SP Global Ratings Digital Bonds Brochure

Rating Digital Bonds Unlocking The Potential Of Digital Bonds At S&P Global Ratings, we provide comprehensive research and commentary on digital bonds and stablecoins to help investors and issuers navigate the rapidly evolving decentralized finance (DeFi) space. Digital bonds, which are also known as tokenized assets, are instruments whose ownership records are stored on a blockchain The issuance of digital bonds continues to increase due to their potential benefits including: – Reduced transaction costs; – Enhanced security, better traceability, and better transaction security; and – Improved investor access and financial inclusion due to fractionalization. Digital Bonds Can Reduce Intermediation And Increase Efficiency Digital bonds can reduce intermediation and increase efficiency Traditional Bonds Digital Bonds Issuers Arrangers, such as Central security investment banks depositories and lawyers Issuers, investors Issuance, management, and Paying agents Trading trading platform venues Custodians Investors Source: S&P Global Ratings. CopyrightSource: S&P© 2025 Global by Standard Ratings. & Poor’s Financial Services LLC. All rights reserved. Copyright © 2025 by Standard & Poor’s Financial Services LLC. All rights reserved. S&P Global Ratings Is A Leader In Rating Digital Bonds – S&P Global Ratings is at the forefront of the digital bond evolution and have rated digital bonds since 2018. – Since 2018, we have led the digital bond ratings market with over 40 ratings for prominent issuers, including sovereigns, financial institutions, and corporates. – We assigned ratings on 17 of the 22 digital bonds that were issued and rated in 2024. The digital bonds we rated contributed more than 85% ($6 billion) to the total par value of rated digital bonds that were issued last year ($7 billion). Digital Bonds Recently Rated By S&P Global Ratings January 2023 February 2023 June 2023 September 2023 October 2023 NRW Bank EIB EIB Deutsche Borse AG IBRD €20 million £50 million SEK1,000 billion €1.25 billion €100 million Siemens AG €60 million HKMA HK$800 million June 2024 April 2024 February 2024 November 2023 December 2023 World Bank City of Quincy, HKMA Societe Generale Canton of Basel-City CHF200 billion Massachusetts €80 million €10 million CHF105 million $10 million HK$2 billion ¥1.5 billion $200 million July 2024 August 2024 September 2024 November 2024 KfW Asian Siemens AG Caisse de Depots €4 billion Infrastructure €300 million et Consignations €100 million Investment €100 million Bank L-Bank BW Cassa Depositi $500 million Foerderbank EIB e Prestiti SpA €50 million €100 million €25 million KFW €50 million HSBC Republic of HK$1 billion Slovenia €30 million CHF--Swiss franc. EIB--European Investment Bank. HKMA--Hong Kong Monetary Authority. IBRD--International Bank for Reconstruction and Development. SEK--Swedish krona. Source: S&P Global Ratings. Copyright © 2025 by Standard & Poor’s Financial Services LLC. All rights reserved. Navigating The Future Of Finance Our expertise covers a broad spectrum of the digital asset ecosystem, including digital bonds, tokenized funds, structured notes, collateralized loan obligations (CLOs), stablecoin stability assessments, and credit ratings, among others. Whether decentralized or traditional finance, we are committed to the highest standards in our rating actions credit research. Our opinions and risk measures are rooted in our deep experience. Through our independent assessments, research, and insights, we provide market participants with the information that is necessary to navigate the rapidly evolving landscape of decentralized finance. Thus, we ensure transparency, resilience, and informed decision-making. CONTACT US EMEA North America APAC Laure Gervais D’Aldin Jake Vukelic Emily Chiu laure.gervaisdaldin@spglobal.com jake.vukelic@spglobal.com emily.chiu@spglobal.com Konstantin Potapov konstantin.potapov@spglobal.com This report does not constitute a rating action. Copyright © 2025 by Standard & Poor’s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. 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