24.08.2018
1 078

World Bank and CBA launch the first blockchain bond

The World Bank has priced the world’s first public bond created and managed using Blockchain technology in a A$100 million ($73.16 million) deal, reports Reuters. It is designed to test how the technology might change bond sales practices.

The sole manager of the deal, Commonwealth Bank of Australia, states that the two-year bonds had priced to yield 2.251 percent and would settle 28 Aug. 2018.

The prototype deal was  named “Bondi” bond - standing for Blockchain Operated New Debt Instrument as well as a reference to Australia’s most famous beach. 

“You’re collapsing a traditional bond issuance from a manual bookbuild process and allocation process, an extended settlement then a registrar and a custodian, into something that could happen online instantaneously,” said James Wall, executive general manager at CBA, to Reuters in his interview.

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