NEW YORK, Jan. 19 /PRNewswire/ -- Merrill Lynch (NYSE: MER) today unveiled
a new Internet-based capability for issuing securities, transforming the way
corporations and institutions access the global capital markets.
The Internet new-issue system, code-named "iDeal," is a fully integrated,
core component of the e-commerce platform being delivered by Direct Markets,
Merrill Lynch's institutional e-commerce division. This new-issue capability
will serve as the basis for issuing all types of debt and equity securities,
increasing the efficiency and speed of the underwriting process, greatly
enhancing the dissemination of information, and broadening distribution.
"This cutting-edge system provides our corporate and institutional clients
with a tremendously powerful tool and dramatically improves the process of
issuing and distributing securities," said Thomas W. Davis, President of
Merrill Lynch's Corporate and Institutional Client Group. "By combining this
technology with the world's leading debt and equity underwriting capabilities
and our unparalleled relationships with institutional clients, we are creating
the next generation investment bank."
The new platform puts greater amounts of real-time information and
functionality in the hands of issuing and investing clients, including:
-- Transaction overviews -- Calendars of events
-- Internet roadshows -- Order entry (Indications of Interest)
-- Online prospectuses -- Electronic allocations
-- Analytics -- Straight through processing
-- New issue news -- Year-to-date deal activity, and more
"Combining this new platform with the other elements of our Direct Markets
site lets institutional clients integrate the capital raising process with
research, analytics, trading, post-trade services, and other aspects of their
financial activity," said Michael Packer, head of Merrill Lynch's Direct
Markets unit. "Virtually all of our debt and equity offerings will be made
available through this platform."
This platform is a key part of the firm's overall web-based e-commerce
site, to which the firm will constantly add new capabilities and functions.
State-of-the-art technology allows issuers, investors, and Merrill Lynch
professionals secure access to information from any location, at any time.
The Internet new-issue platform offers significant advantages to all
participants in the capital markets:
Issuers -- issuers can now better time transactions, benefit from more
timely and accessible roadshow details, speed time to market, view the
bookbuilding in progress, reach a potentially broader investor base and
aggregate distribution and pricing information.
Investors -- easier and faster access to all relevant information, the
potential for remote access to roadshow events, ability to enter orders,
enhanced pre- and post-trade processing capabilities and the ability to view
order status online.
Lead Underwriter -- greatly improves flexibility and speed, improves
communication between issuer and investor, creates new distribution
opportunities, and enhances global coordination of transactions. Sales
professionals can now concentrate more on providing value-added advice and
less on administrative functions. Also, it improves the speed and accuracy of
communications with syndicate members.
"We designed this content-rich platform around the needs and wants of our
issuing and investing clients," said Michael Ryan, head of Global Equity
Capital Markets at Merrill Lynch. "This site's unmatched content,
connectivity, and customization provide our sales and capital markets
professionals with a tremendous edge in executing transactions and gathering
new business."
James Quigley, Merrill Lynch's head of Global Debt Capital Markets added,
"We view this technology as additive to our business, mutually reinforcing the
efforts of our professionals. We intend to utilize the system globally across
currency and product in the global capital markets to accentuate our leading
position in debt underwriting."
Announced in May 1999, Direct Markets' mission is to be the most
innovative global provider of web-based solutions to corporate, government and
institutional clients. The offering will include research, analytics,
trading, underwriting, advice and other services from a single Internet site.
Last month, Merrill Lynch entered into a far-reaching agreement with
Multex.com, the world's leading research and market information portal, to
supply research, analytics, technology and services to Direct Markets.
Merrill Lynch is one of the world's leading financial management and
advisory companies with offices in 44 countries and total client assets
exceeding $1.5 trillion. As an investment bank, it is the top global
underwriter of debt and equity securities and a leading strategic advisor to
corporations, governments, institutions and individuals worldwide. Through
Merrill Lynch Asset Management Group, the company is one of the world's
largest managers of financial assets.
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
Jonathan Humphreys of Merrill Lynch & Co.,
Inc., 212-449-2107, or jonathan_humphreys@ml.com
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