UNIFINplatform

Solution

Unifin Bonds

A bond market is built on issuance discipline and clear settlement.
The issue path: prospectus, order book, cut-off, listing, trading, coupons and DvP settlement.
The book shows oversubscription, DvP stays under control and the trail runs to payouts.

  • The issue market
  • The order book
  • DvP settlement
All solutions

Live screens from the product terminals

Issues overview screen with bond issues Issues overview screen with bond issues Primary placement screen with the order book Primary placement screen with the order book Secondary market screen with trades
Demo Unifin Bonds Theme Open separately
Issues overview
Issues overview

This is an interface demonstration: the real solution will differ in colours and content for a specific project.

Functions at a glance

Business functions at a glance

From an issue to a report.

Issuance and listing
Builds the issue from coupon and calendar, takes it to listing
Listing on the placement day
Order book and allocation
Collects bids, runs the cut-off and the allocation
A fair cut-off price without manual maths
Secondary market
Brings quotes into one picture, runs the day trades
Spread and turnover visible in the moment
Coupons and redemptions
Runs the payout schedule, amortization and offers, notifies holders
No payout is missed
DvP settlement
Prepares DvP instructions, nets positions, reconciles with the depository
Settlement comes out clean on the trade day
Holder register
Reconciles the register before the record date
Payouts run against a checked list
Reporting and control
Prepares supervisor forms, keeps limits and the event journal
The regulatory view matches the books

What runs today

The bond chain, already running

From placement to coupon: the live chain.

Schedules

Coupon and amortization schedules are calculated in the suite.

Yield

Yield and sensitivity calculators are part of the core.

Primary

Primary placements and auctions run for new issues.

Secondary

Secondary trading runs on the order book.

Tax

The tax resolver applies DTA and statutory rules.

Roadmap

Bond indices are next in line.

Solution description

Capabilities and overview

Key features

  • Issuance and listing: coupon, calendar, prospectus
  • Order book: cut-off, oversubscription and allocation
  • Secondary trading: quotes and the trades of the day
  • Coupons and redemptions: schedule, amortization, offers
  • Holder notices ahead of every payout and event
  • DvP settlement with the depository and position reconciliation
  • Holder register checked before the record date
  • Supervisor reporting from live issue data
  • Limits and the event journal for every issue
  • A trail from the bid to the payout
  • Roles of the issuer, the agent, the venue and participants
  • Deployment by configuration inside the UniFin platform

Product overview

Unifin Bonds is the bond suite of the UniFin platform, built for issuers, venues and financial organisations.

It runs an issue from the prospectus and the order book to listing, trading, coupons and DvP settlement.

Primary placement, the secondary book and coupon payouts work on one set of issue data. The same parameters drive the protocol, the calendar and the reports.

The holder register is checked before the record date, and notices reach holders ahead of every payout date.

Depository, settlement bank, accounting and the supervisor connect through standard channels; deployment happens by configuration.

Related solutions

Unifin Bridge CSD

Inter-depository links: registry, message exchange, reconciliation, corporate actions and disclosures in one suite.

Unifin Payment Bank

The money side of the market: participant accounts, payment queue, DvP money legs, clearing settlements and treasury.

Unifin Disclosure Portal

Corporate disclosure and e-voting: the publication feed, the duty calendar, meetings and the quorum from the register.

What it delivers

What the solution delivers

Issuance and listing

Issues are prepared in spreadsheets, and every coupon change pulls a manual calendar check. The suite builds the issue from coupon and amortization parameters. The payout calendar, the issue codes and the listing date come out of it. With the solution the paper reaches the market on the promised day. In setup coupon, amortization and offers come as reference data.

Order book and allocation

Bids arrive by mail and in spreadsheets, and oversubscription appears only when the book closes. The suite collects bids into one book, with issuer and issue limits on every bid. Cut-off and allocation follow the issue rules, and the protocol is published the same day. With the solution the cut-off price needs no manual maths. In setup the issue rules and limits are set in configuration.

Secondary market

Secondary trades run over the phone, and spread and turnover live in a separate file. The suite brings quotes into one picture, runs the secondary trades and shows book depth. With the solution trading runs on competitive quotes and turnover is visible by investor type. In setup quote request rules and limits are configured per segment, and trades and depth come from one journal.

