Dutch agency BNG via DZ Bank has placed the first ‘smart n-bond’, a Namensschuldverschreibung (NSV) issued through digital platform European private placement facility (eppf). Participants hailed this transaction as a step towards a functioning pan-European private placement market.
It was a conservative first foray, but private debt players in Europe took note.DZ Bank
sold the €10m three-year n-bond for BNG, which pays a 0.05% coupon, digitally, without the exchange of paper. The transaction was then electronically settled via Clearstream Banking on TARGET2-Securities. All documentation on the