The ICMA DLT Bonds Reference Guide provides a comprehensive framework for navigating the issuance, trading, and lifecycle management of DLT-based debt securities, helping market participants unlock the potential of blockchain in fixed income markets.

Key Takeaways:

1. Tokenized Debt Markets – The adoption of distributed ledger technology (DLT) in bond markets is growing, with notable issuances by sovereigns, supranationals, and corporates enhancing transparency and efficiency.

2. Legal & Regulatory Frameworks – The guide highlights considerations around the governing law, investor protections, and interoperability with existing financial infrastructures.

3. Market Infrastructure & Innovation – The evolving role of CBDCs, tokenized cash, and digital asset platforms is reshaping settlement, custody, and liquidity in debt capital markets.