Newtrex is an electronic auction platform for large, liquid benchmark bond transactions — rethinking issuance in primary bond markets for frequent borrowers and institutional investors. Transparent. Efficient. Fast. Cheap.
A financial technology company rethinking how new bonds are priced, allocated and settled.
To establish a new, automated issuance process that is simple, transparent and fair.
An electronic auction platform focused on large and liquid benchmark bond transactions.
Frequent borrowers and institutional investors — professional market participants only.
All deal details on the platform: deal size, issuer profile, investor presentation, term sheet, documentation and comparables.
Enter limit orders before the auction — in cash price or as an asset-swap level. ASW orders are converted to cash prices continuously against the swap curve, and the hedge executes automatically on any fill.
The price counts down live from the start price toward the reserve price. Orders execute in full the moment their limit is reached or when entered live. Executed volume is not published during the auction — no strategic waiting.
The auction ends once orders reach the deal size. Every executed order is filled in full; only orders at the very last price share the remaining amount on a weighted basis.
Final details and weighted-average deal price published; real-time statistics; flexible settlement options.
Full allocation at your price, confirmed immediately — pro-rata applies only among orders at the final price. The most transparent and fairest treatment for investors.
Inspired by the Dutch flower auction, where the clock counts down and the first bid wins — it's why our logo is a tulip.
In a traditional syndication, the new issue premium — the extra yield an issuer pays over its own curve — emerges from phone calls and guidance revisions. Nobody can verify how it was set.
On Newtrex, the auction opens at the start yield, anchored to the issuer's interpolated secondary curve, and can move no further than the reserve yield the issuer has set in advance. Within that band, real demand determines where the deal clears.
The result: the NIP becomes an observable market outcome — simple, transparent, and verifiable by issuers, investors and regulators alike.
A quicker, more transparent process at significantly lower cost than traditional syndication fees.
A transparent pricing and allocation process. Each investor determines their fair value and can achieve full allocation.
Banks are welcome to participate — entering client orders and acting as hedge managers on transactions.
The Newtrex auction is settlement-agnostic. Allocations can settle traditionally via bank, agent or clearing house — or on distributed-ledger infrastructure with tokenised bonds and digital cash, as adopted by a growing number of public-sector issuers. The engine stays the same; the rails are your choice.
We work with frequent borrowers, institutional investors and banks who want a more transparent primary market.