From the first quarter of 2026, Eurobonds will be issued in dematerialised form, replacing paper certificates and marking a major step towards automation across the Eurobond lifecycle. As part of the initiative, the ICSDs have co-developed the Issuance & Processing Taxonomy (IPT), a technology-agnostic standard designed to reduce market fragmentation and support interoperability.
The standard is compatible with multiple communication channels, including APIs, and will be expanded in December 2025 to incorporate a token taxonomy for distributed-ledger technology (DLT). The IPT is also aligned with the International Capital Market Association’s Bond Data Taxonomy (BDT).
Isabelle Delorme, head of product strategy & innovation at Euroclear, said: “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.”
Delorme added: “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.”
The shift to digital processes is expected to deliver a range of operational benefits, including greater efficiency, reduced costs from the elimination of physical vaulting, enhanced security against loss or forgery, and more transparent ownership records.
Looking longer term, the measures aim to establish the foundation for fully digital Eurobond lifecycle management and potential DLT integration.
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 clients and all participants.”