Issuer Services

Sovereign debt issuance and management

MTS Issuer Services offers an extensive suite of tools and platforms including Treasury Operations and the Primary Auction Facilities. Our solutions are designed to support sovereign debt managers and primary dealers across Europe and beyond, ensuring the efficient, transparent, and secure execution of debt issuance and management activities.

Treasury Operations (TRS)

Treasury Operations (TRS) is a specialised market facility tailored for Debt Management Offices (DMOs) to conduct Taps, Buybacks, and Switch Auctions.

Key features:

• Electronic execution of firm prices: Facilitates swift and accurate transactions.
• Shared Technology: Operates on the same technology as DMO-designated MTS Cash order books.
• Customisable set-up: Allows for system configuration based on unique client requirements.
• Extensive network: Broad and diverse range of market participants
• Full STP and automated settlement: Sends  settlement instructions to Central Securities Depositories (CSD) for seamless processing.

Our offering currently covers:

• Italian Taps, Buybacks, and Switch Auctions
• Dutch Taps
• Czech Taps, Buybacks, and Switch Auctions
• Belgium Buybacks
• Danish Buybacks

Primary Auction Facility (PAF)

The Primary Auction Facility (PAF) is engineered for the efficient issuance of debt via primary auctions. The MTS Primary Auction System includes:

• Single price auctions: Simplifies pricing strategies.
• Normal or reverse auctions: Offers flexibility in auction types.
• Pricing/matching in price or yield: Applicable for both coupon and zero-coupon bonds.
• Simultaneous multiple auctions: Supports concurrent auctions, enhancing operational efficiency.

The auction process is structured into distinct market phases, providing comprehensive historical data tailored to user profiles such as DMOs and Primary Dealers. This data includes:

• Auction summaries: Detailed breakdowns of auction results.
• Demand curve simulation: Analytical tools to model market demand.
• Bidding data: Full access to bids, with capabilities for members/issuers to amend or delete bids.

DMO Reporting

Added-value analytics for issuers and dealers

MTS has been designated by a wide group Sovereign Debt Managers across Europe and beyond to provide the electronic trading platform on which Primary Dealers are expected to support secondary market liquidity of public debt instruments. As part of its service, MTS provides DMOs and Primary Dealers all the data and reporting information, tailored to the specific requirements of each market and in the desired format.

DMOs receive quoting and trading information by single instrument, allowing them to produce their Primary Dealer ranking based on their evaluation methodology for Primary Dealers performance. Where required, MTS can also conduct this evaluation on the DMO’s behalf.

MTS delivers monthly reports summarising trading activity by instrument for each Primary Dealer (PD).

Individual participants can monitor their own trading activity on a dedicated webpage.