Clifford Chance advises European Investment Bank on first euro commercial paper natively issued on DLT via Clearstream D7

Clifford Chance advised the European Investment Bank (EIB) in relation to the EIB’s first euro-denominated commercial paper issuance natively issued on distributed ledger technology (DLT) via Clearstream’s D7 platform. The transaction comprised the first commercial paper issuance carried out on Clearstream’s D7 DLT platform. The securities were issued under Luxembourg law. Investors were able to benefit from the recent Eurosystem decision to accept as eligible collateral for Eurosystem credit operations negotiable assets issued by central securities depositories (CSDs) that use DLT. Citi acted as sole dealer and as issuing and paying agent for the transaction. Steve Jacoby, partner, commented: “It was a pleasure to advise the EIB on a new, innovative issuance of digital securities, which further strengthens our strong experience in supporting pioneering transactions carried out on evolving digital market infrastructures.” Clifford Chance represented the European Investment Bank with a team composed by: Steve Jacoby (partner, Luxembourg), Alexander Tollast (counsel, Paris), Boika Deleva (Luxembourg) and Felicity Marlow (trainee solicitor, Paris).

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Clifford Chance advises European Investment Bank on first euro commercial paper natively issued on DLT via Clearstream D7

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Clifford Chance advises European Investment Bank on first euro commercial paper natively issued on DLT via Clearstream D7

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