In March Citi issued its first digitally native structured note on Euroclear’s D-FMI tokenization platform, targeting distribution via its wealth management business. Now Banco do Brasil, majority owned by the state, announced that it invested $5 million in a subsequent note from the same Citi program, with the Brazilian bank describing the deal as a first for a Latin American institution.
Banco do Brasil invested through its proprietary treasury on 19 August, putting its own capital into the instrument rather than acting on behalf of clients. Citi issued the note through its Luxembourg entity, with its London branch serving as issuing and paying agent. The underlying reference asset of the structured note was not disclosed.
“Initiatives like this contribute to building the standards and infrastructure needed to support a new generation of digital assets, increasing market efficiency and fostering innovation with security,” said Francisco Lassalvia, VP of Wholesale Banking at Banco do Brasil.
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