Clearstream and Euroclear Digitize Eurobond Issuance Revolutionizing the Market

Clearstream and Euroclear Bank, the two International Central Securities Depositories (ICSDs), today announced that they launched their respective dematerialized Eurobond issuance services, now live and available for market use, marking a major milestone in the evolution of the €15.3 trillion Eurobond market. 

Issuers can now bring Eurobonds to market in fully paperless form through both Clearstream and Euroclear. The elimination of physical global certificates represents a significant step forward in modernizing the Eurobond lifecycle across issuance and post-trade processes. Market participants will benefit from faster processing, improved operational efficiency, and reduced costs through the removal of physical global note handling. The dematerialized frameworks also enhance security by eliminating risks associated with loss, theft, or forgery, while providing full transparency through electronic ownership records. Dematerialized Eurobonds can be issued initially under English law, with further jurisdictions to be added.  

Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, said: “This 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 digitization 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.” 

Isabelle Delorme, Head of Product Strategy & Innovation at Euroclear, commented: “The launch of our dematerialized issuance service marks a pivotal moment for the Eurobond market. 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. Through this truly collaborative effort, focused on delivering value to our clients through digitalized issuance, Euroclear and Clearstream have reached an important milestone in the digital transformation of the Eurobond market.” 

The Eurobond market is the world’s third largest debt market and, in addition, supports asset classes such as Exchange-Traded Products (ETPs), structured securities and certain equities. It caters to issuers and investors from all time zones and supports issuance, settlement, asset servicing and financing of currently 350,000 distinct Eurobonds that represent a total market value equivalent to over €15.3 trillion. With 12,000 issuers based across 130 countries, Eurobonds represent a truly global offering, with a more diverse issuer base than any other bond market worldwide. The Eurobond ecosystem is built on a network of global corporate trust banks, dealers and specialized service agents. Eurobonds can be issued under over 50 governing laws and in up to 100 currencies. 

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[Editorial note: Please find here a high-resolution photo of Isabelle Delorme and Jens Hachmeister.] 

About Clearstream
  
Clearstream is the innovative and trusted post-trade business for the global markets. It runs the leading securities and funds servicing ecosystems of tomorrow.  
The company operates the German and Luxembourg central securities depositories and an international central securities depository for the Eurobonds market. With 21 trillion Euros in assets under custody, it is one of the world’s largest settlement and custody firms for domestic and international securities.  
It also delivers premier fund dealing, distribution, digital and data services, covering over 55 fund markets worldwide.
Clearstream is part of Deutsche Börse Group, an international exchange organization and provider of innovative market infrastructures. 
To learn more, visit us at www.clearstream.com or connect via LinkedIn.

About Euroclear

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. Euroclear operates an ecosystem of seven CSDs including Euroclear Bank with over €43 trillion assets under custody. 

To learn more, visit www.euroclear.com.