Euroclear Bank and Clearstream the two International Central Securities Depositories (ICSDs), announced that they launched their respective dematerialised 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 Euroclear and Clearstream. The elimination of physical global certificates represents significant progress in modernising 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 dematerialised frameworks also enhance security by eliminating risks associated with loss, theft, or forgery, while providing full transparency through electronic ownership records. Dematerialised Eurobonds can be issued initially under English law, with further jurisdictions to be added.

Isabelle Delorme, Head of Product Strategy & Innovation at Euroclear, commented: “The launch of our dematerialised 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 digitalised issuance, Euroclear and Clearstream have reached an important milestone in the digital transformation of the Eurobond market.”

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 digitisation 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.”

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 specialised service agents. Eurobonds can be issued under over 50 governing laws and in up to 100 currencies.

Source: Euroclear