Madrid – October 15, 2026 -- Iberdrola, BBVA and Santander have arranged a €150 million syndicated loan whose entire lifecycle is administered on distributed ledger technology (DLT), the first live syndicated facility to be run that way.
Platform handles every stage from execution to maturity
The facility covers execution, disbursement, interest, waivers, repayments, assignments and maturity on a single blockchain-based platform. ioBuilders developed the platform together with BBVA and Santander. Gómez-Acebo & Pombo acted as legal advisers.
The platform also manages interest calculation and notification, principal and fee payments, early repayments, monitoring of financial covenants and information undertakings, certain contractual consents, and transfers of participations between lenders. Authorised participants see all events in real time. The agent bank retains operational control of the financing.
Single shared ledger replaces database reconciliation
Participating institutions share one synchronised, immutable record instead of reconciling separate databases. According to the source, this improves traceability, lowers the risk of operational errors and makes syndicated financing easier to manage.
The institutions say the technology could cut operating costs, improve coordination between lenders and raise market liquidity. They add that it could ease access to syndicated loans for mid-sized companies, whose participation has traditionally been limited by process complexity.
Banks plan to onboard new participants and expand functions
Following the first transaction, the institutions will onboard new participants and extend the platform's functionality. The aim is a shared infrastructure for the syndicated loan market, which is marked by heavy administrative burden and coordination among the agent bank, lending banks and the client.
The deal fits Iberdrola's digital transformation strategy, which targets efficiency and streamlined financial and treasury processes.
Alberto Falco, Head of Portfolio Monitoring and Innovation at BBVA CIB, said the aim is for the platform to become a meeting point that other institutions can join. He pointed to the combination of DLT as an immutable record with smart contracts that automate operational processes.
ioBuilders CEO Carlos Matilla said the transaction carries full legal validity and rests on a single source of information shared by all parties. He added that the technology opens the door to more efficient balance sheet management and new strategies for loan mobilisation in the secondary market.
Rob Kay, Global Head of Investment Grade and Emerging Markets Debt at Santander CIB, described the deal as a foundation for an industry collaboration model with the potential to redefine aspects of corporate financing.