Iberdrola, BBVA and Santander deliver the first syndicated financing managed entirely on blockchain

The €150 million transaction was executed through a new blockchain-based platform developed by ioBuilders together with both banks, marking a major technological step forward in the digitalisation of the syndicated loan market.

Madrid, 15 October 2026.

Iberdrola, BBVA and Santander have completed a €150 million corporate syndicated financing transaction managed entirely using distributed ledger technology (DLT), commonly known as blockchain. The transaction represents a milestone for the financial market, as it is the first real syndicated loan whose entire lifecycle, from execution and disbursement to the management of interest payments, waivers, repayments, transfers and maturity, is administered using this technology. The initiative forms part of Iberdrola’s digitalisation strategy, which leverages innovation, data and new technologies to drive efficiency and improve financial and treasury processes. Gómez-Acebo & Pombo acted as legal advisers on the transaction.

The digital infrastructure enables participating institutions to share and maintain a single, synchronised and immutable record of information, replacing reconciliation processes between separate databases with a single shared source of information. The technology improves transaction traceability, reduces the risk of operational errors and enables more efficient management of syndicated financing, allowing the different participants to interact in a coordinated manner under the operational control of the designated agent bank.

Throughout the life of the loan, the platform manages the main contractual events in a coordinated manner, including the calculation and communication of interest, principal and fee payments, early repayments, monitoring compliance with agreed financial covenants and information requirements, processing certain contractual approvals, and transfers of participations between lenders. All these events are recorded on the DLT infrastructure and are visible in real time to authorised participants.

Applying distributed ledger technology to the syndicated loan market makes it possible to simplify the management of the financing lifecycle, reduce operational costs, improve coordination between institutions and increase efficiency in one of the most important segments of corporate financing. It can also help increase market liquidity and facilitate access to this type of financing for mid-sized companies by simplifying processes that have traditionally limited their participation in these transactions.

The transaction was managed through the platform developed by ioBuilders, with the support of BBVA and Santander, to digitalise the management of syndicated financing. Following this first transaction, the institutions will work to progressively onboard new participants and expand the platform’s functionalities, with the aim of moving towards a shared infrastructure for the syndicated loan market. The objective is to harness the potential of distributed ledger technology to modernise one of the most important corporate finance markets, which has traditionally been characterised by a high administrative burden and intensive coordination between multiple participants, including the agent bank, lenders and the client.

Rob Kay, Global Head of Investment Grade and Emerging Markets Debt at Santander CIB, said:

"Innovation is part of Santander’s DNA. This transaction represents an important step forward in the evolution of syndicated financing, demonstrating how DLT-based technologies can bring greater efficiency, transparency and traceability to complex financial processes. It also highlights how digital assets are already delivering tangible business value and contributing to the transformation of financial markets. At the same time, it lays the foundations for an industry-wide collaborative model with the potential to redefine different aspects of corporate financing."

Alberto Falco, Head of Portfolio Monitoring and Innovation at BBVA CIB, commented:

"This transaction reflects BBVA’s commitment to the digitalisation of financial markets. Blockchain technology enables a particularly significant transformational leap in the case of syndicated loans, a product that has traditionally seen limited digitalisation and has been accessible to relatively few clients. By combining the benefits of DLT as an immutable record with the programmability of smart contracts to automate operational processes, we aim for this platform to become a collaborative hub that other institutions can join to help drive the syndicated loan market forward."

Carlos Matilla, CEO of ioBuilders, said:

"The adoption of blockchain technology in financial environments is increasingly becoming a reality, driven by the benefits it provides. With this transaction, we demonstrate that these advantages also extend to real syndicated loans and the management of their entire lifecycle, with full legal validity and a single source of information shared by all parties. It is also worth highlighting that the technology behind this platform opens the door to more efficient balance sheet management for financial institutions, enabling new strategies for transferring loans in the secondary market."