The European Investment Bank (EIB) has issued the first DLT-native, Euro-denominated commercial paper on Clearstream’s D7 DLT platform. The EUR 77.5 million issuance was made in compliance with Europe’s Central Securities Depositories Regulation (CSDR) and involved Citi as sole dealer and issuing/paying agent, as well as BIL, DekaBank, DZ BANK, Eurex Clearing, Union Investment and Volksbank Mittlerer Schwarzwald as primary investors.
Subsequently, DekaBank and Eurex Clearing were able to demonstrate collateral mobility for the DLT-based tokenised securities through Clearstream’s triparty collateral management solution and the European Collateral Management System to support financing with the Bundesbank.
Launched in 2025 following substantial trials with the European Central Bank, D7 DLT is a private, permissioned distributed ledger platform designed by Clearstream in collaboration with Google Cloud.
Following the EIB issuance, Clearstream has announced plans to create a hybrid infrastructure to support both traditional and digital securities. Market participants will be able to hold and combine traditional securities, DLT-based tokenised securities and cash in a single portfolio.
The hybrid offering will launch in stages during 2026 and 2027. Subject to regulatory approval, it will cover the entire securities lifecycle, from issuance, distribution, settlement and custody, through to asset servicing, liquidity and financing.
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