S&P Global, Sense Street Automate Bond Issuance Workflows

S&P Global Market Intelligence has formed a partnership with Sense Street to automate order entry and bookbuilding processes in primary bond markets, connecting AI-powered communication analysis directly to issuance management systems.

The integration links Sense Street's chat-to-data conversion technology with S&P's IssueBook platform, which manages the bond issuance process. Sense Street's system captures unstructured communications between sales traders and their counterparties—typically conducted through chat—and converts them into structured order data that flows directly into IssueBook without manual intervention.

The workflow challenge

The automation addresses a persistent operational bottleneck in fixed income sales. During new bond issues, salespeople traditionally spend significant time manually re-entering order details from chat conversations into bookbuilding systems, then updating those entries throughout the trading day as conditions change.

Under the new workflow, structured order information populates IssueBook automatically, with salespeople validating entries rather than creating them from scratch. The approach aims to reduce manual processing time during the busiest periods of a deal.

Market scale drives efficiency needs

The partnership targets a substantial market. Global fixed income debt outstanding reached $160.7 trillion in 2025, according to SIFMA data. The OECD projects sovereign and corporate bond issuance will reach $29 trillion in 2026.

"The continued growth in fixed income issuance highlights the importance of efficient order entry and bookbuilding workflows," Olivier Dermaux, EMEA head of fixed income primary at S&P Global, told The DESK, which first reported the partnership. "By leveraging AI, we can help make the process more scalable, transparent and efficient."

Why it matters

Automating order capture in bond issuance represents a meaningful shift in how primary market infrastructure handles operational scale. As issuance volumes grow, manual data entry creates both efficiency constraints and error risk. Converting unstructured trader communications into workflow-ready data removes a labor-intensive step while potentially improving data quality and freeing relationship managers to focus on client interaction rather than administrative tasks during critical deal windows.

Broader workflow applications

Beyond issuance automation, Sense Street's structured data supports flow analytics and other workflow applications. The technology extracts details needed to fulfill client requests for quotes without requiring manual parsing of chat logs.

"On a busy new issue day, salespeople spend considerable time on manual tasks," Haroon Hassan, Sense Street CEO, told The DESK. "Re-keying orders from chat into the book and updating them throughout the day is a pain well known to anyone who's worked on a desk. We're automating that workflow, so structured orders flow straight into IssueBook and the salesperson simply validates them."

The partnership details were first reported by The DESK.