Coupons and redemptions

Coupon dates live in spreadsheets, and a holder learns about a payout at the last moment. The suite runs the payout schedule, amortization and offers. It checks the register and notifies holders in advance. With the solution every coupon lands on its date, with no late-notice penalties. In setup the schedule, notice statuses and the settlement bank reconciliation are visible for every payout.

DvP settlement

Trade settlement is usually checked by hand, and a divergence with the depository surfaces by the evening. The suite prepares DvP instructions, nets positions and reconciles against the day rules. With the solution the day closes without breaks and the DvP share stays under control. In setup every instruction status is visible before the day ends, with matching rules as reference data.

Holder register

The register is pulled up to the payout date, and a divergence surfaces on the last day. The suite reconciles the register before the record date and stops a payout on a divergence. With the solution payouts run against a checked list, with no disputed payouts to unpick afterwards. In setup you see where the data diverged, and the case runs with every holder to closure.

Reporting and control

Reporting forms are assembled from extracts by hand, and reconciling them with the books takes team time. The suite prepares the forms from one data picture and keeps issuer and issue limits with the event journal. With the solution the supervisor gets an answer on time and the audit follows a ready trail. In setup the form scope and version history are visible, with selection rules as reference data.

Coverage

What it covers

The suite runs a route: issue, book, listing and the coupon calendar.

Issuance and listing

Coupon parameters, issue codes, the payout calendar and listing.

Order book and allocation

Bid collection with limits, the cut-off rate, allocation and the protocol.

Secondary market

RFQ and quotes, book depth, trades and turnover by investor type.

Coupons and redemptions

Payout schedule, amortization, offers, holder notices and bank reconciliation.

DvP settlement

DvP instructions, position netting and depository reconciliation by the day rules.

Reporting and control

Supervisor forms, limits, audit exports and the issue event journal.

Holder register

Register reconciled before the record date; a divergence stops a payout.

Journal and audit

Every bid, trade, payout and report stays in the event journal.

Stand

Screens of the solution

The issues overview, primary placement and the secondary market.

Issues overview screen with bond issues
Issues overview: issues, volumes, coupons and the day journal
Primary placement screen with the order book
Primary placement: the order book, the cut-off and the allocation
Secondary market screen with trades
Secondary market: trades, turnover and the spread

How it works

From the book to settlement in five steps

The path of a bond: issue, book, cut-off, listing, trades, payouts, DvP.

  1. 1

    The book opens

    The issue opens and the book gathers bids.

  2. 2

    The cut-off runs

    Oversubscription shows; allocation distributes the bids.

  3. 3

    The issue is listed

    The calendar goes to holders and the paper is listed.

  4. 4

    Coupons land

    The coupon is paid on its date; the register is reconciled.

  5. 5

    Settlement closes the day

    DvP instructions come out clean; supervisor receipts follow.

Industries

Industries it serves

The suite serves issuers and their agents, banks and brokers, asset managers and funds, and market infrastructure operators.

Exchange / venue

Trading, supervision, market data and post-trade on one governed core, launched by configuration.

Asset manager / fund

Analytics, indices and hedging instruments for portfolio and research teams.

Corporate / issuer

Market access for producers and issuers: auctions, deliveries, tokenised assets and data.

Fintech / data

Data products, AI services and API-first access to build on the platform.

Architecture

Architecture and access

The architecture rests on the bond core and the portal. Issuance and listing, the book, the secondary market, coupons, DvP and reporting sit on that core.

Service suite

The bond portal, issuance and listing, the book and allocation, trading, coupons, DvP and reporting.

External suites stay external

The depository, settlement bank, supervisor and accounting connect as connectors.

Multi-region and DR

Active-active read with replicas and a DR region for Tier-0; Active-Passive clusters and replication are allowed.

Grow without touching the core

A new issue, form or channel joins through reference data and connectors: the core stays still.

AI layer

The AI layer summarizes the book and drafts the payout note from the register; people approve.

Architecture scheme The same architecture as a standalone page. Open the diagram separately

Readiness

Ready today, next in line

The base is in place; next: coupon analytics and issue risk services.

Ready today

  • The order book, the oversubscription and bid allocation
  • The secondary market: RFQ, quotes and the trades of the day
  • Coupons and redemptions on the payout schedule
  • DvP settlement with clean depository reconciliations

Next in line

  • Coupon reinvestment analytics for the buy side
  • Issue-level risk and liquidity scores
  • Additional supervisor formats and depository routes (roadmap)

Releases

Release history

Quarterly releases from the foundation of the platform (2020); the bond suite launched in 2026.

