndicate deadlines requiring timely responses, staying on top of these schedules is crucial. To help streamline this process, we’re excited to introduce a new portfolio alert feature. Now, with Refi/Reset Alerts for your portfolios, you'll receive notifications whenever a new refi/reset submission for a deal in your portfolio appears on the Issuance Monitor. You’ll also be notified as soon as we receive information on Roller Deadlines for your deals, with two additional alerts: one in the morning on the deadline day and another 3 hours before the deadline expires. This ensures you're always informed and prepared to act promptly.

Introducing: Deal Documents Feature Across the Platform

We’re excited to announce the launch of our new Deal Documents feature, providing a centralized hub for all your CLO deal documentation needs. Whether you’re bidding on a BWIC or managing your portfolio holdings, you now have seamless access to critical documents like Offering Memorandums, Indentures, Quarterly Payment Reports, and Monthly Collateral Reports—all in one place. With just one click, you can download entire sets of documents or hand-pick the ones you need. Stay ahead of the game with 70% of CLOs already covered and full coverage planned within the next 6 months. Access documents easily via the document icon in the ‘Docs’ column on the BWIC Monitor, Dealer Inventory, Portfolio, or CLO Manager Profile tabs. Now, you’ll be fully prepared for every BWIC trading session—CLO investing has never been easier!

Aggregated yearly charts: Top-10, Static Deal, Debut Manager

We've improved the filtering options on the Top-10, Static Deals, and Debut Managers charts by adding an 'All' option to the 'Years' filter. This enables you to easily see cumulative data across all years, providing a more comprehensive analysis.

Volume data for Issuance Monitor graphs and charts

We've expanded the primary issuance graphs and charts to include volume data for refi and reset transactions, in addition to the previously existing deal count graph.

Navigation between related transactions details

We have simplified the navigation. You will now see a dropdown menu for all prior related transactions (new issues, refis, and resets). By selecting a transaction of interest, you can quickly open the specific deal, making navigation faster and easier.

Sort by 'Coupon' on Issuance Monitor Class View

We've added the ability to sort by the 'Coupon' column on the Class (Rating) View tab of the Issuance Monitor. This feature allows you to quickly see the range of coupons used by various classes of securities and helps determine the OID (Original Issue Discount) for specific tranches.

Enhanced dashboard: time slider added to several graphs

We've introduced a slider feature to the additional 3 graphs on the Dashboard: Issuance Spreads, ESG as % of BSL New Issue, and EU Compliant as % BSL Issuance. This slider allows you to adjust the data view from the current year back to January 1, 2021. With this feature, you can access historical data, compare selected months, quarters, or years, and identify trends over specific periods, enhancing your data analysis capabilities

Arranger Pipeline Email Alerts

You can now set up email alerts for the Arranger Pipeline. Receive daily or instant notifications whenever new upcoming transactions are published ensuring you stay informed of forthcoming CLO issuance

New Columns and Pie Charts on Banks Profiles

We're excited to announce an additional feature on the Bank Profile page that will enhance the experience for syndicate professionals. Now, under primary issuance, you can easily view all deals issued by your institution that are currently out of Non-Call or Reinvestment periods. Our new 'Out of NC' and 'Out of RI' pie charts provide a visual representation of the number of deals that have exited non-call or reinvestment periods, giving you a quick and clear understanding of the ratio at a glance. Clicking on the graph will display a list of the underlying deals, streamlining the process for bank professionals to identify refinancing or reset mandate opportunities.

Explore Arranging Banks and CLO Market-Maker Profiles

Dive into real-time data on broker-dealers who arrange and make markets in CLO securities, all conveniently presented in a standardized format. Our comprehensive reports allow you to evaluate and compare capabilities across the dynamic landscape of broker-dealers. • Contacts & Events: Access contact information, upcoming events and conferences for potential meetings, and the latest news. • Primary: Gain insights into primary market activities, arrangers' transaction counts, and deal information. • Secondary: Explore secondary market activity including BWICs, Px Talk, and visual graphs depicting Inventory size and offering prices.

Link Your Portfolio to KopenTech Through Our API

With the KopenTech Portfolio, you can monitor your CLO holdings in real time, effortlessly reviewing your trading history and receiving notifications when securities are up for sale on BWICs or appear in dealer inventories. Save time by eliminating manual portfolio updates — let our API handle the work for you, enabling seamless integration with your order management or risk systems. Send BWICs in second, right from your portfolio.

Navigating with Summary Rows

Interested in seeing high-level data on upcoming BWICs, dealer inventory, or primary market issuance? Look no further than our summary row. With just a glance, you can assess the market's state, summarized in one line. Summary statistics are conveniently located at the top of the screen and highlighted in a light green color.

Enhanced Non-Call and Reinvestment Data

We're enhancing the display of non-call (NCE) and reinvestment (RIE) periods on the Issuance Monitor and CLO Manager Profile. Instead of merely showing the number of years, we'll now display the actual dates for NCE and RIE periods. Additionally, we've added columns based on these values that will indicate 'yes' or 'no,' providing clearer insights into the non-call and reinvestment status of securities. These improvements facilitate easier filtering and the setup of email alerts.

