Global law firm Clifford Chance has advised the Hongkong and Shanghai Banking Corporation Limited (HSBC) on the issuance of its first digitally native tokenised structured product issuance. The USD-denominated notes governed by English law were issued under HSBC’s U.S.$ 20,000,000,000 Medium Term Note Programme.
The transaction marks the first digitally native tokenised structured product issuance in Hong Kong under English law. Marketnode Pte. Ltd, an Asia-Pacific digital market infrastructure, was the platform operator and paying agent.
Matteo Sbraga, Partner at Clifford Chance, said:
“HSBC’s first digitally native tokenised structured product is another important milestone in the evolution of tokenised capital markets. The transaction demonstrates how established English law issuance frameworks can be successfully adapted for innovative digital assets transactions.”
Mark Chan, Partner at Clifford Chance, said:
“We are delighted to have advised HSBC on this landmark issuance. The transaction reflects the growing momentum behind tokenised securities across Asia-Pacific and the increasing confidence of leading financial institutions in using digital market infrastructure for sophisticated capital markets products.”
The Clifford Change team advising on this transaction was led by partners Matteo Sbraga (London), Mark Chan (Hong Kong), Stella Cramer (Singapore) and Lena Ng (Singapore) supported by consultant, Andrew Coates (London), counsel, Alexander Tollast (Paris), senior associates Yaru Chia (Singapore) and Christine Michelle Chan (Hong Kong) and trainee solicitor, Felicity Marlow (Paris).
Clifford Chance is a pioneer in the digital bonds and tokenised securities space, having advised on many of the earliest and most influential digital bond issuances globally. Clifford Chance recently advised The Hong Kong Mortgage Corporation Limited on the largest-ever digital bond issuance globally to date
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