International central securities depositories (ICSDs) Clearstream and Euroclear have partnered to offer dematerialised Eurobond issuance from Q1 2026, removing the need for paper certificates.
The ICSDs are also introducing a new data standard, the issuance and processing taxonomy (IPT), to reduce market fragmentation. As a technology-agnostic tool, the standard supports varied communication channels and, from December, will include token taxonomy for distributed ledger technology (DLT).
Isabelle Delorme, head of product strategy and innovation at Euroclear, commented, “Our new taxonomy is a game changer for clients wanting to use APIs to issue Eurobonds and preparing to issue tokenized bonds.”
In digitising the Eurobond market, the ICSDs aim to improve the speed and efficiency of trading while reducing vault operation costs and enhancing security and transparency through the elimination of paper ownership records.
Jens Hachmeister, head of issuer services and new digital markets at Clearstream, added, “The digitisation of the Eurobond market […] opens exciting possibilities for further innovation where Eurobonds can serve as a blueprint for strong and efficient European capital markets.”
The firms state that these initiatives will precede a fully digital Eurobond market, with the potential for automated lifecycle management and DLT integration.
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