Clifford Chance Has Advised on the Issuance of Doha Bank’s Inaugural Digitally Native Note Representing the MENA’s First Digitally Issued Bond on Euroclear's D-FMI
Clifford Chance Has Advised on the Issuance of Doha Bank’s Inaugural Digitally Native Note Representing the MENA’s First Digitally Issued Bond on Euroclear's D-FMI
Clifford Chance has advised Standard Chartered Bank, as Sole Lead Manager, on the issuance by Doha Finance Limited of USD 150,000,000 floating rate digitally native notes, guaranteed by Doha Bank Q.P.S.C. under its USD 3,000,000,000 Euro Medium Term Note Programme. The issuance was the issuer's inaugural issuance of digitally native notes and its first issuance of notes with a floating rate of interest based on SOFR.
The digitally native notes were cleared and settled on Euroclear's D-FMI, the part of the Euroclear system by means of which the settlement of issuance, transfers and redemption of digitally native notes and related payments are recorded. The digitally native notes have been rated A- by Fitch and shall be listed on the London Stock Exchange's International Securities Market with effect from 5 December 2025.
The transaction contributes to Clifford Chance's ever-growing track record in the digital bond space, having recently advised on the first ever digital gender bond by Akbank
Partner Stuart Ure said, “We are proud to have supported all the stakeholders on this landmark transaction, which will set the benchmark for potential future issuances from clients in the region using the Euroclear D-FMI infrastructure.”
The international Clifford Chance team advised Standard Chartered Bank as Sole Lead Manager was led by Stuart Ure (Partner / Head of Middle East Capital Markets) and Alexander Tollast (Counsel), with support from Alekhya Prakash (Counsel), Veronica Valerio (Associate) and Alvin Boateng (Trainee).
The Clifford Chance team advised Citibank N.A., London Branch as DNN Agent and Fiscal Agent consisted of Bruce Kahl (Partner), Andrew Whelan (Senior Associate) and Callum Florence (Associate).
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