The Weinberg Capital programme, an asset-backed commercial paper (ABCP) programme sponsored by LBBW, was amended to enable the Irish conduit issuer to create and issue commercial paper using distributed ledger technology (DLT) based on the Corda platform. The commercial paper is governed by Irish law.
The first commercial paper issued on the Weinberg Capital DLT platform was issued on 14 February 2019 and matured on 19 February 2019. This represents the first time asset-backed commercial paper has been issued and redeemed using blockchain technology, without using a parallel paper-based process as a fall-back. Following the successful completion of this initial pilot transaction, LBBW intends to further develop the Weinberg Capital DLT platform and issue commercial paper to a broader range of investors using the platform.
The transaction required close collaboration between multiple teams within Matheson, including its Finance and Capital Markets, Tax, Data Protection and Financial Institutions practice areas. Matheson’s involvement was led by Christian Donagh, a Finance and Capital Markets partner, assisted by Alan Bunbury.
