Clearstream offers a seamless and secure gateway to international capital markets through a robust securities admission process. Securities must meet our acceptance criteria and eligibility checks from a legal, operational and tax perspective. 

As lead manager, issuing agent or law firm, you benefit from reviews of issue structures, as well as information on specific features and operational procedures of new issues. In addition, we advise on documenting these elements in Offering Documents, such as prospectuses and offering circulars.

New Eurobond issuances are represented in book-entry form, or, in other words, the securities are immobilized and all subsequent transfers of ownership are recorded electronically.

Classical Global Notes (CGN)

Securities issued in bearer or registered form. Represented by a Global Certificate that requires annotation to legally evidenced changes to its outstanding amount.

New Global Notes (NGN)

Securities issued in global bearer form. Represented by a Global Certificate that refers to ICSD records for evidence of the outstanding amount. 

New Global Note

New Safekeeping Structure (NSS)

Safekeeping structure that can be applied to securities issued in global registered form thus ensuring collateral eligibility for Eurosystem operations. 

New Safekeeping Structure (physical)

Electronic Global Notes (e-GNs)

Electronic issuance in global registered form under the New Safekeeping Structure, introduced as a precursor to fully digital/dematerialized Eurobonds. 

New Safekeeping Structure (e-GN)

Use our expertise to streamline your issuance processes. Clearstream offers comprehensive code allocation services to simplify and accelerate your securities issuance, providing you with the unique identifiers you need: ISINs, common codes, Classification of Financial Instruments (CFI) codes or financial instrument short names (FISNs). Accurately identify, track, and manage your securities!

D7 Pre-Issuance API

Our D7^® Pre-Issuance API fully automates code requests and eligibility checks within Clearstream, offering a seamless and secure system-to-system data exchange. Benefit from a zero-touch, fully digital and standardized process. Reserve and activate ISIN codes in real-time, without cumbersome, complex and time-consuming workflows of ISIN code pool management.

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European Pre-Issuance Messaging Service (EPIM)

For issuers of certificates of deposit (CD), commercial paper (CP) and medium-term notes (MTN) under program, the European Pre-Issuance Messaging Service (EPIM) provides another efficient code allocation channel. This widely-adopted market solution offers ISIN/common code allocation and instantaneous dissemination of pre-issuance data between dealers, IPAs and the ICSDs.

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Partner platforms

Even with lower issuance volumes, you can benefit from streamlined code allocation. Partner platforms like Origin use our D7 Pre-Issuance API to request codes on your behalf in your role as issuer or agent. This collaboration eases the ISIN code allocation process, shortens time-to-market, and eliminates the need for developing your own API connectivity.

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Looking for a seamless and efficient way to distribute your securities on the primary market? As an international central securities depository (ICSD), Clearstream is your single access point—no matter the complexity of your issuance.

Non-syndicated deals

For non-syndicated issuances, we streamline the process by working closely with your issuing and paying agent (IPA) to manage the delivery and settlement of your securities. These issuances typically take the form of frequent, lower-volume drawdowns under a program. 

Syndicated deals

For larger, syndicated issuances, we coordinate the process with the lead manager, who oversees the issuance—including eligibility checks, primary placement and ISIN code allocation requests. Our innovative “commissionaire” account model helps you optimize your liquidity and reduce your credit exposure. It alleviates the balance sheet pressure of the traditional model, which required full pre-funding of the issue. We also support netting between the positions taken on by the lead manager and those distributed onwards to allottees, generating further liquidity benefits. 

Transform data into actionable intelligence with our comprehensive range of data solutions for Eurobond products. Gain unique market insights on your instrument holdings and distribution data, liquidity, transaction and new issuance data.

Geographical Holdings Report

Get a consolidated view of the global distribution of Clearstream clients’ custody holdings, broken down by ISIN code and geographical location. The service is available for both equity and fixed income products, on an aggregated and fully anonymized basis.

Bond Liquidity Report

Make informed decisions with our regular reporting on volumes, average prices and liquidity of fixed-income instruments, based on aggregated and anonymized settlement instructions on our post-trade systems.

PROPRIS

Enjoy full transparency for Clearstream issuance data with PROPRIS^®, the comprehensive master and corporate actions data solution powered by Deutsche Börse. It covers all XS and LU ISINs held at Clearstream’s ICSD and all instruments held in collective safe custody at our German CSD. Subscribe to receive new issuance data across all asset classes, alongside other valuable information such as listing or financial events.

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