Citi has issued a digitally-native structured note on Euroclear’s digital financial market infrastructure (D-FMI) distributed ledger technology (DLT) platform.
The note is an autocall with a worst-of payoff on a basket of equities indices.
Coupon and maturity details have not been disclosed.
This is the first note on the D-FMI platform accessible to wealth clients, with existing issuance solely targeted at institutional players.
“This marks an important step in expanding digitally native solutions across our global wealth franchise,” affirmed Russell Budnick, head of capital markets investment solutions for Citi Wealth.
Isabelle Delorme, head of product strategy and innovation at Euroclear, commented, “[This issuance] reflects our ambition to move digital issuance from experimentation into everyday market practice across various distribution channels, embedding digital at the core of the financial ecosystem to enable more efficient capital flows.”
Citigroup Global Markets Funding Luxembourg acted as issuer for the note, which was issued under English Law.
DLT is also being explored as an issuance route for UK sovereign debt.
READ MORE: HSBC selected for UK’s digital gilt pilot
Use of the technology in fixed income issuance globally has grown significantly in recent years.
READ MORE: Measuring digital bond issuance
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