Clearstream and Euroclear are preparing to phase out paper-based Eurobond issuance from early 2026, marking a major structural change in one of the world’s largest debt markets. The two international central securities depositories (ICSDs) will enable Eurobonds to be issued entirely in dematerialised form, they explain in a press release, a move aimed at improving efficiency and reducing operational complexity in post-trade processes.
From the first quarter of 2026, new Eurobond issues handled through the ICSDs will no longer rely on physical certificates. Instead, they will exist only in electronic form, cutting out the need for manual handling and vault operations. The change is expected to support faster settlement and more secure ownership records, while reducing risks of loss or forgery.
New data standard
To underpin the shift, Clearstream and Euroclear have co-developed a new industry data model, the Issuance & Processing Taxonomy (IPT). The standard is designed to be technology-neutral and compatible with multiple communication formats, including APIs. It aims to reduce data fragmentation between issuers, agents, and market infrastructures.
An update to the taxonomy, due in December 2025, will introduce elements for distributed-ledger technology (DLT) and align the IPT with the International Capital Market Association’s (ICMA) Bond Data Taxonomy. This step could facilitate future use of tokenised instruments within the Eurobond framework.
12.000 issuers
The initiative is presented as part of a wider effort to modernise the Eurobond ecosystem, which spans more than 12.000 issuers across 130 jurisdictions and represents over €14 trillion in outstanding value.
