Tokenisation holds the promise to automate the issuance process for bonds, reduce settlement times and enable more efficient and cheaper processes for conducting transactions. Given the transformative potential of tokenisation and distributed ledger technology (DLT) for capital markets and for the savings and investments union (see, for example, European Commission, 2025; Banu et al., 2026), this article investigates empirically whether the tokenisation of bonds – while still at an early stage – improves bond issuance efficiency and market liquidity. The tokenised bond market is currently still small but has seen an uptick in issuance over the past two years. To overcome the challenge presented by the limited availability of data on tokenisation, we construct a unique dataset for our analysis, primarily composed of financial and non-financial corporate bonds issued predominantly in Europe […]