KEB Hana Bank has issued a $100 million digital bond via Euroclear’s D-FMI distributed ledger platform and its iCSD, making it available to a broad range of international investors. The issuance was part of its existing $10 billion Global Medium Term Note Programme, although the terms were updated to support the digitally native note (DNN). We don’t yet have access to pricing details.
Standard Chartered was the sole lead manager, with the issuance coming less than a month after Standard Chartered itself issued a bond on the same platform. Citi is the DNN agent and fiscal agent. The US bank has also used D-FMI for structured product issuances this year.
Hana is the first Korean company to use D-FMI, but it is not the first digital bond from a Korean issuer. Earlier this year Mirae Asset Securities, POSCO International and Korea Housing Finance Corporation all issued bonds in Hong Kong.
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