A&O assists fintech Nivaura to develop bond issuance technology
13 February 2020
Allen & Overy has provided legal expertise and knowledge to fintech company Nivaura, to help in the development of their new automation technology, Aurora.
A&O has been working with Nivaura, a fintech company focused on primary market digitisation and automation, and resident in Fuse, A&O's tech innovation space, to develop and enhance the capabilities of their new technology. Aurora automates part of the new issue process for executions of private placements under debt issuance platforms such as Euro Medium Term Note Programmes.
A&O, with its expert knowledge of bond issue processes, supported the development of Aurora through the use of Nivaura’s General-purpose Legal Mark-up Language (GLML), with a view to enabling Aurora to generate final terms for issuances under these programmes. Throughout the development of Aurora and GLML, A&O has provided feedback designed to improve the potential of this new technology to drive efficiencies in the issuance process.
Jonathan Melton, Partner, commented: "We have worked with Nivaura on some significant transactions, including on the first end-to-end blockchain bond issue, so we recognise the significance of their technology.
"We were pleased to be able to work with them to develop their Aurora technology, which has the potential to deliver efficiencies in the issuance process for bonds issued under debt issuance programmes."
Richard Cohen, General Counsel and Head of Strategy at Nivaura added: "A&O's contribution to Aurora has been invaluable, both through A&O's debt capital markets team and Nivaura's participation in Fuse. By working so closely with market leading lawyers we are able to maximise the opportunities for use of structured data in legal documents and the capital markets as a whole."