The lender issued its first tokenised USCP last Wednesday (Aug 20). The six-month maturity notes were sold to an accredited institutional investor, and OCBC received the proceeds within minutes of the completed transaction.
OCBC is the first USCP issuer in the world to leverage blockchain across the securities’ entire lifecycle. The move is said to reduce reliance on traditional infrastructure, intermediaries and legacy systems while improving transparency and auditability.
“Our new digital USCP programme will deepen investor engagement and sharpen our global capital markets profile. The speed and transparency of this solution have only strengthened our conviction in blockchain’s transformative power for capital markets,” says Kenneth Lai, OCBC's head of global markets.
JP Morgan will act as the sole dealer for the programme through its Digital Debt Service application, built on the Kinexys tokenisation platform. Its head of markets digital assets, Scott Lucas, says: "JP Morgan’s Digital Debt Service provides an additional way for issuers and investors to participate in the USCP market and OCBC’s issuance has demonstrated this in practice."
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The digital USCP programme has been rated P-1 by Moody’s and F1+ by Fitch, the highest grades for short-term instruments from both agencies. The funds raised from this programme will be used by OCBC for general funding purposes.
According to OCBC, it has been testing blockchain-based liquidity tools since 2024, when it adopted digital repo and reverse repo solutions with JP Morgan.
