Clearstream and Euroclear have launched their respective dematerialised Eurobond issuance services, now live and available for market use – a major milestone in the evolution of the €15.3 trillion Eurobond market.
The move modernises the Eurobond lifecycle across issuance and post‑trade processes, enabling issuers to bring Eurobonds to market in fully paperless form through both international central securities depositories (ICSDs). Dematerialised Eurobonds can initially be issued under English law, with further jurisdictions to follow.
Issuers, agents and intermediaries will now be required to submit structured, machine‑readable data at the point of issuance, replacing many of the bespoke templates and manual workflows that previously defined the Eurobond process.
Jens Hachmeister, head of Issuer Services & New Digital Markets at Clearstream, said the initiative represents “a fundamental shift for the international debt markets, moving from a paper‑based history to a fully digital future. We are committed to providing our clients with a seamless digital‑native experience, empowering issuers to access capital more efficiently and securely than ever before. The digitisation efforts by the two ICSDs significantly support the growth and effectiveness of European capital markets, making them more robust and attractive for issuers and investors globally.”
Digitisation has been on the agenda for several years. Isabelle Delorme, hhead of Product Strategy & Innovation at Euroclear, noted that “a market of this scale – valued at more than €15 trillion and experiencing double‑digit growth in 2025 — could not remain paper‑based. It was neither sustainable nor fit for purpose to meet the needs of borrowers and their partners, including agents, law firms and investors.”