2026 Q1

  • Coupons and redemptions with holder notices and the settlement bank reconciliation.

2026 Q2

  • The order book and the allocation; the quarterly reporting pack.

2026 Q3

  • Settlement and reporting: depository reconciliations and supervisor receipts.

2026 Q4

  • Coupon reinvestment analytics and issue-level risk services (plan).

Detailed description

Detailed description

The module map, the coupon calendar and the delivery frame.

How the suite is assembled

Channels and clients
FIX 4.2 / 4.4 / 5.0, REST with mTLS, SFTP files, web portals
Edge and access
API gateway with 126 routes, Keycloak single sign-on, WAF and CSP
Platform core services
listing-ms trading-ms depository-ms clearing-ms AI agentic layer Services of the suite on the shared platform core
Data and events
PostgreSQL 17 per service, Redis 7, RabbitMQ 3.13 quorum queues, transactional outbox
Results and reporting
Portals, reports, regulator and partner channels

Technology stack

Runtime and backend: Java 21 (LTS), Spring Boot 3.5.16, Spring Cloud 2025.0.3, Gradle, Flyway 10.15.

Data: PostgreSQL 17, Redis 7 with Sentinel, RabbitMQ 3.13 with the transactional outbox.

Market connectivity: FIX 4.4/5.0 for dealers, ISO 20022 for settlement and signed file channels with the supervisor.

Portals: Next.js 16.3.3, React 19, TypeScript 5; Onest typography and two themes; Keycloak 26.1 for OIDC sign-in.

Delivery: Kubernetes and Helm, Vault secrets, Prometheus and Grafana, Docker Compose for pilots.

Evidence by default: bids, trades, payouts, reconciliations and reports are journaled for five years.

Issuance and the order book

  • Parameters come first: volume, coupon, tenor, amortisation and offers; the CORP-5Y-2031 issue carries USD 60 bn at a 13.5% coupon for 5 years.
  • The book gathers 128 bids a day at a 1.8x oversubscription; issuer and issue limits pass before the cut-off.
  • The cut-off rate is 13.75% in the sample; the allocation distributes 100% of bids by protocol.
  • Listing follows on the placement day: codes, the coupon calendar and the holder register are updated at once.

Secondary market

  • RFQ goes to three dealers; the median quote answers in 1.4 seconds over the portal and FIX channels.
  • The day brings 1,240 trades and USD 84.6 bn of turnover; the spread holds at 25 bp.
  • Turnover splits by investor type: banks 44%, funds and asset managers 27%, corporates 18%, retail 11%.
  • A trade of 2.5 m bonds at 99.85% comes to USD 2,609,250,000.00 with USD 113,000,000.00 of accrued interest and a 13.68% yield.

Coupons and redemptions

  • 640 payouts a year worth USD 214 bn run by the calendar; notices reach holders before the record date.
  • The coupon of the sample issue lands on 15.10.2026: USD 60 bn at 13.5% for the period equals USD 4,050,000,000.00.
  • Amortisation and offers follow the schedule; accrued interest is computed by day to the last cent.
  • The holder register is reconciled before the payout; a divergence stops it until resolved.

DvP settlement and control

  • 8,900 instructions a day settle on a DvP basis: 78% delivery versus payment, 12% free of payment, 6% netting and 4% adjustments.
  • Reconciliations with the depository run at 09:30 and 16:00; a mismatch is raised with an owner and a deadline.
  • The DvP share holds at 98.6%; the case in the sample closed a mismatch in 20 minutes without slipping the day.
  • 14 supervisor forms and 26 issuer and issue limits stay under control; receipts are journaled for five years.

Architecture

  • Built from the platform core: listing-ms, trading-ms, depository-ms and the clearing suite behind a portal BFF.
  • The portal BFF keeps roles, routing and audit; a window knows only its own /api/v1 calls.
  • The depository and the register, the settlement bank, the supervisor and accounting systems connect as connectors and reconciliations.
  • Scaling adds nodes: Patroni, RabbitMQ quorum queues and Redis clusters; stateless services run in three zones.
Detailed description

Leave your contacts to open the detailed description and download the PDF with architecture, cases and delivery details.

Ask about the bond suite

Bring one issue or one trading day. We show the path from the book to the listing and from a coupon day to a DvP instruction.