Korean Citibank acted as the issuance and settlement agent for Hana Bank's $100 million digital bond, marking a first in the domestic banking sector.
Key points
•Citibank supports Hana Bank's $100M digital bond issuance
•First instance of T+0 payment in domestic foreign currency bonds via D-FMI platform
•Digital bond listed on SGX for the first time
Citibank participated as the issuance and settlement agent for Hana Bank’s $100 million digital bond issued via Euroclear’s D-FMI platform. The bond was the first to be both issued through this platform and settled on T+0, a same-day payment process.
Listed on Singapore Exchange (SGX), the bond is also recorded as the first instance of a digital bond being listed on SGX. Citibank managed the entire issuance, settlement, and distribution to dealers before it was distributed to investors via Euroclear Bank.
Citigroup has played this role in numerous issuances through the D-FMI platform. John Dunne, head of Citibank’s Issuance Services, noted that this transaction is a landmark for both Korea's financial sector and Asia's digital capital markets, highlighting how blockchain technology is transforming bond issuance and settlement processes.
