Prospectus review you can talk to: agents brief every new bond offering memorandum that fits a fund within the hour, every line cited, and people decide every order
Every deal that fits a fund briefed and decided before books close, every line cited.
See one case, screen by screen ↓Prospectus Review is AI prospectus review for buy-side credit desks: it reads each new bond prospectus or offering memorandum into a cited credit brief for analysts, so prospectus analysis keeps pace with the new-issue calendar. Seven agents put new issue bonds on one calendar as they launch, check each deal against every fund's rules, write a one-page brief within the hour for each deal a fund can buy, with every line tied to its page, compare revised and final terms with the preliminary, and draft the order. The analyst recommends, the portfolio manager approves and the trader executes.
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A new high-yield deal arrives with a preliminary offering memorandum of 300 pages or more — a Rule 144A offering memorandum, a European prospectus, often an offering circular in the issuer's own language — and initial price talk the same morning. Before books close the credit analyst has to read the business, the capital structure, the guarantors and collateral, the description of notes and the risk factors, work out which funds can even hold the bond, price it against comparables and give the portfolio manager a recommendation and a size. With about 30 launches a week, the analyst reads the largest deals and the names the funds already own. A well-structured €350M deal that a fund could have bought never gets read.
The fit check comes late: mandate limits sit in pre-trade compliance, and the analyst learns that a fund cannot hold a euro bond or a five-year duration after the PM has asked for it. Then the package moves at pricing. A revised terms notice drops a change of control put or widens a restricted payments basket, and few desks compare it with the preliminary offering memorandum line by line, so an approved order can stand on terms that no longer exist. The note, the chat, the approval and the order sit in four systems, which is what compliance has to piece back together.
Estimated split for one high-yield new issue with a 300-page preliminary offering memorandum, read properly by hand and with the solution, in hours.
Seven agents check fit, read, cite and compare every new deal; the analyst recommends, the PM approves, the trader executes.
Quillfield Capital's high-yield desk reviews new issues for 212 portfolios. On Monday at 08:02 Valdemora Energía, a Spanish wind, solar and gas generator, launches €500M of Senior Secured Notes due 2031, 5NC2, rated B1 / BB- / BB-, under a 312-page Spanish offering circular, with initial price talk of 6.25–6.50% area and books closing Tuesday at 12:00 London. Here is what happens, screen by screen, in the working solution.
Marco covers European high yield in London. His Today screen shows 2 deals that need him, 4 books closing today — the first at 12:00, Valdemora — and briefs ready on 7 of this week's 8 deals, a median 41 minutes after launch. Beside it runs a short thread of what the agents did this morning, and an ask box for the desk agents. The top line is the one that matters: the change of control put was removed and his €40M order is on hold.
“Valdemora: the revised terms notice removed the change-of-control put. Hold proposed on the €40M order; Daniel Okoye confirmed at 10:26.”
The Intake agent opened the deal from the syndicate calendar feed and matched two bookrunner emails to it. The Triage agent then checked it against the live rules and holdings of 212 portfolios: Global High Yield, Euro High Yield and Strategic Income fit; US High Yield fits with a limit, its non-USD bucket at 19.9% of a 20% cap with room for about €13M. Short Duration cannot buy (duration 4.1 years against 2.5), nor can Core Plus ETF (USD only), EM Corporate (Spain is not on its country list) or the insurance mandate (NAIC 3 equivalent; it takes NAIC 1–2 only). Each line names its rule source, the fund document clause or the house rule built on it, and opens that clause.
The Triage agent never changes a rule or sets a size.
The Brief writer read all 312 pages in Spanish and wrote the brief to the house template: business, capital structure, guarantors and collateral, covenants, risk factors and relative value, each with a confidence score. The Citation checker re-found 146 of 148 lines on their page and withdrew 2 — one claimed hydro concessions the circular never describes. At the top, the agents list what they will not decide for him: no mortgages over the plants (p. 212), and no blocker on moving assets to unrestricted subsidiaries (p. 230). He can agree, edit or disagree with each.
“Needs your judgment · The agents found these and will not decide them for you.”
Marco opens the risk factor on the 2026–2031 review of the regulated return for renewables. The source panel shows page 34 of the Folleto de oferta preliminar, the Spanish original beside the English, with the passage highlighted: a 50 basis point cut in the return would reduce annual EBITDA by about €9M. At 09:48 he recommends Buy €40M across three funds; Grace Lindqvist approves at 10:02, and the order is in the book at 10:15.
“Verified by the Citation checker · found on p. 34 in the original wording · confidence 98%.”
The bookrunners' revised terms notice, the Aviso de modificación de términos, arrives at 10:20. Three minutes later the Diff agent has compared it with the preliminary circular, 144 clauses in the original language: one high change, one medium, one for information. Section 4.14, the change of control put at 101%, now reads “[Reservado]”, and the general restricted payments basket rises from €50M to €75M. The Relative value agent reprices fair value to 6.45–6.65%, against guidance of 6.375%. The Diff agent proposes a hold on the €40M order; Daniel Okoye, the trader, confirms it at 10:26.
