Akbank has issued a $100 million Digitally Native Note (DNN) on Euroclear’s D-FMI distributed ledger platform. The digital bond is described as a gender bond because the proceeds will be used to fund female-owned SMEs and mortgages for women. The International Finance Corporation (IFC), part of the World Bank Group, bought the entire bond, with Citi acting as dealer, issuing and paying agent.
“IFC’s investment is a strong endorsement of our vision to unite cutting-edge digital solutions with meaningful social impact, driving lasting change in our economy,” said Şebnem Muratoğlu, EVP, Treasury and Financial Institutions, Akbank.
Like several other digital issuance platforms, D-FMI is integrated with the main central securities depository, resulting in a similar treatment to conventional bonds. The transaction was settled on the same day, although not instantly.
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