Linklaters has advised Standard Chartered Bank as the sole lead manager on the debut issuance by Standard Chartered Bank of Digitally Native Notes on Euroclear’s Digital Financial Market Infrastructure (D-FMI). This landmark transaction is the first D-FMI issuance by a UK issuer and the first issuance of Digitally Native Notes using a trustee structure. Linklaters also advised Citi in its capacity as trustee and Digitally Native Notes agent.
The Digitally Native Notes have an aggregate principal amount of US$200m a 3-year maturity and bear interest payable quarterly at a floating rate calculated by reference to compounded daily SOFR.
They are governed by English law and are admitted to trading on the International Securities Market of the London Stock Exchange. The issuance was settled on a T+1 basis.
Andrew Chaplin, Capital Markets partner at Linklaters commented:
“Many congratulations to Standard Chartered Bank on achieving this milestone! It has been a real pleasure to work closely with the Standard Chartered team on the structuring and execution of this issuance. This is an exciting and important development for the UK capital markets, and we are delighted to continue to be at the forefront of the growth of the digital financial markets.”
Linklaters has continually been at the centre of the digitisation of the financial markets, through the development of new platforms, the use of novel technologies, and thought leadership. This was underlined by Linklaters’ role as legal adviser to Euroclear on the development and launch of the D-FMI in October 2023. Subsequently, Linklaters has advised Euroclear, and TD Securities in its capacity as dealer, on the first ever issuance on the D-FMI, and has advised on a number of other issuances on the D-FMI.
The Linklaters team was led by Andrew Chaplin (partner, London) and Richard Hay (partner, London), who were supported by Sam Quicke (counsel, London), Mandy Kan (managing associate, London), Declan McGrath (managing associate, London), Petra Tang (managing associate, London), Jake Dyer(associate, London), Brigitte Ngowi (trainee solicitor, London), Anne-Sophie Vankemmelbeke (partner, Brussels) and Andreas Van Impe (head of Financial Regulation, Brussels).
Neil Pallender (partner, London) and Stuart Mason (counsel, London) advised Citi as trustee and DNN agent.
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