Customized Dealer Inventory Alerts

Personalize your Dealer Inventory alerts by configuring instant or daily email notifications for security additions, updates, or trades. Save filters, activate alerts, and receive updates that are most relevant to you.

New columns on Portfolio, BWIC Monitor, and Dealer Inventory

We've expanded columns on the Portfolio, Inventory, and Dealer Inventory tabs, as well as the Security Panel. These columns display the end dates of the non-call (NCE) and reinvestment (RIE) periods.

Enhanced navigation to Issuance Monitor from Security Panel

View security historical primary transaction by simply navigating to Issuance Monitor from the Security Panel. Just click the 'Related Transaction' icon on the Security tab of the Side panel to explore all related transactions for a specific deal.

Improved Bidding Protocols

We've enhanced our bidding protocols by introducing a minimum bid increment feature. This upgrade, customizable by sellers based on security liquidity and rating, streamlines the bidding process for efficiency and speed.

Summary Statistics for Arranger Pipeline

We've launched summary statistics for the Arranger Pipeline, offering a rapid summary of all upcoming issuance. Conveniently located at the top of the screen, the summary offer quick access the total count, unique arrangers, and managers. Quickly understand pipeline’s composition by Transaction Types (new Issue, refinancing, reset, etc.) and Collateral Types (broadly syndicated loans, middle market, etc.).

Customized Portfolio Alerts

Personalize your email alerts with saved filters that match your criteria. Save your filters, activate alerts for specific templates, and receive updates that are most relevant to you. Stay informed in real-time with the latest enhancements to our Portfolio Alerts.

BWICs: sorting from newest to oldest

We've revamped the BWIC Monitor page for your convenience. Now, you can sort BWICs lists from newest to oldest and vice versa.

Connectivity between secondary and primary data

Seamless connectivity between secondary and primary data on our platform. Now, from the BWIC Monitor, Dealer Inventory, and Portfolio pages, you can effortlessly navigate to the Issuance Monitor. Simply click the 'Related Transaction' icon located on the right side of the Actions panel to see all deal’s related transactions.

Open Manager Profile from BWIC Monitor

If you are interested in learning more about a particular manager, just click on the hyperlink with the manager's name to quickly access the Manager Profile page.

Enhanced data insights on Issuance Monitor

We've enhanced the Issuance Monitor with the inclusion of two new sortable columns: 'Initial Price' and 'Initial Guidance.' Compare the current price and guidance to the initial values, gaining deeper insights into the market trends.

Enhanced Dashboard navigation

Extended Filtering for New Issue Transaction Count Graph: The 'Type' filternow includes an 'All' option. This allows to see the aggregated trends across new issue, refis, and resets K-Watch News Widget: Discover our new news widget on the dashboard. Access the latest updates or read the full article for more details.

Manager Profile: New columns on 'Deals' tab

We've enhanced the 'Deals' tab for CLO Managers by adding additional columns for Collateral Type and Currency. Swiftly determine the collateral category (BSL or MM) and transaction currency for each deal. Easily sort based on these columns for more efficient work.

Schedule Meetings with CLO Managers Effortlessly

We've streamlined your communication process with CLO managers making it more efficient than ever. Send meeting request to the manager directly from the Manager Profile. Go to the "CLO Managers" tab, select the manager and click "Schedule Meeting". Enter recipients, optionally edit message, and send your meeting request.

Additional Alerts for CLO Managers and Investors

Turn on additional email alerts to stay up to date on your favorite manager’s activity: • Stay informed when bonds are coming up on a BWIC or Dealer Inventory • Keep a tab on primary and when manager is coming up on Arranger Pipeline

‘Collateral’ Filter for Top-10 Charts

Additional filter by collateral type (BSL vs MM) is now available for all top-10 charts, including 'Top-10 Issuers,' 'Top-10 Arrangers,' and 'Top-10 Trustees.'

Enhanced connectivity for Issuance Monitor

View historical security appearance on Dealer Inventory and/or BWIC Monitor. Additionally, add securities from the Issuance Monitor directly to your portfolio.

"K-watch News" Tab for comprehensive financial insights

Introducing K-Watch News. The single source of CLO market highlights is organized into two categories: primary and secondary, allowing you to focus on the most relevant information. Market highlights graphs offer a swift overview of crucial market trends. Additionally, you can register for KopenTech webinars and learn about new platform features.

Customizable Columns on Dealer Inventory, Portfolio, and BWIC Monitor pages

Add, remove, or rearrange columns according to your preference. Effortlessly customize your view to focus on the information that matters most. Once set up your preferred layout, save it as a template for future use.

Save filters for enhanced monitoring

Save and apply filters on Dealer Inventory, Portfolio, and BWIC Monitor pages. Simplify your workflow by saving preferred filter configurations and reusing them without wasting time on configuring filtering parameters again. Just click "Save this filter", enter filter name, set notification (never/daily/Instant), tick default if you want to make this filter default, and save.

