IHS Markit is an international firm that provides important information, analytical data and solutions to companies across many areas of the economy; specifically to those working in the fields of finance, energy and transportation. IHS Markit was formed in 2016 when IHS INC. and MARKIT LTD. were combined, then in Feb. 2022 was purchased by S&P Global and currently is a wholly owned subsidiary. As such, IHS Markit provides governmental bodies, large multi-national firms, small businesses and other organizations with business intelligence, data analysis and specialized research concerning their respective industries.
In 1960 Information Handling Services (IHS) was developed to deliver aerospace engineering information via microfilm databases.
In 1999, Markit Partners was founded by Lance Uggla to produce credit default swap (CDS) pricing data.
In 2004, Markit Ltd. was listed on the NASDAQ stock exchange under the ticker symbol MRKT for $24 per share.
In 2016, IHS Inc. and Markit Ltd. were merged into an all-stock transaction to create IHS Markit which is based in London.
In 2022, IHS Markit was acquired by S&P Global for $44 billion and continues to operate as a wholly-owned subsidiary of S&P Global.
Enterprise-grade cloud infrastructure supporting global financial operations
Advanced analytics and market intelligence powered by proprietary data models and algorithmic matching
Inferred from financial services product positioning and IHS Markit technology capabilities
| Service | Cost | Details | Source |
|---|---|---|---|
| Debt Issuance & Management Platform | Custom enterprise pricing | Subscription-based SaaS for capital markets workflow. Pricing available through sales contact. | IHS Markit product page |
| Capital Markets Data & Analytics | Custom quote | Market data feeds, bookbuilding tools, and analytics for institutional investors and issuers. | Acquisition announcements |
| Enterprise License | Negotiated contract | Full suite access for banks, investment firms, and corporates with dedicated support. | — |
| Feature | Ipreo (IHS Markit) | DealCloud | Intralinks | eFront |
|---|---|---|---|---|
| Debt Issuance Workflow | Yes | Partial | No | No |
| Bookbuilding Tools | Yes | Yes | No | No |
| Alternatives Data | Yes | Yes | Partial | Yes |
| Issuer Portal | Yes | Yes | Yes | Yes |
| Starting Price | Custom enterprise | $10K+/year | $15K+/year | Custom |
| Free Tier | No | No | No | No |
| API Access | Yes | Yes | Yes | Yes |
| Enterprise SSO | Yes | Yes | Yes | Yes |
| Integration Count | High (capital markets) | High (PE/VC) | Medium | High (alt investments) |
Although both platforms can provide enterprise-grade functionality, Ipreo is generally stronger for the needs of capital markets firms as it is designed to streamline the issuance workflow and DealCloud is generally stronger for the needs of private equity/venture capital firms as it is used to manage the deal flow in those sectors.
Ipreo is the leading provider of public markets origination solutions, while DealCloud is the leading provider of private deal pipeline management solutions.
While both platforms offer enterprise-grade capabilities, the main difference between them is the focus of each platform. Ipreo is primarily focused on providing a seamless workflow for the origination and execution of public debt issues, while Intralinks is primarily focused on the creation and use of virtual data rooms for the purposes of managing M&A due diligence and other non-debt related activities. As such, Ipreo is generally stronger for the needs of capital markets firms, and Intralinks is generally stronger for the needs of M&A firms.
If your company is looking to raise money through the sale of debt securities, choose Ipreo for your debt syndication needs. If your company is looking to manage the due diligence effort associated with an M&A transaction or other similar activity, choose Intralinks for your transaction VDR needs.
eFront is a firm that specializes in providing software solutions to support the management of portfolios of alternative investments, while Ipreo is focused on supporting the origination of new investment opportunities. In most cases, these two firms will be complementary and not competing.
If your company is looking to raise money through the sale of debt securities, choose Ipreo for your fundraising/issuance needs. If your company is looking to manage the ongoing operations of its alternative investments after they have been made, choose eFront for your post-investment operations needs.
nCino offers banking-focused platforms that are broadly applicable to commercial banking, while Ipreo is a niche player focused solely on supporting debt capital markets origination efforts by capital markets firms.
Ipreo offers solutions that are specifically designed to meet the needs of investment banking debt capital markets teams.
IssueBook is a comprehensive Web-based platform that manages the entire fixed income new issue process from origination to settlement. It combines all of the workflow components for book-building, order-aggregation, allocation, compliance-checking and trade-settlement across one or more simultaneous deals into one central location.
IssueNet facilitates approximately 90 percent of European (€) issuances, 96 percent of Asian G-3 issuances and 95 percent of United States Investment Grade (IG) issuances. It allows for the synchronization of order books across syndicate banks and automatically reconciles and removes duplicates from each other.
IssueBook will help ensure compliance with MiFID and GDPR regulations. It acts as a centralized repository for regional reporting and has fine-grain user permission capabilities.
Works seamlessly with IssueNet and IssueLaunch to provide greater syndicate communication. Offers FIX protocol connectivity via Investor Access for electronic order submissions to sell-side banks.
The primary customer base for Ipreo is over 100 global investment banks involved in fixed income new issuance activity. The service is used as a platform by the syndicate desk to manage and execute large multi-tranche global offerings.
Ipreo provides 24/7 full support and monitoring for the service. In addition, the company has an enterprise-grade support system that supports mission-critical deal execution processes for its clients.
Ipreo also allows for the concurrent execution of multiple deals utilizing a real-time multi-tranche and multi-currency management model. The company's solutions also provide additional functionality including duplicate order detection, bulk updates and order book analytics.