The Diff agent never cancels or changes an order. It proposes a hold that the trader confirms.
In the deal's conversation Marco types: compare covenants with Castellar Power 2031. The agents show their plan as they work — find both covenant packages, read 9 clauses in Spanish and English, check every cell against its page — and the Citation checker finds 10 of 10. The table says what he suspected: Castellar kept its change of control put, has a €40M general basket against Valdemora's €75M, has a blocker on unrestricted transfers and mortgages over its plants.
Every answer cites its pages: notice p. 3, p. 4, p. 230, p. 212, p. 236, and the Castellar brief.
The Decision tab walks him through it: analyst recommends, PM approves, trader executes, then allocation. The Order drafter has pre-filled Buy smaller from the change — Global High Yield €12M, Euro High Yield €9M, Strategic Income €4M — each within the fund's headroom and passed through the pre-trade check. Marco keeps reason code R3, Terms weakened at pricing, sets the limit at no lower than 6.375% and sends it to Grace with a one-line note.
The Order drafter never sends an order and never exceeds the approved size.
Grace runs the Global and Euro High Yield funds and the European sleeve of Strategic Income. In Approvals she sees Marco's Buy smaller €25M, the sizes by fund, the limit, the removed put with its notice page and the repricing, due before 12:00. She can reject, edit sizes or approve; she approves. The Cobalt Ridge order below is locked for her: those are Adrian Cole's funds.
“Every decision that moves an order, a held position or a rule needs a second person. Nobody approves their own work.”
Daniel's Orders screen shows one order to send: Valdemora, revise to €25M, sizes by fund, limit no lower than 6.375%, approved by Grace Lindqvist at 10:39, on order OMS-7731840. He revises it in the order management system before books close. The allocation is recorded when the bookrunners send it, and the Diff agent will compare the final memorandum with the preliminary again when it arrives.
“Sizes can never exceed the approval; the order management system checks it again.”
Kenji Watanabe recommends Pass on Northgate Packaging's $300M add-on: it funds a $250M dividend to the sponsor and takes secured leverage from 4.6x to 5.4x. Quillfield already holds $212.0M of these notes, so the Pass is also a view on the existing position. Nadia countersigns by 17:00 London or returns it to Kenji; once she countersigns, Adrian Cole, the portfolio manager, reviews the position.
“A Pass on a held name needs the Head of Credit Research's second signature.”
The same new issue, seen by five of the people who carry it — what a launch day looked like, and what it looks like now.
Seven agents check fit, read, cite and compare every new deal; the analyst recommends, the PM approves, the trader executes.
Opens each launched deal from the syndicate calendar feed, syndicate-desk emails and deal roadshow sites, fetches every document version and merges duplicates.
Checks each deal against each portfolio's live rules and holdings — rating floor, currency, duration, issuer and UCITS 5/10/40 limits, SFDR Article 8 exclusions, NAIC limits — and ranks deals by fit and books-close time.
Reads the whole memorandum in its own language and writes the brief to the house template, a page for every line, with the covenants scored against the house checklist.
Re-finds every brief line on its page in the original wording, withdraws any it cannot find and scores each section's confidence.
Compares initial price talk with the issuer's curve and comparable bonds, and reprices when terms change.
Compares every new version — revised terms notice, final memorandum — with the preliminary, clause by clause, in the original language, rates each change and reopens the decision when a protection weakens.
Drafts sizes by fund from the recommendation and each fund's headroom, runs the pre-trade check and queues the approved indication for the trader.
Recommend, approve, execute, countersign. The agents propose; a named person decides.
Ask about any deal, fund or brief — or tell the agents what to do. Every answer gives the page, and people decide.
Why did the agents put the Valdemora order on hold?
At 10:20 the revised terms notice arrived. The Diff agent compared it with the preliminary circular and found the change-of-control put at 101% removed — it was in Section 4.14, p. 241 — and the general restricted payments basket raised from €50M to €75M (notice pp. 3–4). It proposed a hold on the €40M order; Daniel Okoye confirmed it at 10:26.
Which funds can buy Cobalt Ridge, and how much room is left?
Three funds fit: US High Yield, Global High Yield and Strategic Income. Core Plus ETF fits with a limit: its high-yield bucket is at 19.2% of 20%, room for about $94M. Short Duration (duration 5.6), EM Corporate, Euro High Yield and the insurance mandate cannot buy.
Draft a smaller Valdemora order for Grace
The Order drafter prepared Buy smaller €25M: Global High Yield €12M, Euro High Yield €9M, Strategic Income €4M, limit no lower than 6.375%, reason R3 Terms weakened at pricing. Pre-trade checks passed. It is in the Decision tab for Marco to send — nothing has been sent.
Show every deal this year that dropped the change-of-control put
Fourteen deals in the last 12 months weakened it; the four this year that removed or narrowed it most: Valdemora Energía (removed, Oct 20), Calloway Marine Holdings (portability added, Jun 11), Teodora Retail (removed, Mar 4, Spanish) and Ferrant Industrie (double trigger added, Jan 28, French).
