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Alternative Market Briefing

World Bank preps for world's first blockchain bond

Friday, August 10, 2018

Laxman Pai, Opalesque Asia:

The World Bank has chosen the Commonwealth Bank of Australia (CBA) to be the sole arranger of the first bond globally "to be created, allocated, transferred and managed using blockchain technology."

The Kangaroo bond, referring to foreign bonds issued in Australia in the local currency, has been named bond-i, an acronym standing for Blockchain Offered New Debt Instrument. (It's also a reference to Bondi Beach, an iconic spot in Sydney.)

The World Bank said there had been strong indicative investor interest in 'bond-i' - Blockchain Offered New Debt Instrument.

No size or date was given for the issue, a first for the World Bank using blockchain technology, but the two said it would be launched after a period of consultation with more investors.

"This pioneering bond is a milestone in our efforts to learn how we can advise our client countries on the opportunities and risk that disruptive technologies offer," World Bank chief information officer Denis Robitaille said in a statement.

Blockchain has the potential to streamline processes among numerous debt capital market intermediaries and agents. This can help simplify raising capital and trading securities; improve operational efficiencies; and enhance regulatory oversight.

The World Bank issues between $50-$60bn annually in bonds for sustainable development. It has a 70-year track record of innovation in the capital markets. Among its pioneering issuances are the first ......................

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