Secondary trading stats for all Manager's Deals

We've upgraded the CLO Manager Profile's deals tab to include secondary trading stats as well as upcoming BWICs. Click on any ticker to see visualized BWIC historical trading, px talk and color, and appearance in the dealer's inventory. It shows all managers deals with historical appearance on the BWICs.

Webinar and Platform Overview videos on Manager's Profile

We've enhanced the Overview tab on the manager's profile by adding the ability to view the CLO Market Trends Webinar video and Platform Overview video. You can access these informative videos effortlessly, gaining valuable insights into managers.

The KTX platform offers Out of NC and Out of RI filters

We have upgraded our platform with enhanced filtering options on the Dealer Inventory, Portfolio, and BWIC Monitor tabs. New filters empower you to have greater control and precision in your searches. You can easily filter results by criteria such as Out of Non-Call and Out of Reinvestment.

"My BWICs" Menu for streamlined access

"My BWICs" menu simplifies your platform experience. With this feature, you no longer sift through all BWICs to find the ones you're participating in. Click on the "My BWICs" item within the KTX Trading column. From there, you can effortlessly access your BWICs list and choose whether to buy or sell.

The KTX platform now offers enhanced filters

We have upgraded our platform with enhanced filtering options on the Dealer Inventory, Portfolio, and BWIC Monitor tabs. The addition of new filters empowers you to have greater control and precision in your searches. Now, you can easily filter results based on various criteria, including maturity, vintage, trustee, AMR refinancing.

Valitana Integration

We have implemented seamless navigation between KopenTech and Valitana, aiming to enhance the experience for our platform's subscribers. Now, whether you are evaluating the BWIC CLO pipeline or reviewing your portfolio on the KTX platform, accessing Valitana data is incredibly simple with just one click. By clicking the ʼValitanaʼ button, you will be instantly redirected to the security analytics page on the Valitana website.

Label for managers with active transactions

Managers with active transactions will now have a distinct 'Red Flag' label displayed prominently. With this immediate identification, you can efficiently prioritize your attention and stay on top of critical activities.

Reminder popup for BWIC End

Sellers will receive a convenient reminder popup about the end of the BWIC on all bidding processes. This notification will ensure that you are aware of the completion time (30, 15, and 5 mins before the end) and can manage your bids efficiently.

BWIC Monitor, Portfolio and Dealer Inventory are now expanded with additional columns and filters

We enhance our platform capabilities with additional columns and filters to Dealer Inventory, Portfolio, and BWIC Monitor tabs tailored to provide more detailed and efficient data analysis. Columns: • AMR Deal • Closing • Collateral • Deal Name • ESG • EU Compliant • Manager • Maturity • NCE, years • Out of NC • Out of RI • RIE, years • Static Deal • Trustee • Vintage Filters: • Collateral • ESG • EU Compliance • Manager • NC End • RI End • Rating • Static Deal

Security History now includes Dealer Inventory data

We added price information from Dealer Inventory to the Security History panel. It allows you to quickly view the previous transactions related to a specific security. It now includes both BWIC and Dealer Inventory pricing.

Dealer Inventory alert is added for the new BWIC creation screen

When creating a new BWIC, we notify you if security you are planning to BWIC is already included in another scheduled BWIC or listed inDealer Inventory. This helps prevent potential conflicts, saving time and ensuring best execution.

Export for Static Deals and Debut Managers charts

You can now export Static Deals and Debut Managers charts in pdf format for easier sharing. This feature allows you to extract data effortlessly and use it in external tools or presentations.

CLO Managers see their own manager profile on the top of the list

CLO Managers can find and edit their profiles at the top of the list, streamlining your experience on the platform.

Explore CLO Manager Profiles with KopenTech

Gain valuable insights into real-time data on CLO managers, conveniently presented in a standardized format that combines essential facts and attributes, including key personnel, managed CLOs, and an ESG framework. Our comprehensive profile report allows for evaluation and comparison of capabilities across the dynamic landscape of CLO managers. • Overview: Provides a general description of the company's profile, main indicators, pie charts, and customizable graphs. • Transaction Details: Presents a table with deals, related transactions, and transaction details. Users can access pre-pricing models through the Intex application. • CLO Team (Editable by Managers): Offers detailed information about CLO manager team members, including names, LinkedIn profiles, and contact details. • Additional Information (Editable by Managers): Covers investment approach, founder details, location of operations, manager presentation, and equity information.

Access Bloomberg functions directly from the KTX platform

Whether you're managing your portfolio or exploring primary and secondary pipelines on the KTX platform, you can now access Bloomberg CLO functions with just one click. Simply click on the ʼBloombergʼ icon to choose from a range of Bloomberg functions, including security description, collateral description, composition and performance, deal cash flows, triggers, and MVOC.

The Issuance Monitor now includes a new filter feature.

You can now filter the pipeline based on coupons, using different types such as Fixed, SOFR, LIBOR, and EURIBOR. This allows for a more customized view of the pipeline, tailored to specific coupon types.

