End-to-End Full Issuance Lifecycle
9 Months To Deal And Tranche Go-Live
4 Integrated Platform Modules
SaaS, Cloud-Native, Multi-Tenant
Market Context
The primary bond issuance market is undergoing rapid transformation. Historically, syndicate desks have relied on fragmented, manual workflows — managing deal terms, order books, and allocations across phone calls, emails, and disconnected spreadsheets. Incumbent platforms have partially addressed this, yet limitations in flexibility, multi-tenancy, and end-to-end workflow coverage leave significant gaps for institutions seeking full lifecycle control.
The market is broadly split into two camps: institutions that have invested heavily in building proprietary bookbuild platforms, and those seeking a reliable, fully managed alternative without the overhead of in-house development and maintenance. Both face the same underlying challenge — legacy and bespoke systems struggle to keep pace with the speed, scale, and complexity of modern primary issuance. This platform was purpose-built to serve both: offering banks a polished, enterprise-grade SaaS solution they can onboard and operate immediately, while delivering the depth and flexibility that sophisticated institutions demand.
Industry Challenges
Operational
- Legacy bookbuild platforms have not kept pace with modern issuance workflows, leaving syndicate desks reliant on fragmented, disconnected processes
- No single system of record across deal setup, order management, allocation, and ticketing — each stage handled in isolation
- Multiple user personas (Syndicate, DCM, Sales, Operations, Issuers) require granular, role-based permissioning that legacy tools cannot support
- Order book visibility gaps between syndicate and sales teams create reconciliation breaks and delayed allocation decisions
Technical
Building a secure, multi-tenant platform that isolates data and permissions across competing financial institutions is a complex architectural challenge
Banks face significant friction migrating away from entrenched legacy platforms, including historical deal and order data dependencies
Cloud adoption resistance and on-premise legacy dependencies create barriers to deploying modern, scalable bookbuild infrastructure
Onboarding multiple institutions onto a shared platform requires flexible configuration to accommodate varying workflows and permissioning models
Operational
- Legacy bookbuild platforms have not kept pace with modern issuance workflows, leaving syndicate desks reliant on fragmented, disconnected processes
- No single system of record across deal setup, order management, allocation, and ticketing — each stage handled in isolation
- Multiple user personas (Syndicate, DCM, Sales, Operations, Issuers) require granular, role-based permissioning that legacy tools cannot support
- Order book visibility gaps between syndicate and sales teams create reconciliation breaks and delayed allocation decisions
Technical
- Building a secure, multi-tenant platform that isolates data and permissions across competing financial institutions is a complex architectural challenge
- Banks face significant friction migrating away from entrenched legacy platforms, including historical deal and order data dependencies
- Cloud adoption resistance and on-premise legacy dependencies create barriers to deploying modern, scalable bookbuild infrastructure
- Onboarding multiple institutions onto a shared platform requires flexible configuration to accommodate varying workflows and permissioning models
Our Solution
We designed and delivered a cloud-native, multi-tenant SaaS BookBuilder platform covering the complete DCM primary issuance lifecycle. Built for rapid bank onboarding, the platform enables institutions to go live quickly on a shared, secure infrastructure — without the cost and complexity of building or maintaining proprietary bookbuild systems.
Deal & Tranche ● LIVE
Structured deal creation and multi-tranche management with real-time term sheet distribution, document control, and a full audit trail across all participants.
Sales Order Book
Digital order collection and live book management, replacing manual aggregation with a real-time, permissioned order book accessible to syndicate desks and sales teams.
Bill & Deliver
Automated trade confirmation, allocation distribution, and billing instruction generation with full audit trail and regulatory compliance support.
Reconciliation
Automated matching of orders, allocations, and settled positions with exception management workflows and cross-system reconciliation for regulatory and audit purposes.
Outcomes
Single source of truth
for deal terms across all authorized participants — errors and dual-entry eliminated
Reduced syndicate desk effort
through automated deal, tranche, and order workflows
Deal & Tranche live
Built from scratch, modular delivery, immediate value
Extensible architecture
supports full lifecycle rollout without re-platforming
Why 28Stone
- Deep DCM Domain Expertise — hands-on delivery across deal, order book, and settlement workflows
- Proven BookBuilder Track Record — live implementations at major financial institutions, peer-referred
- Open SaaS Architecture — multi-tenant, secure, and built for regulatory compliance from day one
- Modular Delivery Model — incremental go-lives with measurable value at every phase
Let's talk
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