Iberdrola, BBVA and Santander Complete World's First Fully Blockchain-Managed Syndicated Loan in €150M Deal
Iberdrola, BBVA and Santander Complete World’s First Fully Blockchain-Managed Syndicated Loan in €150M Deal #
Iberdrola, BBVA and Santander have completed what they describe as the world’s first syndicated loan to have its entire lifecycle administered on a blockchain platform, executing a €150 million corporate financing facility through distributed ledger technology (DLT).
Announced on 15 October 2026, the transaction covers every stage of the loan’s existence, from initial execution and disbursement through interest calculations, waivers, principal repayments, assignment of participations between lenders, and final maturity. Law firm Gómez-Acebo & Pombo provided legal advice on the deal.
The underlying platform was built by Spanish fintech ioBuilders, working alongside BBVA and Santander. Rather than tokenising only part of the process, the system replaces the separate databases typically maintained by each institution with a single synchronised, immutable shared record. All contractual events, including covenant monitoring, fee payments, and the processing of certain consents, are recorded on the DLT infrastructure and visible in real time to authorised participants.
Rob Kay, Global Head of Investment Grade and Emerging Markets Debt at Santander CIB, said the deal demonstrates how DLT-based technologies can deliver “greater efficiency, transparency and traceability to complex financial processes” and contribute to the transformation of financial markets.
Alberto Falco, Head of Portfolio Monitoring and Innovation at BBVA CIB, said syndicated lending has historically seen limited digitalisation and has been accessible to relatively few borrowers. He said combining DLT’s immutable record-keeping with smart-contract automation positions the platform as a potential industry meeting point that other institutions could eventually join.
Carlos Matilla, CEO of ioBuilders, pointed to secondary-market implications, arguing that the technology opens the door to more efficient balance-sheet management and new strategies for loan mobilisation beyond the primary market.
The three institutions plan to onboard additional participants and broaden the platform’s functionality, with the longer-term goal of establishing shared infrastructure for the wider syndicated loan market. Syndicated lending has long required heavy administrative coordination among agent banks, lending institutions and corporate clients, and the parties argue DLT can address that burden at scale.
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