Clifford Chance advises OCBC on the establishment of its tokenised commercial paper programme

Global law firm Clifford Chance has advised OCBC on the establishment of its USD 1 billion digital US Commercial Paper Programme.

This Programme enables OCBC to issue US commercial paper, which will be tokenised on J.P. Morgan’s blockchain, via its Digital Debt Service, and offered in the United States pursuant to the exemption under Section 4(a)(2) of the United States Securities Act of 1933, as amended.

Lead partner Gareth Deiner said, "We are delighted to support OCBC on this initiative, leveraging both our extensive knowledge of the client and our significant expertise in the tokenisation of assets. This transaction marks a significant milestone in the ongoing digital transformation of capital markets. By leveraging blockchain technology for the issuance of commercial paper, this programme is expected to deliver greater efficiency, transparency, and accessibility for both issuers and investors. Clifford Chance’s cross-border team delivered seamless legal advice across multiple jurisdictions, underscoring the firm’s market-leading expertise in digital assets and innovative financing structures."

Counsel Alexander Tollast said, "Congratulations to OCBC and J.P. Morgan on completing this exciting project. It was a pleasure to contribute with colleagues across the network and once again be at the forefront of innovation in capital markets."

Gareth was supported by a cross-border team including partner Steve Gatti (Washington D.C.), professional support lawyer Joanne Pacewicz (Singapore), counsel Jesse Overall (New York), counsel Claire Neo (Singapore), counsel Alexander Tollast (Paris) and associate Veronica Valerio (Milan).

This mandate builds on Clifford Chance’s strong track record advising on pioneering digital asset transactions, including advising HSBC on the launch of market-first digital gold token for Hong Kong retail investors and Animoca Brands on the formation of its stablecoin joint venture with Standard Chartered and HKT.