German state-owned bank KfW has issued a 4 billion euro ($4.28 billion) digital bond with an interest rate starting July 2. The benchmark bond is the second digital bond issued by Clearstream using Deutsche Bo ̈ rse's D7 digital securities platform. It is a three-year bond with a coupon of 2.75%. This is the largest digital bond issue, followed by the $756 million green bond issued in Hong Kong in February. However, some may argue that they are not the same, as the ledger used for KfW bonds is completely centralized, even though it is backed by Digital Asset's smart contract DAML. By contrast, Hong Kong bonds are issued on HSBC Orion's DLT network. While Hong Kong's Central Clearing Unit for Money Markets (CMU) is the central securities depository (CSD) responsible for issuance, other direct participants in DLT can automatically clear and settle.