From first call to settled bond.
Six weeks, one standard.
Scroll through a complete issuance exactly as the platform runs it — the fictional €30m Voltaria transaction from first contact to life after settlement. Every screen in this story is live elsewhere in the demo: place your own order in New Issues, price your own bond in Pricing.
First contact — and a number on the table.
A CFO sends six figures from the last annual report. The platform answers with the two things banks make mid-caps wait for: a pass or fail against the published credit profile, and an indicative pricing range from the same engine that runs the Pricing tab.
- Profile #1: Germany first · energy transition & industrial · €20–100m · EBITDA ≥ €8m · ≤ 3.5× net leverage · security · disclosure
- The AI fact sheet builds the dossier from primary sources — every figure sourced, every figure signed off. Preparation drops from weeks to hours
- Indicative range in sixty seconds — orientation, never advice
- 48 hours to a go / no-go; declines are visible and, with consent, referred
Mandate signed. The standard does the drafting.
No bespoke documentation. Nordic Bond Terms as the template, a fixed covenant menu, the trustee structure the market already trades. Counsel reviews the delta, not the document — that is where six weeks instead of six months comes from.
- One senior-secured template, four schedules — assembled, not drafted
- Independent by design: trustee, legal opinion, audit stay external
- ISIN and paying agent contracted — client money never touches the platform
The anchor early look.
Forty-eight hours before anyone else, the founding circle — investors who co-wrote the covenant standard — sees the deal. They commit at no scale-back. Voltaria launches with 65% of the book already hard.
- €19.5m of €30m pre-committed before books open
- Anchors underwrite the company, not the platform
- Launch into certainty of placement, not into hope
Books open, 09:00.
Now watch the right-hand side. Every order timestamped, every limit visible — to the platform and to the issuer. Keep scrolling: the book builds as the day runs.
Priced — and allocated at the issuer's table.
Final terms 3mE + 505: twenty basis points inside guidance, because sixty million of demand chased thirty. Allocation follows the published policy, and the issuer signs off the register it will live with for four years.
- Anchors: full allocation, never scaled — the founding-circle guarantee
- Real-money accounts: pro-rata on the remainder
- Event-driven money: book-fill only, never the face of the market
Settlement. Delivery versus payment.
Cash and bonds swap simultaneously in the settlement system: investors' money reaches Voltaria through the independent paying agent — a settlement bank, not the platform, which has no client-money permission by design. Our fee is a separate invoice, like any adviser's.
- Proceeds go straight to the issuer — the platform is never in the payment chain
- Transaction fee 1.25% (target band 1.0–1.5%), issuer-paid and invoiced separately — shared with or paid through the licensed partner
- A monitoring retainer keeps the dossier current for as long as the bond is live — zero investor fees, on this deal or any other
- Security perfected before funds flow; the trustee holds it for bondholders
- A transferable, trustee-administered line from day one
Governance stays visible.
This is where mid-cap debt historically goes wrong — so it is designed as the platform's strongest screen. Reports and covenant certificates land on the platform, every holder reads the same numbers, and if credit sours, bondholders act through one trustee with collective decisions.
- Quarterly disclosure and covenant certificates, platform-published
- One trustee, majority voting, security — tested Nordic machinery
- Secondary indications stay on screen — paper you can leave
| Time | Account | Ticket | Limit |
|---|
| Account group | Orders | Allocated | Fill |
|---|---|---|---|
| Founding-circle anchors ⚓ (6 accounts) | €19.5m | €19.5m | 100% |
| Real-money open book (16 accounts) | €32.5m | €9.7m | ≈30% |
| Event-driven / fast money ⚠ (2 accounts) | €8.0m | €0.8m | 10% |
| Total | €60.0m | €30.0m | — |
Six weeks end to end — then transparent for life.
The Market
Every outstanding EUR bond in the Nordic format from a continental European issuer, as far as public sources reach — 38 lines from our own verified dataset. Issuer, ISIN, size, dates and coupon are source-checked; sizes are total issued after taps. Prices, spreads to market and order-book depth are illustrative. Click any line for terms, covenants and disclosure history.
| Issuer | Ctry | Sector | Size €m | Coupon | Price | Δ par | Indic. yield | Books | Maturity | Status |
|---|
Spread vs. size — why the gap exists
Where the next mandates come from
Nordic FRNs typically refinance ~12 months before maturity via their call schedules — this calendar is nearer than it looks. Every bar below is origination: the deals must be refinanced somewhere, and the incumbent arranger has no structural lock-in.
New Issues
Left: a live bookbuild on a sample transaction — watch the book fill, place a demo order, price the deal. Right: the issuer side — check a company against Deal Profile #1 and get an indicative spread and all-in cost comparison.
Voltaria Grid Components GmbH
Order book
| Time | Account | Ticket | Limit |
|---|
- Mandated & profile check passed · 26 May 2026
- Anchor early look (48h) — €19.5m pre-committed (65%) · 30 Jun
- Books open · 3 Jul, 09:00 CET
- Pricing — spread set inside guidance by book depth
- Allocations — anchors full; open book pro-rata; hot money de-prioritised
- Settlement T+5 — paying agent, trustee in place
- Listing — Börse Frankfurt Open Market · ongoing disclosure via platform
Check your deal against Profile #1
The published filter for our first transactions. Answer honestly — everything outside the profile is declined visibly (and, with your consent, referred).
Why anchors see your deal first
Deal one is built demand-first: 60–80% of the book is pre-committed by a founding circle that co-wrote the covenant standard. You launch into certainty of placement, not into hope — the anchors underwrite your company, not the platform.
What would your bond cost?
An indication in sixty seconds.
When a bank syndicate desk pitches a rated issuer, it shows one page: comparable bonds, fair value, a new-issue premium, and the resulting spread, yield and coupon per tenor. Mid-caps never get that page. This tool runs the same mechanics for an unrated €20–100m senior issue in the Nordic format — from six numbers you already know.
Net debt after the new issue is assumed unchanged (refinancing). For growth funding, add the new money to net debt.
Fair value from the credit profile
Leverage, interest cover, scale and sector cyclicality are scored and mapped to a crossover / high-yield spread curve per tenor — the mid-cap equivalent of reading fair value off an issuer's secondary curve. Issues below €50m carry an explicit illiquidity premium rather than a hidden one.
New-issue premium
Nobody prices a new bond exactly at fair value. A debut mid-cap pays a modestly larger concession than a repeat issuer — we show it as its own line, exactly as a syndicate desk would, so you see what is credit and what is newness.
Swaps in, coupon out
Re-offer spread over euro mid-swaps gives the indicative yield; rounding down to the nearest eighth gives the coupon a lead manager would print at the low end of the range. Fixed-rate shown; Nordic-format floaters (3m EURIBOR + margin) use the same spread.