# Digital Bond Issuance via Blockchain

> Siemens successfully issued a 300 million Euro digital bond via the private SWIAT blockchain in collaboration with the German Bundesbank and several German banks. The issuance was fully automated through smart contracts and processed within hours instead of the usual several days. The project utilized the Bundesbank Trigger Solution for settlement in central bank money and demonstrated the practical application of tokenized securities under German law.

**Sector:** Tertiary sector · **Industry:** Banking and financial services · **Organisation:** Siemens, Bundesbank, DZ Bank, LBBW, BayernLB · **Maturity level:** Production

Canonical URL: https://www.sapientblock.com/en/use-cases/siemens-anleihen-stunden-emittieren

## Documentation status

- **Project status:** Production
- **Evidence:** Evidence high
- **Editorial review:** Ufuk Avci, 15 April 2026

## Description

On 3 September 2024, Siemens issued its second digital bond — €300 million, one-year maturity, on the private SWIAT blockchain, settled via the Bundesbank Trigger Solution in central bank money. SWIAT is a joint venture of LBBW, DekaBank and other financial institutions. The Bundesbank Trigger Solution forms a bridge between market blockchains and the Eurosystem’s traditional TARGET2 payment system.

Siemens AG gained initial experience in February 2023 with a €60 million digital bond on the public Polygon blockchain — settlement time then: two days. On 3 September 2024, the second, significantly larger issuance followed: €300 million, one-year maturity, on the private SWIAT blockchain. This was the largest crypto securities issuance in Germany to date under the Electronic Securities Act (eWpG). Technically, the issuance was fully automated via SWIAT and the Bundesbank Trigger Solution, which links TARGET2 with blockchains — a delivery-versus-payment settlement without traditional intermediaries such as a central securities depository. Result: complete settlement in central bank money within minutes. DekaBank acted as registrar. Investors: BayernLB, DekaBank, DZ BANK, Helaba and LBBW. Deutsche Bank handled the cash-side settlement. Peter Rathgeb, Corporate Treasurer Siemens: "The automated settlement within minutes demonstrates the enormous potential of this new technology." The issuance supported the ECB’s New Technologies Wholesale Trials.

## Benefits

- Companies can respond more flexibly and quickly to capital market opportunities and reduce their financing costs through lower intermediary fees.
- Private investors potentially gain better access to corporate bonds through lower entry barriers and simplified trading processes.
- Issuance time is reduced from several days to a few hours, significantly improving capital market liquidity.
- Smart contracts almost completely eliminate settlement risk and automate recurring payments.
- Transparency and traceability of all transactions are significantly increased by blockchain technology.
- Finance teams can focus on strategic capital market planning and analysis instead of repetitive settlement tasks.

## Challenges

- Companies need to invest in new blockchain competencies and adapt existing treasury systems to digital asset settlement.
- Integration of various systems and partners requires complex technical coordination between issuers, banks and regulators.
- Legal frameworks for tokenised securities must be continuously adapted to technological developments.
- Employees require training in blockchain technology and digital asset management processes.

## Technology foundation

The project is based on the private SWIAT blockchain, a platform developed specifically for financial services and operated by a consortium of German banks. The technology enables the tokenisation of bonds as ISIN-linked digital assets and uses smart contracts for fully automated settlement of issuances and interest payments.

## Sources

- [SIEMENS, DEKABANK, SWIAT: BLOCKCHAIN MEGA-WERTPAPIER-EMISSION](https://www.it-finanzmagazin.de/siemens-dekabank-swiat-blockchain-mega-wertpapier-emission-215438/)
- [LBBW unterstützt Siemens bei digitaler Anleihe auf der Blockchain (Archivversion)](https://web.archive.org/web/20260420041041/https://www.lbbw.de/artikel/pressemitteilung/lbbw-unterstuetzt-siemens-bei-digitaler-anleihe-auf-der-blockchain_aiuxnfmf7y_d.html)
- [Siemens issues €300 million bond on the blockchain](https://alexanderbechtel.com/siemens-issues-300-million-euro-bond-on-the-blockchain/)
- [Durchgeführte Trials und Experimente mit der Trigger Solution](https://www.bundesbank.de/de/aufgaben/unbarer-zahlungsverkehr/trigger-solution/durchgefuehrte-trials-und-experimente-mit-der-trigger-solution-927702)