https://www.societegenerale.com/fr/node/51522On 18 April 2019 Societe Generale SFH, a subsidiary of Societe Generale Group, issued EUR 100m of covered bonds (“obligations de financement de l’habitat” or “OFH”) as a security token, directly registered on the Ethereum blockchain. OFH Tokens have been rated Aaa / AAA by Moody’s and Fitch and have been fully subscribed by Societe Generale.This live transaction explores a more efficient process for bond issuances. Many areas of added value are predicted, among which, product scalability and reduced time to market, computer code automation structuring, thus better transparency, faster transferability and settlement. It proposes a new standard for issuances and secondary market bond trading and reduces cost and the number of intermediaries.The operation was made possible thanks to the teams of the Finance, Legal, Compliance and Operations departments of the Bank. Gide Loyrette Nouel was appointed as legal advisor to the OFH Token issuer and PwC France and francophone Africa was involved as blockchain advisor.
Submitted April 24, 2019 at 12:28AM
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