Euroclear and Clearstream to digitise Eurobond market

• Dematerialised issuance of Eurobonds as of 2026.
• New Issuance & Processing Taxonomy as industry-wide data standard to support automation and streamlining.
• Basis for future digitisation and enhanced market efficiency.

Brussels/Luxembourg, 25 September 2025 – Euroclear Bank and Clearstream, the two International Central Securities Depositories (ICSDs), are taking significant steps toward digitising the Eurobond market. Eurobonds represent the world’s third-largest debt market with a current value of €14 trillion.

As from Q1/2026, the two ICSDs will be ready to support the issuance of Eurobonds in dematerialised form, eliminating the need for paper certificates and representing a milestone in the adoption of automation and new technologies across the entire Eurobond lifecycle. 

In their continued efforts to reduce fragmentation, the ICSDs have co-developed a data standard, the Issuance & Processing Taxonomy (IPT). The IPT is designed as an industry-wide, technology-agnostic standard. It supports different communication channels, including Application Programming Interfaces (APIs). In December 2025, the two ICSDs will publish an extension to the IPT to include token taxonomy for Distributed-Ledger Technology (DLT). The IPT is aligned with the International Capital Market Association’s (ICMA) Bond Data Taxonomy (BDT).

By digitising the Eurobond market, Clearstream and Euroclear are unlocking substantial benefits for market participants - faster and more efficient trading, lower vault operation costs through the elimination of physical certificates, stronger security against loss, theft, or forgery and full transparency with an accessible electronic ownership record. These initiatives lay the foundation for a fully digital Eurobond market, with the potential for automated lifecycle management and the integration of distributed-ledger technology.  Euroclear and Clearstream remain committed to driving this transformation to further optimise the Eurobond market and realise its full potential.

Isabelle Delorme, Head of Product Strategy & Innovation at Euroclear, commented: "This joint initiative represents a significant milestone for the Eurobond market and for the wider industry. Our new taxonomy is a game changer for clients wanting to use APIs to issue Eurobonds and preparing to issue tokenised bonds. By embracing digital transformation, we are unlocking real benefits for our clients and shaping a more efficient, secure and sustainable market - keeping the Eurobond market at the forefront of innovation."

Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, said: "The digitisation of the Eurobond market is a testament to the collaborative efforts between the ICSDs and across the industry. It opens exciting possibilities for further innovation where Eurobonds can serve as a blueprint for strong and efficient European capital markets. The modernisation of this global success story based in Europe enables greater accessibility for our ICSD clients and all participants."

The Eurobond market is the world’s third largest debt market and 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 €14 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 denomination currencies.

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.

Clearstream is the innovative and trusted post-trade business for the global markets. It runs the leading securities and funds servicing ecosystems of tomorrow. The company operates the German and Luxembourg central securities depositories and an international central securities depository for the Eurobonds market. With 20 trillion Euros in assets under custody, it is one of the world’s largest settlement and custody firms for domestic and international securities.

It also delivers premier fund dealing, distribution, digital and data services, covering over 55 fund markets worldwide.

Clearstream is part of Deutsche Börse Group, an international exchange organisation and provider of innovative market infrastructures.
To learn more, visit us at www.clearstream.com or connect via LinkedIn.