Linklaters advises EIB on the issuance of Notes on the Ethereum public blockchain for central bank digital currency issued by the Banque de France
Linklaters has advised the European Investment Bank (EIB) which today issued its first ever notes in digital form on the Ethereum public blockchain. The EUR 100 million 2-year notes were placed with key market investors and represents the market’s first multi-dealer led, primary issuance of notes recorded to a public blockchain. The notes were issued on a delivery versus delivery basis against central bank digital currency (CBDC) which was issued as part of the Banque de France’s CBDC trial. Goldman Sachs, Santander and Société Générale were joint lead managers.
Michael Voisin, Global Head of Capital Markets at Linklaters, says:
“We are delighted to have been involved in this first of its kind transaction, providing capital markets, data protection, fintech, outsourcing, tax, technology and US federal securities law advice to valued client EIB across a range of jurisdictions. Our global team worked hard to assist our client navigate highly innovative and complex issues, including the registration of the Notes in the Ethereum public blockchain (as a dispositif d’enregistrement électronique partagé under French law) and their issue on a delivery versus delivery basis against CBDC.”
The global, cross practice Linklaters team included Michael Voisin, Julian Cunningham-Day, Richard Hay, Ria Bhanot, Elizabeth Horvath, and Imran Bhaluani in London, Bertrand Andriani, Veronique Delaittre, Edouard Chapellier, Vincent Poilleux, Ngoc-Hong Ma and Thibault Hurbli in Paris and Jonathan Ching and Catherine Russ in New York.