Marketnode ties up with Covalent to launch APAC 's first end-to-end digital infrastructure

This follows the announcement of a joint venture between SGX and Temasek last 22 January.

Marketnode, SGX and Temasek’s digital assets joint venture, has entered into a partnership with fixed income issuance and data firm Covalent Capital to build Asia Pacific’s first end-to-end digital infrastructure in the fixed income space.

This development follows the announcement of a joint venture between SGX and Temasek last 22 January.

Marketnode and Covalent will work together to streamline the listing, straight-through processing, and settlement of bonds and activities in bond lifecycle management.  The partnership will connect Covalent’s flagship OMAS platform, which is a data, book building and allocations tool, with SGX’s listing, post-trade and asset servicing capabilities to provide the Asian bond market with a unique, one-stop listing, issuance, and lifecycle management platform.

The partnership is said to consolidate primary fixed income workflows as bond issuances continue to grow in Asia minus Japan, where G3 primary issues have grown 46% to US$387 billion over the last two years, totalling more than 800 new issues in 2020 with more than 450 issuers and 200 arranger banks.

“We are pleased to hit the ground running with Marketnode by partnering Covalent in this effort. Covalent is an ideal partner for us given its focus on the syndicated bond market, where there is a critical need for digitalisation to meet the needs of issuers, buy-side institutions and service providers. This is a significant step towards building an issuance-to-settlement platform that addresses all of their infrastructure needs,” said Lee Beng Hong, senior managing director and head of fixed income, currencies and commodities at SGX.