加密貨幣貸款機構Ledn,首次發行比特幣抵押ABS市場...規模達1.88億美元

BTC-3.48%

據彭博社報導,加密貨幣貸款專業公司Ledn Inc.發行了以比特幣為擔保的資產支持證券(ABS),規模達1.88億美元(約2.6萬億韓元)。彭博社稱,這是ABS市場上首次出現比特幣擔保債券的交易。

結構與發行條件

據彭博社引述多位相關人士透露,此次交易由兩個債券層級組成,投資級(Investment-grade)層級的價格確定為基準利率加335個基點(基點)的利差。杰富瑞金融集團(Jefferies Financial Group Inc.)擔任獨家結構代理及簿記管理人。

擔保資產構成

據彭博社引述標普全球評級報告,此次債券基於消費者以其比特幣為擔保向Ledn借入的超過5,400筆貸款組成的資產池。這些貸款的加權平均利率為年化11.8%。

波動性風險與安全措施

比特幣價格的劇烈波動是此次交易的核心風險因素。彭博社引述標普報告稱,Ledn具備在貸款發生違約時通過算法驅動的自動清算系統立即出售擔保比特幣,並用其收益償還該貸款的結構,這使得ABS投資者能在一定程度上免受價格暴跌風險的影響。

據彭博社報導,在本月初比特幣較10月高點暴跌約50%時,據悉Ledn已清算了證券化投資組合中相當大比例的貸款。彭博社補充道,目前比特幣雖小幅反彈,但仍較10月高點下跌約46%,交易在66,484美元左右。

彭博社報導稱,此次交易標誌著傳統金融市場的證券化技術正式向加密貨幣貸款領域擴展,未來是否會繼續出現類似結構的加密貨幣擔保ABS發行值得關注。

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