加密借贷公司Ledn在ABS市场发行比特币支持债券

Group 1 - Ledn Inc. has issued $188 million in Bitcoin-backed securitized bonds, marking the first such transaction in the asset-backed debt market [1][2] - The transaction includes two bonds, one of which is investment-grade, priced 335 basis points above the benchmark rate [1][2] - Jefferies Financial Group Inc. acted as the sole structuring agent and book manager for this transaction [1][2] Group 2 - The bonds are backed by a pool of over 5,400 loans, where consumers use their Bitcoin as collateral to obtain loans from Ledn [1][2] - The weighted average interest rate on these loans is reported to be 11.8% [1][2] - Standard & Poor's noted that Ledn's asset-backed securities (ABS) investors may be somewhat insulated from risks associated with Bitcoin price volatility due to an algorithmic liquidation mechanism that automatically disposes of collateralized Bitcoin in case of loan defaults [1][2] Group 3 - Following a significant drop of approximately 50% in Bitcoin prices from the October peak, Ledn has liquidated a substantial portion of the loans in the securitized asset pool [1][2] - Although Bitcoin prices have since rebounded, they remain about 46% lower than the October peak, trading around $66,484 during the New York session [1][2]