Access to historical webinars are now available on KTX platform

Each month KopenTech provides a comprehensive review of the CLO market trends. Access historical webinar replays and reports on our platform: • Webinar Replay Get access to full webinar replays for the past 2 years. • Monthly Report Get full 20-page CLO market performance report: BWIC/TRACE volumes, DNT rates, dealer’s inventory, new issues, prices across the stack, and more.  • Newsletter Get monthly market insights in a quick 1-minute read: CLO market takeaways summarized on a single page.

US BSL Issuance WAS, WARF, and DS graphs are added to Dashboard

• Weekly WAS, WARF and DS graphs show minimum, maximum, median and quartiles of these metrics over a weekly period for CLO new issue securities  • These charts provide valuable information into CLO portfolio credit quality trends • Hover each graph to view full quartile statistics

Arrangers can invite you to view their deals on Issuance Monitor

Receive invitations to participate in primary CLO deals directly from arranging banks: • Receive an email invitation with the deal's 1-pager and link to view more details avoiding mailbox clutter   • Access full deal details in a standardized format (underlying portfolio, documents, capital structure) as well as transaction marketing history  • Download portfolio, indenture or other deal documents as required • Subscribe to automatic daily or instantaneous email updates for the deal • Stay organized and view all CLO transactions you are invited to in one place  • Show your interest in transactions by sending an IOI.

New filters are added to Issuance Monitor

Filters by Trustee and Vintage are now available.

All 'Top-10' charts became more convenient

We added the 'Currency' filter and export functionality for the following charts: • Top-10 Issuers • Top-10 Arrangers • Top-10 Trustees

Intex Intergration

Whether you are looking at primary or secondary CLO pipeline or analyzing your portfolio on KTX platform, click on the Intex button to run the deal on Intex. Once clicked, you will be automatically redirected to the deal page of an active deal or login page for the pre-pricing models in INTEXcalc™ application. Available for Intex subscribers only.

Blotter API

Integrate KTX electronic trading platform with your internal OMS system via API. Blotter API is a streamlined and efficient way to manage your trade activities. As soon as the trade is approved on our platform, you will immediately receive it in your OMS. This powerful tool allows for straight through processing of all trading activity. 

New Dashboard Chart: Top-10 Trustees

The Top-10 Trustees table lists those who issued the largest number of transactions over selected timeframe. • Users can specify type of transaction:
 new issue, refinancing, or reset. • Users can specify Year To Date (YTD)
 or a specific year.

CLO Arranging Banks are now able to edit Arranger Pipeline 

Primary desk users can sign up to manage their upcoming CLO pipeline on KTX platform. Keep your pipeline up to date to engage AAA and equity investors early. To update and self-manage, click the 'Edit List' button.

Deal Vintage is now available on the Issuance Monitor.

Deal vintage is calculated based on the year of issue, reset, and populated from the previous transaction for the refinancings. Vintage can be found for any deal on the ‘Overview’ tab within Issuance Monitor.

Our flagship, most innovative, and transparent LiveBidding™ trading protocol is now accessible for CLO buy-side bidders.

LiveBidding™️ is a two-stage trading protocol with competitive access to the transparent, high-speed bidding rounds. The seller controls the following settings during BWIC creation: • Duration of the first round (minutes) • # of Stage 2 participants (Top 3 / Top 5 / All) • Length of each improvement round (minutes) • Minimum price improvement (5-25 cents recommended) Bidders enjoy a high-speed, transparent process: Stage 1 • Investors bid on securities in a “blind” fashion; improvements are allowed during the allotted time. • Top-[X] bidders proceed to the next round. Stage 2 • Bidders see live prices. • The bidding clock is reset after each improved bid, and the winner is determined when the clock expires. • The bidding interest in each security determines the number of stage 2 rounds.

BWIC Monitor API

Access KopenTech BWIC Monitor in your OMS system with REST API. Response data is provided in JSON format. API request fields include but are not limited to: • BWIC date and time • Security identifier, size, currency • Same-day BWIC check • BWIC rules: process, days to settle • Status: scheduled, bidding, finished or canceled • Post-BWIC trade information: traded vs not; numerical color • Dealer’s Price Talk

Ability to turn off new BWIC notifications & reminders

'Instant' notification mode is selected by default. User can choose the 'Never' option to opt out of direct BWIC email notifications. Users will always receive email notifications for their own BWICs, regardless of the notification status for the other BWIC activity.

Weekly Issuance Monitor Summary Email stats

Receive weekly email summarizing primary market activity: • New issue transactions for the past week • Collateral quality of the active deals (WAS, WARF and DS distributions) • 2-week graph of primary average spreads by rating Emails will be sent every Friday at 3:00 PM (EST).

