The prototype deal, dubbed a “Bondi” bond (Blockchain Operated New Debt Instrument) is being viewed as an initial step in moving bond sales away from manual processes towards faster and cheaper automation.
The World Bank has priced the world’s first public bond created and managed using only blockchain in a A$100 million ($73.16 million) deal designed to test how the technology might improve decades-old bond sales practices. Commonwealth Bank of Australia, the sole manager of the deal, said in a statement that the two-year bonds had priced to yield 2.251 percent and would settle Aug. 28. The prototype deal, dubbed a “Bondi” bond - standing for Blockchain Operated New Debt Instrument as well as a reference to Australia’s most famous beach - is being viewed as an initial step in moving bond sales away from manual processes towards faster and cheaper automation.
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