Euroclear and Clearstream launch electronic Global Notes to streamline the primary market issuance process

As of 3 June 2024, the International Central Securities Depositories (the ICSDs), Clearstream and Euroclear will offer the issuer community the option to issue, sign, authenticate and hold some securities under the New Safekeeping Structure (NSS), known as electronic Global Notes (e-GN).

Impacted parties

This information is aimed at all market participants involved in the issuance of international debt securities deposited with the ICSD common safekeepers.

Issuance of electronic Global Notes

Starting from 3 June 2024, all documents associated with e-GN issuance can be signed electronically using accepted forms of electronic signatures. This enhances the efficiency of international securities and Eurobonds issuance.

New templates of issuance documentation have been created accordingly. The e-GNs will be represented by a digital PDF copy of the Global Notes in electronic form and will be deposited in a designated electronic vault for safekeeping. They will coexist alongside physically safekept, wet-ink signed Global Notes.

Key features of the electronic New Safekeeping Structure (e-GN)

The scope of e-GN will include new issuance of registered NSS securities governed by English law and, issued by non-governmental issuers (i.e. corporates and financial institutions) located in England and Wales, or all supranational issuers (where that supranational issuer does not have a jurisdiction of incorporation).

Please refer to the joint announcement for the full scope of e-GN.


  • Streamlined handling of Global Notes and terms and conditions throughout the primary market issuance process and subsequently during the security lifecycle.
  • Paperless safekeeping of Global Notes and terms and conditions.

The issuer community is strongly encouraged to move towards adopting the electronic issuance model.

Please refer to the joint announcement.

Further information

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Effective date: 3 June 2024

Further information

If you have any comments or questions you can reach out to EB Network Department

Alain Discart
Head of Network Management / Eurobonds

Olivier Léonard
Network Management