ICE Launches Reference Data Service for Private Credit

Intercontinental Exchange has launched a reference data service for private credit instruments, aiming to make loan information easier for lenders and investors to identify, compare and use. The service builds on ICE IDs, identifiers assigned when deals originate that remain with them throughout their life cycles.

Private credit has grown while much of its deal information still moves through documents, data rooms and email. ICE says its service extracts key terms from those materials and delivers them in standardized fields to authorized users. Those fields can include coupons, maturities and a loan’s place in a borrower’s capital structure.

The reference data and identifiers are part of ICE Private Credit Intelligence, an initiative developed with Apollo. As an anchor provider, Apollo has contributed deal-level data tied to more than 5,000 deals and ICE IDs, representing more than $1.3 trillion in notional value, according to ICE.

“As a foundational dataset, reference data represents the master data structure that everything else is built off – from security identification and research to secondary market trading, risk management and through to clearing and settlement,” said Chris Edmonds, President of ICE’s Fixed Income and Data Services.

ICE also describes the data as groundwork for potential secondary trading, indexes and automated settlement. It cautions that some of those products remain under development and may never launch.