Intercontinental Exchange, Inc. and ADP announced plans to launch a new alternative data offering for the U.S. municipal bond market. This first joint offering leverages ICE Data Services' background in turning unstructured data into actionable insights and ADP's deep expertise with workforce data. Initially, this data will be available through the Snowflake Data Marketplace and directly from ICE Data Services.

The U.S. municipal bond market is broad with approximately one million individual bonds from 60 thousand issuers. While there are some well-known larger issuers, such as state or city metropolitan authorities, most of those one million bonds are issued by smaller issuers such as local school districts or hospitals. Because of this, the available data for a majority of issuers can be scarce and is frequently historically derived and dated.

This new offering combines ICE Data Services' significant expertise in municipal bond pricing and reference data with ADP's aggregated, anonymized and timely HR and compensation data. This synergy will create tools and analytics designed to help decisionmakers evaluate municipal bond issuers throughout the U.S. The new market data offering via ICE Data Services links ADP's deep, timely insights around demographics, geographic zones and compensation to specific bond issuers that service debt. This provides more visibility into factors that may impact the creditworthiness of municipal bonds, including current financial health, potential future revenue streams, migration trends and macroeconomic conditions for a region.