Türkiye’s first digitally native note

Brussels, 30 June 2025 - Türkiye İş Bankası A.Ş. (İşbank) has successfully issued its inaugural USD 100 million Digitally Native Note (DNN) on Euroclear’s Digital Financial Market Infrastructure (D-FMI). The International Finance Corporation (IFC), a member of the World Bank Group, is the sole investor, with Citi acting as the sole dealer and issuing and paying agent. The issuance marks the first DNN in Türkiye.

The proceeds from the issuance will support recovery efforts in Türkiye’s earthquake-affected provinces by expanding access to finance for small businesses, farmers and entrepreneurs.

IFC’s investment underscores its commitment to innovate capital market transactions in emerging markets. The adoption of digital bonds and Distributed Ledger Technology (DLT) is set to transform the financial industry by enhancing access to capital, lowering issuance costs, and improving transparency.

The DNN was issued, distributed, and settled through Euroclear’s D-FMI platform, which leverages DLT. Euroclear has built a track record in digital issuances, having launched the first one in 2023 with the World Bank. Since then, Euroclear has facilitated several other digital issuances, including those by the Asian Infrastructure Investment Bank (AIIB) and Caisse des Dépôts et Consignations.

Euroclear’s D-FMI platform seamlessly integrates with traditional systems, ensuring full CSDR compliance, and providing access to established liquidity tools and trading venues.

“We are pleased to provide the infrastructure to support this transaction, which highlights the potential of digital securities to drive more efficient capital flows,” said Isabelle Delorme, Head of Product Strategy and Innovation at Euroclear. “This issuance demonstrates how digital innovation and sustainable finance can go hand in hand, while maintaining the same regulatory certainty, liquidity, and settlement efficiency as with traditional bonds.”

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International.

Founded in 1924, Isbank has played a role in supporting the economic development of the Republic of Türkiye. With an integrated service network that spans numerous sectors and industries both in Türkiye and abroad, Isbank stands today as the largest privately owned bank in the country.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.