Issuance Monitor alerts at users profile

Configure all Issuance Monitor notifications in the User Profile. We added a tab where you can customize all platform alerts: • All Updates Receive an email any time transactions are published or updated • New Transactions Receive an email only when new transactions are published • Weekly Primary Summary Email Receive weekly primary market highlights • Transactions Matching Your Filters Receive an email when transactions matching your saved filters are published or updated

IOIs submission 

IOIs (Indication of Interest) submission is now available on Issuance Monitor. - Show your interest in transactions by sending an IOI (you can submit one or multiple IOIs to each class). - For each class, you can specify the Size, DM, and choose Fixed or Floating coupon (additionally, you can set OID, Spread, and Comment). - You can add, edit or delete IOIs while the transaction is in Active status. - All company users have one centralized view. - All historical IOIs are saved for all deals.

API for Issuance Monitor 

Plug in Issuance Monitor into your OMS or Portfolio systems for a deeper analysis of the primary market.

Top-X bidding process

Top-X trading protocol with 2 stages and multiple rounds of bidding in each stage. Allows manual input for off-platform bank bids and auto feedback for bidders. Choose Top-X template from the New BWIC wizard. Stage #1: The Seller may choose Stage 1 duration from two options: unspecified (seller controls finish time) or automatic (number of minutes is chosen by seller and communicated to bidders ahead of time). In case of automatic setting, the platform will send reminder 5 minutes before the Stage 1 end to all bidders.  All bidders receive automated platform feedback in Stage 1: best, cover, third, or not in top three. The Seller has the option to postpone the feedback in the first 20 minutes of the auction. Stage #2: Top-X bidders (number is chosen by the Seller) are allowed to participate in Stage 2. Participants do not receive automatic feedback during Stage 2, but Seller has an option to send it. Feedback during Stage 2 is not automated but at Seller’s discretion.

Best Foot Forward bidding process

Simplest trading protocol via a silent auction with only single opportunity to submit the best price. - The Seller specifies timeframe during which bids may be submitted. - All bidders can improve bids during the bidding phase. - Participants receive reminder to submit bids 5 minutes into the auction. - No feedback is given during the BWIC.

Ability to invite colleagues and clients to KopenTech platform

Invite colleagues and clients to join the KopenTech platform.

BWIC auto-feedback delay 

Now the seller can set a delay in sending auto-feedbacks for all bidders (from 1 to 20 minutes delay). The information will not be disclosed to bidders. Available for the following trading protocols: - Standard - The autofeedback delay setting applies during the bidding period. - Jump Ball - The autofeedback delay setting during Stage 1 - Top X - The autofeedback delay setting during Stage 1 and Stage 2 if the Buyer turned ON Autofeedback + autofeedback delay has yet to expire.

New transactions email alert

Set up daily or instant email notifications on new deals available on the market.

Arranger pipeline: aggregated view across the market

Arranger Pipeline is now available on Issuance Monitor. Stay informed on upcoming CLO issuance. - Enjoy standardized and aggregated view across all arrangers. - Find who is looking for anchor AAAs and equity (majority/minority). - Sort or filter by various criteria - Arranger, Deal, Manager, Type, NC End, RI End, Expected Timing, EU Compliance. - Contact syndication desks to get more details.

Jump Ball trading protocol with customizable parameters

A fully automated and technology-enforced two stage Jump Ball trading protocol with customized parameters is now one of the templates available on the KTX platform. Pre-select the duration of each stage or stop it manually. Stages and parameters are announced as part of the BWIC posting. - Fully customizable settings - Automated feedback during the first stage of bidding - No feedback given during Stage 2/ Jump Ball - Auto-reminders and notifications along the bidding process

Stage #1: Open bidding with auto-feedback

Duration options: - Manual (Seller controls finish time) - Automatic (number of minutes is preset by the seller, announced to the market and automated by the platform) Stage 2 participant options: Choose the number of bidders who go to stage 2: i.e. top 2, 3, 4 or 5.

Stage #2: Jump Ball, a silent stage with one time to improve your bid

Bids from stage 1 are carried to stage 2 and bidders have one time to improve, if they choose. "No bidding over yourself" is not enforced on the platform. However, the seller is notified if the buyer is bidding over themselves and has the option to trade at the lower bid. Feedback is given when all bidders submit bids in Stage 2. Duration options:   - Manual (Seller controls finish time) - Automatic (number of minutes is preset by the seller, announced to the market and automated by the platform)

Highlighting changes in the Deal Alerts email

Deal Alerts emails have become more informative and detailed - all changes are highlighted in colors: added, updated, removed. Additionally, the ‘Updated’ status is displayed near the status label, and arrows are displayed on numerical values.

Displaying the latest version number for the transaction

Transaction History version is now accessible from the Issuance Monitor on the aggregated page and detailed page of the origination transaction.

Additional indicators of portfolio quality in Issuance Monitor

New portfolio characteristics have been added to the Issuance Monitor:  - Purchase Price, % - Libor Floor, % - First Lien Loans, % - Second Lien Loans, % - Cov-Lite, % - Moody’s Caa assets, % - S&P CСС assets, %

Bulk Bid Upload (BBU) is added to the KTX trading platform

It is now possible to bulk upload bids while conducting a BWIC. While this might reduce timely feedback to the dealers, it is possible to bulk upload from a spreadsheet or other sources instead of manually entering every bid. 

