On February 2, the European Investment Bank (EIB) and lead banks BNP Paribas, HSBC and RBC, settled the first ever sterling bond new issue on blockchain: a £50 million, three-year, floating-rate note, priced at 12 basis points over Sonia (the Sterling Overnight Index Average) and allocated to institutional investors and bank treasuries.
The debt capital markets did not tremble at the news: in fact, they scarcely noticed.
Frequent borrowers and their banks have been talking portentously about faster, cheaper, more efficient new issues of tokenized securities transforming primary and secondary capital markets since late 2015 and experimenting with them since 2018.
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