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EIB issues the first DLT native commercial paper on Clearstream’s D7
29 June 2026 Germany
Image: ภัทรชัย รัตนชัยวงค์/stock.adobe.com
The European Investment Bank (EIB) has issued the first distributed ledger technology (DLT)-native commercial paper on Clearstream’s D7 platform, which according to the organisation, marks a pivotal moment for digital finance.
Citi facilitated the issuance acting as sole dealer and issuing and paying agent.
BIL, DekaBank, DZ BANK, Eurex Clearing, Union Investment, and Volksbank Mittlerer Schwarzwald participated as primary investors in the tokenised commercial paper.
Subsequently, the bank says that DekaBank and Eurex Clearing were able to mobilise the DLT instrument through Clearstream’s triparty collateral management solution and the Eurosystem Collateral Management System (ECMS) for financing with the Bundesbank.
This transaction marked the digital issuance of a DLT-native euro-denominated commercial paper distributed into the international market with 10 business days duration and €77.5 million principal value.
It was processed via Clearstream’s D7 platform enabling issuance with DLT-based tokenisation capabilities at scale, all within a regulated framework that complies with the Central Securities Depositories Regulation (CSDR).
Following the European Central Bank’s recent decision to accept DLT-native securities issued via central securities depositories (CSDs) as collateral in Eurosystem credit operations, the bank says that this transaction demonstrates that digital assets can serve not only as investment instruments, but also as mobilisable collateral in the financing ecosystem.
Additionally, by enabling use through Clearstream’s triparty collateral management solution, it reinforces the relevance of tokenised issuance for market liquidity, collateral mobility, and the future functioning of financial markets.
Cyril Rousseau, director general of Finance at EIB, says: “The transaction illustrates the potential and appeal of applying DLT more broadly in financial markets. With its first DLT-based digital commercial paper issuance, the EIB marks a further milestone in its broader work on the issuance of digital financial instruments, building on extensive experience in this field and supporting the Eurosystem.
“The Eurosystem eligibility of tokenised securities is a very welcome addition to the digital financial market ecosystem and important for investors.”
Dirk Jones, head of Issuer Services at Citi, adds: “As sole dealer, and issuing and paying agent, Citi continues to actively participate in the development of digital capital markets worldwide, including in Europe.
“This transaction, and our support of the EIB and Clearstream, exemplifies the benefits of integrating DLT in significant financial markets including commercial paper issuances to benefit both global investors and issuers.”
Jens Hachmeister, head of Issuer Services and New Digital Markets at Clearstream, comments: “D7 is reinventing how securities are issued, managed, and traded, benefiting all market participants by providing the flexibility to choose between dematerialised and tokenised issuance.
“By combining this innovation with our unique tri-party collateral management connectivity to ECMS, we are leading the capital markets’ transformation and unlocking greater speed, enhanced liquidity, and collateral mobility, while proving the financing utility of tokenised securities within established market infrastructure.”
Citi facilitated the issuance acting as sole dealer and issuing and paying agent.
BIL, DekaBank, DZ BANK, Eurex Clearing, Union Investment, and Volksbank Mittlerer Schwarzwald participated as primary investors in the tokenised commercial paper.
Subsequently, the bank says that DekaBank and Eurex Clearing were able to mobilise the DLT instrument through Clearstream’s triparty collateral management solution and the Eurosystem Collateral Management System (ECMS) for financing with the Bundesbank.
This transaction marked the digital issuance of a DLT-native euro-denominated commercial paper distributed into the international market with 10 business days duration and €77.5 million principal value.
It was processed via Clearstream’s D7 platform enabling issuance with DLT-based tokenisation capabilities at scale, all within a regulated framework that complies with the Central Securities Depositories Regulation (CSDR).
Following the European Central Bank’s recent decision to accept DLT-native securities issued via central securities depositories (CSDs) as collateral in Eurosystem credit operations, the bank says that this transaction demonstrates that digital assets can serve not only as investment instruments, but also as mobilisable collateral in the financing ecosystem.
Additionally, by enabling use through Clearstream’s triparty collateral management solution, it reinforces the relevance of tokenised issuance for market liquidity, collateral mobility, and the future functioning of financial markets.
Cyril Rousseau, director general of Finance at EIB, says: “The transaction illustrates the potential and appeal of applying DLT more broadly in financial markets. With its first DLT-based digital commercial paper issuance, the EIB marks a further milestone in its broader work on the issuance of digital financial instruments, building on extensive experience in this field and supporting the Eurosystem.
“The Eurosystem eligibility of tokenised securities is a very welcome addition to the digital financial market ecosystem and important for investors.”
Dirk Jones, head of Issuer Services at Citi, adds: “As sole dealer, and issuing and paying agent, Citi continues to actively participate in the development of digital capital markets worldwide, including in Europe.
“This transaction, and our support of the EIB and Clearstream, exemplifies the benefits of integrating DLT in significant financial markets including commercial paper issuances to benefit both global investors and issuers.”
Jens Hachmeister, head of Issuer Services and New Digital Markets at Clearstream, comments: “D7 is reinventing how securities are issued, managed, and traded, benefiting all market participants by providing the flexibility to choose between dematerialised and tokenised issuance.
“By combining this innovation with our unique tri-party collateral management connectivity to ECMS, we are leading the capital markets’ transformation and unlocking greater speed, enhanced liquidity, and collateral mobility, while proving the financing utility of tokenised securities within established market infrastructure.”
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