Additional security identifiers are available on Issuance Monitor

For Closed (settled) transactions, CUSIP/ ISIN/ Type (144a, RegS, etc) columns are now added. You can find them on the Overview/Structure tabs and the aggregated Deal/Class tables. Data is available for all transactions closed after July 1, 2022. 

CLO Transaction History is now available on Issuance Monitor

To view transaction history, click on the icon next to the last updated date and get redirected to the transaction history page with all changes. - Access transaction syndication timeline with quick tags for main updates - Conveniently compare versions - Monitor guidance changes and subscription progress - Search history of updates to quickly find what you need

Interested in specific new issue deal updates? Sign up for alerts

Sign up for alerts for any transaction by clicking on the Bell icon in the deal header row. Select end of day (4pm EST) or immediate alert option.

Issuance Monitor: Quick tags for main updates

Click on ‘last updated’ date on Issuance Monitor to view a tag for the main update, e.g. upsize, guidance change, etc.

BWIC Monitor: Morning summary email alert is available on BWIC Monitor

Turn on rating, currency and notional size alerts on BWIC Monitor and receive a morning summary email every day at 7 AM EST.

Data summary is added for the Issuance Monitor

We added a summary row ​at the top to display key ​statistics ​when users are conducting a filtered search. Summary statistics for deal and class include count, volume, the median of WAS, WARF, DS, C/E, MVOC, Spread and DM. Once the filter is refreshed/re-applied, deal and class statistics will be automatically re-calculated per the results.

New filters are added to Dealer Inventory

‘Currency’ and ‘Dealer’ filters are now available.

New updates are available on Issuance Monitor

When in Class View, click on 'Guidance' (pricing) or 'Subscription' (status) columns to see the details.

K-Indicator: a Single Measure for CLO Market Stress

KopenTech has developed a multi-factor CLO Market Stress Indicator, called the K-Indicator, to enable market participants to better monitor and track conditions within the market.  K-Indicator incorporates a variety of metrics that measure secondary CLO market liquidity, transparency, and sentiment. It is derived by the equal-weighted average of the normalized values of five metrics: DNT%, Color%, AAA Average Price Talk Deviation from Color, Same Day BWIC%, and Average Traded AAA Price Level.

Issuance Monitor: "On hold" status is added

Transactions where marketing is delayed by the arranger are now marked with "On Hold" icon.

Issuance Monitor: Ticker field is added

"Ticker" field is added to the transaction details. It is also available as a separate column on the monitor. You can now search the database by Ticker.

BWIC Monitor: "Dealer Statistics" screen is added

Dear statistics are available across all BWICs conducted on the platform. "Dealer Stats" button is now available on all tabs

Issuance Spread Graph:

Common/trend medians and outliers are added

Email Alerts Management:

1. Pop-up with alert management is added 2. Alert time options include Daily (send at 5 pm EST) and Instant 3. Alert options include Selected (via saved filters) transactions or All transactions

Introducing KTX DirectBidding, a new trading protocol.

DirectBidding is a trading protocol where CLO buy-side investors can negotiate directly and trade anonymously. Access CLO liquidity from broker-dealers and the buy-side simultaneously. Send a BWIC to 150+ buy side firms, 30+ broker-dealers, or both in one trading session.

Key functionality:

1. Receive automated, live feedback (Best, Cover, Third, Not in Top 3); 2. Receive guaranteed post-trade color; 3. All bids are final and must be firm for 30 minutes beyond the Bidding Window; 4. All bids are private (settlement agent can see only executed trades);

Settlement:

1. All trades are settled by KopenTech Capital Markets LLC (KTCM), a FINRA-registered introducing broker-dealer and SEC-licensed Alternative Trading System (ATS); 2. All trades are cleared by third party clearing firm(s): MIRAE Asset Securities (USA) Inc. (MIRA);

Issuance Monitor

- Roller deadline is now available for refinancing transactions. Information can be accessed 2 ways:  1) add ‘Roller Deadline’ column to your view and save as default 2) access via advanced filters with an option to search by specific date - Full deal history is now available to refis and resets. To view deal historical transactions, click on  icon next to the deal name and you will be redirected to a new tab with history

Issuance Spreads Dashboard

Issuance Spreads graph shows new issue spreads over the last 12 months. Users may filter by transaction type, coupon, rating, collateral type, short vs long-date deals or currency. Users can also adjust the timeframe settings – week, month, quarter, or year. Spreads are shown over LIBOR base rate until December 31, 2021 and over SOFR thereafter. 

EU Compliant Deals Dashboard

EU Compliant Deals graph shows ​the breakdown of EU Compliant deals as a % of BSL CLO​s by month, quarter or year. Users can also filter by transaction type – new issue, refi or reset.

Short & Long-Dated Issuance Dashboard

Short & Long-Dated Issuance graph shows the trend by month, quarter or year. Short-dated deals are ​classified as those with a non-call period of 0-1.5 years and ​reinvestment period of 0-3.5 years. User​s can also adjust the view by filtering the ​graph based on transaction type.

