Citi supports Hana Bank's first $100 mil. digital bond issuance

Citi has backed Hana Bank's inaugural $100 million digital bond issuance on Euroclear's Digital Financial Market Infrastructure (D-FMI) platform, acting as the issuing and paying agent, the multinational bank announced on Wednesday. This marked the first instance of a Korean bank issuing a foreign-currency bond on the platform and settling it on the same day, known as T+0 settlement, as per Citi.

Additionally, the bond was the first digital bond to be listed on the Singapore Exchange. Citi oversaw the issuance, settlement, and delivery of the digitally native notes (DNN) to the dealer for distribution to investors via Euroclear's settlement bank. This deal further expands Citi's digital debt business, as the lender has served as the issuing and paying agent for the majority of transactions conducted on Euroclear's D-FMI platform thus far.

Dirk Jones, head of Issuer Services at Citi Services, noted that Citi's involvement in Hana Bank's significant issuance underscores the commercial scale being developed in digital debt markets, having supported similar transactions across various issuers and markets worldwide.