Iberdrola, BBVA, and Santander Complete $163 Million On-Chain Syndicated Loan Fully Managed via Blockchain

Foresight News reports that Spanish utility and electricity company Iberdrola, Banco Bilbao Vizcaya Argentaria (BBVA), and Santander Bank have announced the completion of a €150 million (approximately $163 million) corporate syndicated loan. BBVA stated that the loan is fully managed using Distributed Ledger Technology (DLT), marking the first syndicated loan entirely managed with DLT technology, covering all aspects from execution and disbursement to interest management, waivers, repayments, transfers, and maturity. The transaction was completed through a platform developed by ioBuilders, supported by BBVA and Santander Bank, aimed at digitizing syndicated loan management. Following this initial transaction, the institutions plan to gradually introduce new participants and expand the platform's functionalities, with the ultimate goal of building a shared infrastructure for the syndicated loan market. The objective is to leverage the potential of Distributed Ledger Technology to modernize the corporate financing sector.