BWIC Monitor

- Same-day BWICs are now marked with special icon on BWIC Monitor. - ​Users now have ability to filter BWICs by position size.

Portfolio

Dealer Inventory column is added to the Portfolio page. Click View link in the Inventory column to see which bonds from the portfolio are offered in dealer’s inventory.

Seller Admin

- Client’s admins now have access to export historical BWICs for internal or compliance purposes. - Client’s admins ​​now have the option to send a notification to company’s viewers of BWICs they post.

Primary Issuance Dashboard Gets Reimagined

Graphs are now available on a separate tab of ‘Issuance Monitor’. To view them, simply click the ‘Dashboard’ tab. Graphs are enabled with interactive setup and toggles.

New Graphs are added to the Primary Issuance Dashboard

1. ESG Deals % in New Issue shows monthly % breakdown of ESG deals in the market. Users can specify timeframe. 2. Static Deals: table lists static deals. Users can select YTD or a specific year. 3. Debut Deals: table lists new managers entering CLO market. Users can select YTD or a specific year.

Issuance Monitor

Syndicate contact information is moved to the top of the transaction details page. Click on Syndicate button to view details.

Manager and Arranger quick filters are added to the transaction details page. Just click on an icon next to the manager or arranger name and get redirected to all active & historical transactions.

BWIC Dashboard

For users who have Portfolios set up, portfolio securities appearing in Dealer Inventory are listed in a separate widget on Dashboard page. Turn on BWIC & Dealer Inventory alerts to stay tuned on activity in your portfolio.

Dealer Inventory

Currency column is added to the Dealer Inventory page.

Other

New 'Options' button is available in security panel. Quickly view whether security is on a BWIC or in a dealer’s inventory.

Added additional Debut CLO filter for managers on Issuance Monitor.

Added Static Deal filter and column on Issuance Monitor.

Customized email alerts are now available for primary market activity. To receive alerts, a user must have saved filters on Issuance Monitor. Alerts would follow the saved criteria. 

Within Dealers Inventory, a column for C/E is now featured.

Securities available in Dealer’s Inventory are now marked on BWIC monitor and vice versa.

AAA Price Talk and Color Graph

This graph plots monthly average AAA post-trade color and monthly average Px talk, including the range of Px talk within each month. Wider ranges of Px talk show that broker-dealers had differing predictions of the traded price. Small differences imply high forecasting accuracy by broker dealers, while large differences indicate fast moving market conditions with less forecasting ability.

Portfolio Alerts on Dealer’s Inventory

Receive instantaneous portfolio alert once security in your portfolio is added, updated or traded from Dealer Inventory. This feature is turned on automatically. Users can manage Alerts from 2 places: Portfolio or Notifications section of the Account Settings.

Additional Filtering for Dashboard Widgets

Filters by currency and rating are now available for Biggest Movers and Most Traded Bonds widgets on Dashboard.

Manager’s Debut CLO

Manager’s debut CLO are now marked with ‘Debut’ label on Issuance Monitor page. Find out new CLO Managers entering the CLO universe.

Saving filters on Issuance Monitor

Users can now save multiple custom filters on Issuance Monitor. Enter ranges or min/max values on Issuance Monitor’s fields to get a set of transactions that meet your parameters, then click save and name your filter. Set a default filter to see every time you log back into the system.

BWIC Email Alerts

Users can set up customized alerts based on currency, ratings and BWIC notional size. To set up an alert, click on the Email Preferences button on the BWIC Monitor page or open Profile > Notifications. When relevant boxes are checked, users receive a daily email notification when qualified securities are posted on BWICs. 

SOFR Filter

Transactions on Issuance Monitor now include a filter for SOFR. If selected, it will show transactions that have at least one SOFR-based tranche. Click the +MORE button to select among available filters.   

New Columns Added

Deal Maturity, First Payment Date, Intex information and Documents are now available on Issuance Monitor. To add columns, click the Columns button on the far top right, and select the columns from the list; adjust column order if needed. 

Count of Bids Per Security

BWIC Sellers can benefit from seeing the count of bids per security on the BWIC bidding page. This gives sellers a quick insight into the demand per bond. To see individual bids, click the all bids button. 

Admins can Export User History Logins

Admin users now can export the history of user logins. Additionally, when a user is given Admin credentials, they will receive an email notification.

Find ESG Deals

Issuance Monitor now contains information regarding CLOs with Environmental, Social and/or Governance (ESG) language in the Indenture. Filter by ESG eligibility or read ESG language on the transaction details page.

New Filter for X -tranches and Junior AAAs

Junior AAA and X tranches are now in separate from regular AAAs on Issuance Monitor. This allows users to have cleaner data when searching for AAA spreads and to include or exclude these tranches when creating a custom filter.

Filterable Credit Enhancement (C/E)

The C/E % filter can be used as a range or a minimum if only lower bound is specified. This field helps investors assess the subordination of each tranche and can be very useful in conjunction with the Rating filter and the Class View. To access this feature, toggle on Class View, then select C/E (%) from the +MORE list of available filters.