13 screens from the working solution, on its sample data. Pick one to see it large.
The fund rules, the brief template, the clocks and the record-keeping are settings, versioned, on the audit trail and changed only with compliance's approval.
| Setting | Default | Choose from |
|---|---|---|
| Fund fit rules | v14 · 1,734 rules across 212 portfolios | Rating floor, currency, duration per bond, issuer limits, UCITS 5/10/40, SFDR Article 8 exclusions, high-yield and non-USD buckets, NAIC 1–2 — each citing its fund document clause or house rule |
| Brief template | v7 · six required sections | Business · Capital structure · Guarantors and collateral · Covenants · Risk factors · Relative value; financial statement notes and questions for the bookrunners when present |
| House covenant checklist | 14 checks | e.g. change of control at 101%, single trigger · blocker on moving material assets to unrestricted subsidiaries · restricted payments builder at 50% of net income or less · equity claw at par plus coupon, 40% or less |
| Section confidence below which a person reviews | 90% | Sections under it are marked for review; any line can be edited or overruled with a reason code |
| Brief ready | At least 2 hours before books close | Launches within 2 hours get a brief in under 60 minutes |
| Recommendation, approval and escalation | 60 · 30 · 30 minutes before books close | With no decision 30 minutes out, the Head of Credit Research and the PM are alerted |
| Records kept | 7 years from the decision | Advisers Act Rule 204-2 requires 5; MiFID II 5 to 7; compliance can place a legal hold |
| Where deals are processed and stored | By region | EU and UK deals in the EU region · US and Latin American deals in the US region · Asia-Pacific deals in Singapore |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (SIFMA US Corporate Bonds Statistics, Q3 2026 — $2,195.1 billion issued through September 2026, up 24.5%, and $12.1 trillion outstanding at Q2 2026; ICMA Primary Market Handbook R5.10 and the Investment Association's Guidelines for New Issue Transactions in Fixed Income — books stay open at least 60 minutes after the preliminary document). Quillfield Capital and the people, funds, issuers, banks and identifiers named on this page are fictional — characters and sample data in the working solution.
Prospectus Review is AI prospectus review for buy-side credit desks: it reads each new bond prospectus or offering memorandum into a cited credit brief for analysts, so prospectus analysis keeps pace with the new-issue calendar. Seven agents put new issue bonds on one calendar as they launch, check each deal against every fund's rules, write a one-page brief within the hour for each deal a fund can buy, with every line tied to its page, compare revised and final terms with the preliminary, and draft the order. The analyst recommends, the portfolio manager approves and the trader executes.
The Brief writer reads the whole bond offering memorandum — a Rule 144A offering memorandum, a European prospectus or an offering circular — in its own language and writes the brief to your house template: business, capital structure, guarantors and collateral, a covenant analysis scored against your house checklist, risk factors and relative value. A second agent, the Citation checker, re-finds every line on its page and withdraws any it cannot find, and the analyst sees which lines were withdrawn and why.
Yes. Documents are read in the original, and every English line opens the original sentence and page beside it. In the working solution the same week covers Spanish, German, French and English deals, and the library holds briefs from Portuguese sources too.
The Triage agent applies each fund's rules — rating floor, currency, duration, issuer and UCITS 5/10/40 limits, SFDR Article 8 exclusions, NAIC limits, high-yield buckets — with live holdings from portfolio accounting. Each fund gets fits, fits with a limit or cannot buy, with the rule, the clause it comes from and the headroom.
The Diff agent compares every revised terms notice, and later the final memorandum, with the preliminary, clause by clause in the original language, and rates each change. When a protection weakens — a change of control put removed, a basket widened — it explains the change, the Relative value agent reprices it, a hold on the standing order is proposed to the trader, and the recommendation goes back to the analyst before books close.
Yes. The agents propose and never recommend, approve, send, change or cancel an order. The analyst recommends with a reason code, the PM approves for their own funds, the trader sends no more than the approved size, and a Pass on a name a fund holds needs the Head of Credit Research's second signature.
A write-once audit trail of who did what, when, why and on what document, with the SHA-256 of each version, and an evidence pack per deal, exported as one file: the brief, the documents, the fit check, the recommendations and approvals with reason codes, the order with its hold and revision, the agent runs and the conversation. Records are kept 7 years by default, with legal hold by compliance.
The Agentic Solution Engine builds and deploys it from your requirements and documents — your fund prospectuses and agreements, brief template, covenant checklist and a sample of past offering memoranda — and it goes live once every quality gate has passed. Setup proposes fit rules from each fund's documents for compliance to approve and tests them on last week's deals.
Every credit question answered in minutes, each sentence pinned to its tranche and page.
1-min demoBond Covenant AnalysisEvery basket in dollars and every leakage route found, before books close.
1-min demoInternal Credit RatingEvery rating cited to its page, and every two-notch split explained before committee.
1-min demoWe'll run Prospectus Review on a sample of your own past offering memoranda and fund rules.