Citi Issuer Services recently acted as Issuing and Paying Agent on Hana Bank’s inaugural Digitally Native Note (DNN) issuance, executed on Euroclear’s Digital Financial Market Infrastructure (D-FMI) platform and settled on a T+0 basis, both firsts for a foreign-currency denominated bond by a Korean bank.

The bond is listed on SGX Group (Singapore Exchange), marking the first digital bond listing on the exchange. In its role as Issuing and Paying Agent, Citi managed the end-to-end process on behalf of Hana Bank, overseeing issuance, settlement, anddelivery of the digital notes to the dealer for onward distribution to investors via Euroclear Bank SA/NV.

The mandate reinforces Citi’s position as a leading agent of choice on Euroclear’s D-FMI platform, having served as Issuing and Paying Agent on the majority of issuances executed on the platform to date.

Dirk Jones, Head of Issuer Services at Citi Services, said, “Citi’s role in Hana Bank’s landmark issuance reflects the commercial scale we are building in digital debt markets, having supported similar transactions across diverse issuers and markets globally.

This is a first for the Korean financial sector and is also a milestone for digital capital markets across Asia. As the adoption of Distributed Ledger Technology expands and reshapes how debt is issued and settled, Citi is committed to supporting our clients through that transition, operating across both traditional and digital financial market infrastructures as the two continue to converge.”

Elodie Norman, Chief Commercial Officer Asia Pacific at Euroclear, said, “As the first Korean bank to issue a digital bond through Euroclear’s D-FMI, Hana Bank is helping pave the way for broader adoption of digital capital markets in Asia. This transaction combines the efficiency benefits of digitally native issuance with the connectivity, liquidity and investor access offered by established market infrastructures. As adoption accelerates, the ability to bridge digital and traditional markets will be critical to scaling digital securities and unlocking their full potential for issuers and investors alike.”

Source: Citi