ICMA publishes the Digital Bonds Annex, an addition to the GMRA Digital Assets Annex
30 April 2026 ICMA is pleased to announce the publication of the Digital Bonds Annex, a further addition to the Global Master Repurchase Agreement (GMRA) suite of documentation.
The Digital Bonds Annex further expands and complements the GMRA framework to include transactions involving digital bonds, reflecting ongoing innovation in capital markets.
The original Digital Assets Annex, published in August 2024, provides a standardised framework and set of terms which can be used to document repo transactions involving digital cash, digital securities (including tokenised traditional securities), or asset-backed digital assets.
Driven by member demand to expand coverage to provide for digital bonds, the Digital Bonds Annex has been developed by the Digital Assets Legal Working Group run by ICMA in partnership with ISLA, with Clifford Chance as legal counsel.
The definition of "Digital Bond" within the Digital Bonds Annex is designed to capture natively-issued digital debt securities and makes it clear that the terms and conditions of the Digital Bond must envisage the use of distributed ledger technology.
Michael Brown, partner at Clifford Chance commented "We're delighted to have assisted ICMA and ISLA with the development of the Digital Bonds Annexes. The publication of the annexes is a significant milestone for the integration of natively-issued digital bonds into established securities financing frameworks and we were delighted to support the working groups to deliver documentation that enables continued innovation in the market".
Deena Seoudy, Senior Director and Associate Counsel at ICMA commented “It has been a pleasure to once again collaborate with the Digital Assets Legal Working Group, ISLA and Clifford Chance on the Digital Bonds Annex for the GMRA. By introducing more harmonised documentation and legal frameworks for SFT participants transacting in digital securities, this initiative helps drive broader adoption and underpins the continued evolution and innovation of digital assets within the repo market”.
To promote ICMA members’ familiarity with the Digital Bonds Annex, ICMA will partner with Clifford Chance to run a webinar in May that will provide an overview of how the Digital Bonds Annex works and its various features, as well as an opportunity for members to ask any questions.
Details of the webinar can be found here.
To download the Digital Bonds Annex and accompanying guidance note, click here.
To download the Digital Assets Annex and accompanying guidance note, click here.
