Societe Generale issues € 100 million bonds in public …

Societe Generale issues € 100 million bonds on the Ethereum public blockchain

French banking corporation Societe Generale Group issued bonds in the form security-tokens using for of this public blockchain Ethereum.

On Tuesday company announced that her Division of Societe Generale SFH took advantage of token OFH for issue of secured bonds per 100 million Euro. According to the investor service of the Moody’s rating agency, Societe Generale turned out to be “the sole investor»Financial instrument and third-party participants to him did not attract the purchase.

The bond is issued for a five-year term with a period deferrals at 12 months. The security represented by the token endows his holder those the same rights as issued in traditional form.

Moody’s claims that blockchain use can have a positive effect on the rating of a financial institution, in particular, due to increased transparency and a decrease in the likelihood of errors “resulting from of the complexity and number of intermediaries involved in the process of issuing secured bonds at assistance to traditional funds“.

Societe Generale issues € 100 million bonds in public ...

Audit company PwC acted as a technology consultant for the project, and French law firm Gide Loyrette Nouel provided legal support.

“This real transaction demonstrates opportunities increase the efficiency of production bonds. Expected that it will have a positive impact on many aspects, including product scalability, time for the release of the tool to the market, automatic structuring of computer code, raising transparency, acceleration of sending transactions and settlements “, – stated in a banking organization.

Societe Generale issues € 100 million bonds in public ...

Earlier in this a month, Societe Generale-owned private bank Kleinwort Hambros announced creating exchange notes, intended for investment in the industry blockchain.