HSBC has completed its first issuance of a digitally native structured product, a private placement of USD-denominated notes in Hong Kong on July 10. The notes were issued directly on a blockchain rather than digitized after issuance. Marketnode, an Asia-Pacific digital market infrastructure operator backed by Euroclear, HSBC, SGX Group and Temasek, acted as the tokenization agent and digital paying agent. HSBC did not disclose the size of the issuance, the reference asset, the tenor of the notes, or the number and identity of investors. The bank framed the deal as a pilot intended to demonstrate how tokenization can affect issuance, settlement and ongoing servicing across a product’s lifecycle.
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