TMC Bonds, a retail fixed income alternative trading marketplace in the US, and Citi have signed definitive agreement to offer new issue municipal bonds via TMC’s network of dealers with access to over 125,000 financial advisors.
According to TMC, the distribution agreement will enable pre-approved firms to access Citi’s qualified negotiated retail primary offerings via the TMC platform.
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The arrangement will also enable firms, who have historically not had access to municipal new issue bonds, to participate in retail order periods as virtual members of the syndicate, TMC said in its statement.
Citi head of the municipals securities division, Ward Marsh, said: "We are confident this platform will dramatically expand our clients’ distribution network while increasing transparency and openness in the municipal market."
TMC CEO, Tom Vales, said: "We are very pleased to have a leading institution like Citi partner with us and help to expand our product offerings. The platform was developed to support deals of all sizes and with multiple underwriters. This will be beneficial not only to issuers, but the retail investor as well."
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