World Bank Launches €100 Million Digital Bond on Euroclear's Blockchain Platform

2023/10/25 12:42

World Bank recently issued a €100 million digital bond (approximately $105 million) on Euroclear's blockchain-based securities issuance platform.

This move marks the introduction of Euroclear's Digital Securities Issuance (D-SI) service, a platform designed for the creation, distribution, and settlement of tokenized securities on the blockchain.

World Bank Participates in Euroclear's D-SI Service

The World Bank, known as the issuer of the world's first blockchain bond, became the inaugural participant in Euroclear's D-SI service.

This participation was aimed at leveraging the platform's scalability and transparency, as emphasised by Anshula Kant, Managing Director and Chief Financial Officer of the World Bank Group.

The capital markets took another step towards increased transparency and efficiency today, with the World Bank as the first issuer of a “digital native note” on Euroclear’s Digital Financial Market Infrastructure (D-FMI) platform.
— Anshula Kant (@kanshula) October 25, 2023

Supporting Sustainable Development with a Two-Year Bond

The bond, with a two-year maturity, is listed on the Luxembourg Stock Exchange and was issued by the International Bank for Reconstruction and Development (IBRD), an entity that functions as the lending arm of the World Bank.

The bond issuance serves the primary purpose of providing support for the World Bank's initiatives dedicated to sustainable development.

Key Contributors to the Innovative Bond Issuance

In this pioneering venture, Citi played a crucial role as the issuing and paying agent, while TD Securities assumed the role of the dealer.

Euroclear Bank, in turn, acted as the issuer and central securities depository for the inaugural Digitally Native Note (DNN). The issuance of the bond took place on Corda, an enterprise blockchain platform developed by R3.

Transforming Debt Capital Markets

Andrew Mulley, Citi's EMEA Head of Issuer Services, expressed optimism about the potential of this issuance to transform debt capital markets.

We are pleased to partner with Euroclear and the International Bank for Reconstruction and Development, on this innovative issuance. It has the potential to transform the way in which the debt capital markets operate

This remark underlines the significance of the collaborative effort between Euroclear, the World Bank, and their partners.

Euroclear's Digital Financial Market Infrastructure (D-FMI) Strategy

Euroclear has outlined that the D-SI service is an integral part of its Digital Financial Market Infrastructure (D-FMI) strategy, aimed at enhancing its digital capabilities.

Notably, this blockchain platform seamlessly integrates with Euroclear's traditional settlement system, allowing the trading of Digitally Native Notes (DNNs) on established platforms.

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