International business law firm Clifford Chance advised the European Investment Bank (EIB) on the first issuance of euro-denominated digital bonds issued on a private blockchain.
The digital bonds, with a principal amount of EUR 100 million and a two-year term, have been issued and registered through the Goldman Sachs tokenization platform – GS DAPTM, based on a private blockchain. The digital bonds are admitted to the official list of the Luxembourg Stock Exchange (SOL).
The settlement of the digital bonds was carried out in T+0, through the use of a token representing a central bank digital currency, issued by the Banque de France through its DL3S platform, in partnership with the Banque Centrale du Luxembourg ( BC). This was the first operation with a so-called “cross-chain delivery versus payment (DVP)” settlement using a token representing a central bank digital currency.
It was also the first digital bond issue under Luxembourg law.
The Clifford Chance team in Paris consisted of Jonathan Lewis and Cédric Burford, partners, Alexander Tollast, counsel, and Thomas Guala Molino, lawyer; in Luxembourg from Steve Jacoby, partner, and Federica Gamen, lawyer; and in Frankfurt from Marc Benzler, partner, and Christian Hissnauer, counsel.
The co-lead managers (Goldman Sachs, Santander and Société Générale) were advised by Allen & Overy. Ashurst advised Goldman Sachs on its tokenization platform.
About Clifford Kans
Clifford Chance, a leading international business law firm with a presence in Paris for over 60 years, supports its clients, French and international companies, financial institutions, public companies and local authorities, in all legal aspects of their strategic operations in France and abroad .
Recognized for its sector expertise and innovative solutions, our team of more than 200 lawyers, including around forty partners, offers the unique combination of perfectly integrated international coverage (with 31 offices in 21 countries) and technical know-how. many disciplines of corporate law.
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