Filterable Market Value Overcollateralization (MVOC)

The MVOC filter takes into account the market value of the collateral and can be particularly useful for seasoned deals, such as refis and resets. First, toggle Class View, then click +MORE to select MVOC as an available filter.

Intex Deal Information

Intex File name is now displayed at the top of the Transaction Overview page. Click on the Intex icon located on the top right corner.

Additional Presets for Closing and Pricing Date Filters

Pricing and Closing Date columns now have frequently used preset filtering options, such as this/last week, this/last month and rolling 1/3/6 months. To access, click +MORE and select Closing Date and/or Pricing Date from the list of columns, then filter for the time you are interested in.

Improved Default Sorting Settings of Primary Pipeline

By default, active transactions that are still accepting orders are located at the top of Issuance Monitor. These transactions are now sorted by the Last Updated date. Priced and closed transactions are sorted by the closing date from newest to oldest.

Admin Role

KopenTech subscribers now have 3 user types available: Administrator (Admin), Seller, Viewer. Companies may have multiple admin users but must have at least one. Admin role can be combined with Trader or Viewer role. Admin users can manage users and trading relationships, as well as set trading limits.

Customizable Columns

Within Issuance Monitor, users can add/remove columns with relevant information and to save these views for future use. Column customization is available for both Deal View (entire CLO capital structure) and Class View (tranche-specific information).

Issuance Data Visualized

Dashboard now includes data from the Issuance Monitor, including 1) Top 10 Arrangers, 2) Top 10 Issuers and 3) customizable volume/deal count graph for new issue, refi and reset transactions. Data goes back to 2016.

Last Updated field added

Issuance Monitor has a Last Updated field for active and priced transactions. Users can hover over the date to view timing of the most recent update.

Deals marked as NEW

Any transactions that have just posted to Issuance Monitor will be indicated as NEW for the first 24 hours.

EU compliance filter

Issuance Monitor now has a filter for transactions that are EU Compliant.

Issuance Monitor filters now have an improved layout. Most frequently used filters are available on the main screen. Additional, more advanced filters are available by clicking the +MORE button.

On Dashboard, the Daily Trade Analytics table now has definitions for Color%, Color and Px Talk. Additionally, users can click on Rules to see how KopenTech normalizes industry ranges of Color and Px Talk (e.g. 99LM) to a numerical value (e.g. 99.35).

Overbidding alert

Once a BWIC Seller has pressed the “trade” button and proceeded to the selling screen, they will receive a pop-up notification when broker-dealers bid over themselves. A drop-down with both prices will be displayed along with a notification suggesting the Seller can trade at the lower price.

Tied for best alert

Once a BWIC Seller has pressed the “trade” button and proceeded to a selling screen, they will receive a pop-up notification when there are multiple bidders who are tied for the best bid. The names of tied broker-dealers are displayed, then BWIC Sellers are given a choice to pick with whom they want to trade from the drop-down window. Canceling out of this screen and returning to the bidding window provides the option to proceed with bidding.

What’s New pop-up

Upon login to the platform, all users will receive a pop-up notification detailing the newly released features.

The Auto-Feedback feature received two improvements. First, Auto-Feedback now has the option of replying to the first place bidder with “Best.” Second, the Auto-Feedback panel can be expanded to view different options for feedback.

The Company panel is now more consistent across the entire platform. It was also given a convenient layout with contact information available for all registered users.

Within the Portfolio page, users can now view historical Px talk information in a graph.

Advanced filtering on the Issuance Monitor page

Users now can filter out the transactions by 5 default filters: Manager, Arranger, Type, Status and Rating; and 9 additional filters: Currency, Pricing Date, Closing Date, Non-Call End, RI End, WAS, WARF, DS, Collateral Type and AMR Eligibility. Users can combine different filters together for more granular results. Each filter is adjusted for the specific data type, so users can quickly find any data. For example, managers or arrangers can be easily found from the list with the built-in search. Time periods can be filtered by dates, years or preset ranges.

Dealer Inventory

Users are now able to view inventory from multiple broker-dealers, all organized in a consistent format and updated in real-time. Also included are historical Px talk and color information on dealer inventory, located in one platform and sharable between team members. This also allows users to sort, search and filter dealer inventory, as well as add bonds from dealer’s inventory to their portfolio. In a future release, users can toggle on email alerts to receive a notification when bonds in their Portfolio are sold by dealers.

Ability to add security to My Portfolio from Security panel across the system

Users can now add security to their Portfolio through the “Add to Portfolio” button. This allows users to add individual bonds to their portfolio throughout the entire platform without the need to type in tickers or unique identifiers.

The BWIC Monitor now has "All", "Buy" and "Sell" tabs for Sellers and "All", "My" tabs for Broker-Dealers for easier navigation.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

Export data on Blotter page to Excel.

Broker-dealers can invite buyside clients.

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.

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.

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.

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)