The cost of using Ipreo is not publically available and requires direct contact with their sales department to inquire about pricing options. Due to the fact that Ipreo solutions are designed for use on an enterprise-wide basis for investment banks, they typically require a significant upfront commitment.
In summary, Ipreo, now part of S&P Global, offers enterprise-grade solutions for managing fixed income new issuance workflows for 100+ global investment banks. Their IssueBook and IssueNet solutions are currently the leading platforms in the marketplace for providing compliant, straight-through processing for most of the major European and U.S. fixed income issuance markets and therefore is best suited for banks that have a need for large-scale mission-critical book-building.
Ipreo's IssueBook and IssueNet solutions provide market coverage of €90% and U.S. IG 95%.
Ipreo leads in fixed income new issuance using IssueBook (comprehensive book-building) and IssueNet (over 90% of euro issuance, over 95% of U.S. IG). Used by 100+ investment banks with 24/7 customer service; FIX protocol connection; MiFID and GDPR compliant; and straight through to back-office processing. An enterprise platform designed for use by syndicate desks managing multiple global multi-tranche deals at one time.
Good - detailed product factsheets from IHS Markit/S&P Global, market coverage stats verified, customer support info confirmed. Limited public data on pricing, exact API specs, and recent reviews.
IssueNet processes approximately 90% of all euro-denominated issuances, 96% of all Asia G3 issuances and 95% of all U.S. IG issuances. IssueNet is the leading network used by fixed income syndicate teams to manage their deal work flows.
Used by 100+ investment banks across the globe. The platform supports multi-location/multi-business-line permission structures for global deal coverage.
The Investor Access platform allows investors to electronically submit orders for fixed income investments via FIX messaging. Industry-led best practices were extended from the equity workflow space.
Was acquired by IHS Markit (now S&P Global), which provided both institutional credibility and long term platform stability for capital market work flows.
Issued T+3 Loan Trade Settlement System with Securities Lending Capability. The firm was granted license to use U.S. patented technology developed by Goldman Sachs.
The ability to perform and track the real-time calculations and allocations of multiple debt tranches simultaneously.
The automated aggregation and reconciliation of orders from a multitude of different order sources such as syndicate desks and external investors through an integration with IssueNet.
The real-time identification and management of duplicate orders across participating banks utilizing investor mapping services.
The automation of trade booking with the creation of trade records, journal entries, and electronic payment letters for straight-through processing.
Customizable tracking and calculation of the revenue, expense, premium, and discount associated with debt issuance.
Support for multi-currency debt deals with real-time order book management and settlement capabilities.
| Account Code | Account Name | Instrument Type | Subaccount Support | Notes |
|---|---|---|---|---|
| IB-REV | Issuance Revenue Tracking | Fixed Income New Issues | Yes | Custom categories for premiums, discounts and issuance fees per IssueBook settlement capabilities |
| IB-EXP | Issuance Expense Categories | Debt Placement Costs | Yes | Customized expense tracking with automated journal entry generation |
| IB-JE | Automated Journal Entries | Settlement Accounting | Yes | System-generated accounting entries for trade settlement and payment processing |
| IB-OB | Order Book Consolidation | Aggregate Orders | Yes | Consolidated view across all tranches, currencies, and syndicate participants |
Total management of fixed income new issuance from origination through book build, allocation, trade confirmation, and settlement.
Real-time management of complex multi-tranche, multi-currency deals globally and across all time zones.
Rapid order exchange and reconciliation between over 100 investment banks via IssueNet network which represents approximately 90% of major issuance markets.
Direct electronic order submissions by investors through the Investor Access platform with FIX protocol support.
Automation of trade processing creating journal entries, payment letters, and settlement confirmations.
Built-in MiFID/GDPR compliance with audit trails, permission controls, and regulatory reporting capabilities.
| Validation Point | Input vs. Output | Timing | Business Impact if Failed |
|---|---|---|---|
| Duplicate Order Detection | Input: Investor orders from multiple sources; Output: Real-time flagging and reconciliation via investor mapping | Real-time | Overstated demand, incorrect allocations, and pricing errors affecting deal execution |
| Order Book Synchronization | Input: Orders from all syndicate banks; Output: Consistent view across all participants via IssueNet | Continuous | Disparate demand views leading to premature pricing and allocation disputes |
| Permission Validation | Input: User access requests; Output: Fine-grained permissions by location/business line/deal | Pre-access | Unauthorized order entry or deal information disclosure violating compliance |
| Trade Booking Completeness | Input: Allocation confirmations; Output: Complete trade records with journal entries generated | Post-allocation | Broken trades, delayed settlement, and accounting reconciliation failures |
| Multi-Currency Consistency | Input: Multi-currency orders; Output: Consistent order book across currencies | Real-time | Currency mismatch in allocations affecting settlement and P&L reporting |
Live analytics for all tranches, all currencies, and all investor categories that are active throughout a book build
Visibility to consolidated demand across 100+ banks representing over 90% of European, U.S. Investment Grade, and Asian G-3 issuances
Instantaneous reporting of allocations and confirmations on completed trades to all participating parties
Audit trail for all activity in accordance with MiFID/GDPR regulations as well as capability for regional regulatory reporting
Metrics tracking and reporting for Straight Through Processing (STP), broken trades and settlement cycle times
Analytics of how investors behave using IssueNet mapping to map out global participation in each issue
