Linklaters has advised Citibank N.A., London Branch, as Issuing and Paying Agent, and Citigroup Global Markets Europe AG, as Dealer, in connection with the issuance of digitally native commercial paper (DNCP) by the European Investment Bank on Clearstream Bank S.A.’s D7 distributed ledger technology platform (D7).
The DNCP has an aggregate principal amount of EUR 77,500,000. This transaction marks the first issuance of DLT-native commercial paper on Clearstream’s D7 platform, a significant milestone in the ongoing digitalisation of debt capital markets infrastructure.
Linklaters has been at the forefront of digital finance and capital markets innovation, advising on the legal and structural frameworks underpinning some of the most significant transactions in this space. The firm’s work on this issuance draws on its deep expertise across tokenisation, digital assets, capital markets regulation, and financial infrastructure — combining the resources of its London, Luxembourg and German practices to navigate the multi-jurisdictional legal considerations inherent in a transaction of this nature.
Richard Hay, Partner and Global Co-Head of FinTech at Linklaters, comments:
“The digitalisation of financial assets is gaining real momentum, and this transaction is a clear illustration of that trajectory. We are proud to have advised Citi on this landmark deal and to continue to play a central role in shaping the legal frameworks that make these innovations possible.”
The international Linklaters team was led by Richard Hay (Partner, London) and Nicki Kayser (Partner, Luxembourg) with Delphine Horn (Avocat à la Cour, Consultant, Luxembourg) and Adjoa Abekah-Mensah (Managing Associate, London); and with Christian Storck (Partner, Frankfurt), Andrew Chaplin (Partner, London), Neil Pallendar (Partner, London), Marius Rätz(Counsel, Frankfurt), Petra Tang (Managing Associate, London), Harriet Herbert (Associate, London) and Clemens Böhm (Associate, Frankfurt).
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