Dematerialised Eurobonds - International

The ICSDs will introduce the option for issuers to issue their securities in dematerialised form as of 16 March 2026. The initial scope covers debt instruments (as further described in the supporting materials) issued by UK-based and supranational issuers under English governing law. 

To facilitate adoption, the ICSDs have published the following supporting materials (available at the bottom of the page):

• Legal pack: The purpose of this document is to identify certain provisions which will have to be included in new issue documentation in order for an issue of dematerialised securities to be accepted by the ICSDs. The documentation and suggestions are based on Clifford Chance LLP forms for issuance documentation governed by English law which may vary (in some cases significantly) from equivalent forms used by other firms or governed by other laws. Nevertheless, this pack should provide a useful guide to all legal firms involved in international securities issues governed by English law as to the nature of the changes which should be made to implement the Dematerialised Notes Structure under legal documentation prepared by them for issues of dematerialised securities by the issuers.
• Functional specifications: This document aims at highlighting elements that are deemed relevant for the operational and/or technical processes supporting the issuance of the new legal form of Eurobonds, hereafter referred to as dematerialised Eurobonds: to support the implementation by issuers, issuer agents, and common service providers.
• FAQ document: This document compiles frequently asked questions and answers related to dematerialised Eurobonds, covering a variety of subjects that are relevant to market participants such as issuers, agents, service providers and legal counsels.