Clearstream and Euroclear Roll Out Dematerialized Eurobond Platform to Improve Efficiency and Security in Debt Markets

Clearstream and Euroclear Roll Out Dematerialized Eurobond Platform to Improve Efficiency and Security in Debt Markets

(IN BRIEF) Clearstream and Euroclear Bank have launched new dematerialized Eurobond issuance services, enabling issuers to bring Eurobonds to market in fully digital form without the use of physical certificates. The initiative modernizes the issuance and post-trade lifecycle for the global Eurobond market, which is valued at over €15.3 trillion. By removing physical global notes, the new framework simplifies operational processes, improves efficiency and reduces costs for market participants. It also enhances security and transparency through electronic ownership records. Initially available for Eurobonds issued under English law, the service is expected to expand to additional jurisdictions in the future. The launch represents a collaborative milestone in the digital transformation of international debt markets, helping support the continued growth and modernization of European capital markets.

(PRESS RELEASE) LUXEMBOURG, 16-Mar-2026 — /EuropaWire/ — Clearstream and Euroclear Bank have jointly introduced new dematerialized Eurobond issuance services, enabling market participants to issue Eurobonds without the use of physical certificates. The services are now live and available to the market, marking a significant step in the modernization of the global Eurobond market, currently valued at more than €15.3 trillion.

With the new framework, issuers can bring Eurobonds to market in fully digital form through both international central securities depositories (ICSDs). By eliminating physical global certificates traditionally used in Eurobond issuance, the initiative aims to modernize the entire lifecycle of these securities, including issuance, settlement and post-trade processing.

The transition to dematerialized issuance is expected to streamline operational workflows across the market. Market participants—including issuers, investors and financial intermediaries—can benefit from faster transaction processing, improved efficiency and lower operational costs by removing the need to handle physical documentation. The new digital framework also enhances security by eliminating risks associated with the loss, theft or forgery of paper certificates while providing full transparency through electronic ownership records.

Initially, dematerialized Eurobonds can be issued under English law, with the intention to expand the service to additional legal jurisdictions over time.

Jens Hachmeister said the initiative represents an important shift in the evolution of international debt markets, moving from paper-based instruments toward fully digital issuance. He noted that the transformation will help issuers access capital markets more efficiently while strengthening the resilience and attractiveness of European capital markets for global participants.

Isabelle Delorme described the launch as a major milestone for the Eurobond market. She pointed out that a market of this scale—valued at more than €15 trillion and experiencing strong growth in recent years—requires infrastructure capable of supporting modern digital issuance processes. The collaboration between the two ICSDs, she said, reflects a shared commitment to delivering more efficient and technologically advanced solutions for borrowers, investors and market intermediaries.

The Eurobond market represents one of the largest global debt markets and supports a wide range of financial instruments, including exchange-traded products, structured securities and certain equity-linked instruments. The market currently includes approximately 350,000 Eurobond issues with a combined value exceeding €15.3 trillion.

Eurobonds are issued by around 12,000 issuers across more than 130 countries and can be denominated in up to 100 currencies. The market is supported by a broad ecosystem of financial institutions including corporate trust banks, dealers and specialized service providers, enabling issuance under more than 50 different governing legal frameworks.

SOURCE: Deutsche Börse Group