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A new blockchain bond lands on the Luxembourg Stock Exchange

 


The Luxembourg Stock Exchange admits its first digital bond executed under Luxembourg law to its securities list as part of the Grand Duchy’s ongoing efforts to position itself as the preferred jurisdiction in which distributed ledger technology players choose to structure their transactions.

The two-year, $100 million bond is issued by Luxembourg-headquartered multilateral lender, the European Investment Bank, and is the first euro-denominated digital bond to use private blockchain technology.

The transaction paves the way for future on-chain derivative solutions, using the first interest rate swap hedge represented by the industry-developed common domain model, said Philippe Noeltner, partner at Allen & Overy, who advised the consortium of bond banks.

The obligation is the latest reflection of Luxembourg’s efforts to create a flexible legal regime for DLT transactions. The Blockchain II Law of 2021 enabled the issuance of dematerialized securities directly in DLT and opened up the role of central account holder to record and operate DLT issuances of unlisted debt securities to any credit institution or investment firm of the EU.

Goldman Sachs Europe, Santander and Societe Generale banks acted as co-managers of the transaction, with Goldman Sachs and Societe Generale also acting as on-chain custodians, while same-day settlement is handled by central banks Banque de France and Banque Centrale du Luxembourg.

The Luxembourg branch of the international law firm Allen & Overy advised the banking consortium on the operation, while the law firm Clifford Chance advised the EIB.

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