Deployments · platform by Clearstream

ESM digital bond programme on D7/PontesNew

The European Stability Mechanism's first digitally native bond, a EUR 1 billion benchmark issued on Deutsche Börse's D7 platform on 26 October 2026, with its cash leg settled in euro central bank money through the Eurosystem's Pontes service: the first transaction to use Pontes since its launch five weeks earlier. Bundesbank was issuing and paying agent; DZ BANK, Societe Generale, HSBC and Santander were joint lead managers, with DZ BANK as sole settlement manager on D7 and Pontes and Societe Generale a digital advisory bank alongside it.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 26 Oct 2026^[2][1] — First (and so far only) issue under the programme. · Reviewed today

Assets: Debt security^[1]
EUR 1 billion benchmark bond, 3.375% fixed coupon, maturing 8 April 2030.
Networks: D7 Private, permissioned^[1]
Eurosystem DLT platform (Pontes) Private, permissioned^[1]
Cash leg settled in central bank money via Pontes.
Use cases: Primary issuance^[1]Delivery versus payment (DvP)^[1]
Jurisdictions: European Union, Luxembourg

Participants

European Stability MechanismIssuer^[1]Luxembourg
Deutsche BundesbankPaying or settlement agent, Cash leg provider^[2]Germany
ClearstreamPlatform provider, Technology provider^[1]Luxembourg
DZ BANKArranger or dealer, Distributor^[2]Germany
Société GénéraleArranger or dealer, Distributor^[2]France
HSBCArranger or dealer, Distributor^[2]United Kingdom
Banco SantanderArranger or dealer, Distributor^[2]Spain

Likely relevant regulation

Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014European Union
EU DLT Pilot RegimeEuropean Union

Assets

IssuesESM EUR 1 billion digital bond, 2026^[1]

Moves across networks

viaEurosystem PontesD7 ↔ Eurosystem DLT platform (Pontes)^[1]Cash leg settled via Pontes against the D7 register.

Timeline

Happened 26 Oct 2026 · Launch · recorded 8 Nov 2026
ESM issues a EUR 1 billion digital bond on D7, the first transaction settled through Pontes since its September 2026 launch.^[1][2]

Sources

[1]ESM is first European supranational issuer to settle DLT-based bond issuance on Eurosystem's Pontes platform with Bundesbank and Clearstream — Deutsche Bundesbank, 26 Oct 2026. Accessed 8 Nov 2026.A
[2]European Stability Mechanism issues €1 billion digital bond, settled via Pontes — Ledger Insights, 27 Oct 2026. Accessed 8 Nov 2026.C

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