Clearstream & Euroclear: Dematerialized Eurobond Issuance Services

Clearstream and Euroclear Bank have announced the launch of their respective dematerialized Eurobond issuance services, marking a shift in the €15.3 trillion Eurobond market toward fully digital processes.

The two International Central Securities Depositories (ICSDs) confirmed that the services are now live and available for market participants. Issuers can bring Eurobonds to market in fully paperless form through both platforms, removing the need for physical global certificates that have historically underpinned the issuance process.

Clearstream & Euroclear: Dematerialized Eurobond Issuance Services

The move eliminates reliance on paper-based documentation, enabling faster processing across issuance and post-trade workflows. Market participants are going to see operational efficiencies and lower costs.

The transition also addresses security concerns tied to traditional certificates. By replacing physical instruments with electronic records, the framework reduces risks such as loss, theft, or forgery, while improving transparency through digital ownership tracking.

Initially, dematerialized Eurobonds will be issued under English law, with plans to expand into additional jurisdictions over time.

Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, described the development as a turning point for international debt markets. He stated that the shift from paper-based processes to digital issuance aims to offer issuers a more efficient and secure route to access capital, while supporting the broader development of European capital markets.

Isabelle Delorme, Head of Product Strategy & Innovation at Euroclear Bank, said the launch reflects the scale and evolving demands of the Eurobond market. She noted that a market exceeding €15 trillion and seeing double-digit growth in 2025 required a move away from paper-based systems. According to Delorme, the initiative represents a collaborative step toward modernizing issuance practices for issuers, investors, and service providers.

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