Caisse des Dépôts successfully completed its first issuance of the EUR 100 million digitally native notes; a pioneering operation on the capital market in France. The note was placed to ICBC Luxembourg Branch, acting as the investor on this transaction.
The issuance of the EUR 100 million 3.33% digitally native notes due 7th November 2034 by Caisse des dépôts et consignations was carried out using the digital financial market infrastructure (“D-FMI”), the distributed ledger technology-based component of the securities settlement system operated by Euroclear, for the creation of the digitally native notes, and the Banque de France’s cash distributed ledger technology (DL3S), for the cash leg of the issuance.
The transaction was arranged and placed by Crédit Agricole Corporate and Investment Bank and Natixis Corporate & Investment Banking. The digitally native notes are admitted to trading on the regulated market of Euronext Paris and are rated AA- by S&P.BNP Paribas acted as issuing and paying agent and Clifford Chance acted as legal advisor on the transaction.
The issuance was completed in the context of the Eurosystem’s exploratory works as the first issuance of digitally native notes under French law using the D-FMI, the first issuance of digitally native notes using the interconnectivity between the D-FMI and DL3S, the first issuance of digitally native notes by Caisse des dépôts et consignations and the first issuance of digitally native notes admitted to trading on Euronext Paris.
“Financial and digital sovereignty is one of the 3 strategic axes for the Caisse des Dépôts Group, with those around ecological transition and social and territorial cohesion”, said Nathalie Tubiana, Chief Financial and Sustainable Policy Caisse des Dépôts Group Officer. “So we wantd to participate in this digital issuance, a pioneering operation on the capital market in France, to support players in the sector working around Euroclear and the Banque de France. This program demonstrates Caisse des Dépôts’ capacity for adaptation and innovation, which its teams have always demonstrated”.
“Choosing Banque de France’s Full DLT Interoperability solution for settling the cash leg of this issuance stresses the importance of tokenised Central Bank Money for the development of the tokenisation of finance. The operation, performed under CSDR, allowed BDF to enrich its connectivity solutions by setting up a new interoperability link between the 2 DLT, on top of HTLC and SWIFT protocols.”, said Emmanuelle Assouan, Director General Financial Stability & Operations at Banque de France.
“We are excited to support the French financial market in adopting digital asset securities. It is crucial for participants, financial market infrastructures, and central banks to collaborate in bridging the gap between traditional finance and digital asset securities. By leveraging our expertise in settlement and post-trade services, we strive to develop efficient, resilient, and interoperable digital infrastructures. Our commitment to innovation will continue to open new business opportunities and connect issuers and investors worldwide.”, said Sebastien Danloy, Chief Business Officer at Euroclear.
“CACIB is proud to act as a dealer in this inaugural Digital issuance for CDC, in partnership with Euroclear and Banque de France. This initiative marks a new major step forward in the development of the French ecosystem around digital bond and represents another milestone in Crédit Agricole CIB’s journey to unlock the potential of new technologies for SSA clients.” said Benjamin Moulle, Global Head of SSA Primary at Crédit Agricole Corporate and Investment Bank.
“Natixis Corporate & Investment Banking’s participation in this experiment is a strategic decision aimed at enhancing our capabilities in tokenization and wholesale CBDCs. By leveraging the insights gained from this initiative, we can better serve our clients, strengthen our market position, and contribute to the overall advancement of the financial ecosystem.” said, Gabriel Levy – Global Head of Debt Capital Markets at Natixis CIB.
Source: Caisse des Dépôts Group
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