Clearstream and Euroclear to Digitize €14 Trillion Eurobond Market by 2026
Clearstream and Euroclear, the two international central securities depositories (ICSDs), have announced a joint initiative to digitize the Eurobond market, the world’s third-largest debt market valued at over €14 trillion. begining in the first quarter of 2026, Eurobonds will be issued in dematerialized form, eliminating the need for paper certificates. The move represents a major milestone for automation across the bond lifecycle, strengthening efficiency and preparing the market for a fully digital future.
By removing the operational burden of handling physical certificates, the ICSDs expect to deliver quicker issuance, reduce risks of loss or forgery, and enhance transparency through electronic ownership records. This step mirrors transformations viewn in other financial has unlocked scalability and resilience, positioning Eurobonds to adapt to modern investor needs.
The initiative is framed as a natural evolution for an issuers and investors across multiple time zones, jurisdictions, and currencies. Dematerialization will further streamline the complex processes underpinning issuance, settlement, servicing, and financing of more than 350,000 distinct Eurobonds currently outstanding worldwide.
New Taxonomy to Enable Automation
Alongside dematerialized issuance, the ICSDs are introducing the Issuance & Processing Taxonomy (IPT), a common, technology-agnostic standard designed to reduce fragmentation. The IPT will support multiple communication formats, including APIs, enabling more seamless automation of issuance and processing. Aligned with the International Capital Data Taxonomy (BDT), the IPT creates a foundation for consistency and interoperability across the industry.
In December 2025, the taxonomy will be extended to include a ). This prepares the issuance and lifecycle management, supporting market participants eager to embrace blockchain-powered infrastructure while maintaining compatibility with existing systems.
Euroclear’s Isabelle Delorme, Head of Product Strategy & Innovation, emphasized the transformative impact:
“This joint initiative represents a significant milestone for the Eurobond market and for the wider industry. Our new taxonomy is a game changer for clients wanting to use APIs to issue Eurobonds and preparing to . By embracing digital transformation, we are unlocking real benefits for our clients and shaping a more efficient, secure, and sustainable market—keeping the Eurobond market at the forefront of innovation.”
Shaping the Future of Capital Markets
Clearstream’s Jens Hachmeister, Head of Issuer that collaboration is at the heart of this initiative.
“The digitization of the Eurobond market is a testament to the collaborative efforts between the ICSDs and across the industry. It opens exciting possibilities for further innovation where Eurobonds can serve as a blueprint for strong and efficient . The modernization of this global success story based in Europe enables greater accessibility for our clients and all participants.”
The digitization effort is expected to enhance the Eurobond market’s role as a global benchmark for innovation in debt capital markets. Eurobonds are currently issued under more than 50 governing laws, in up to 100 denomination currencies, by 12,000 issuers spanning 130 countries. The scale and diversity of this ecosystem position it as a proving ground for standards-driven classes.
Ultimately, the initiatives by Clearstream and Euroclear aim to consolidate the Eurobond market’s position as a cornerstone of global finance, while reducing costs, strengthening security, and enabling automation that can support both current and future generations of capital market infrastructure.
Investor Takeaway
