据彭博社报道，加密货币贷款专业公司Ledn Inc.发行了以比特币为担保的资产支持证券(ABS)，规模达1.88亿美元(约2.6万亿韩元)。彭博社称，这是ABS市场上首次出现比特币担保债券的交易。
结构与发行条件
据彭博社援引的多位相关人士透露，此次交易由两个债券层级组成，投资级(Investment-grade)层级的价格确定为基准利率加335个基点(基点)的利差。杰富瑞金融集团(Jefferies Financial Group Inc.)担任独家结构代理及簿记管理人。
担保资产构成
据彭博社援引的标普全球评级报告，此次债券基于消费者以其比特币为担保向Ledn借入的超过5,400笔贷款组成的资产池。这些贷款的加权平均利率为年化11.8%。
波动性风险与安全措施
比特币价格的剧烈波动是此次交易的核心风险因素。彭博社援引标普报告称，Ledn具备在贷款发生违约时通过算法驱动的自动清算系统立即出售担保比特币，并用其收益偿还该贷款的结构，这使得ABS投资者能在一定程度上免受价格暴跌风险的影响。
据彭博社报道，在本月初比特币较10月高点暴跌约50%时，据悉Ledn已清算了证券化投资组合中相当大比例的贷款。彭博社补充道，目前比特币虽小幅反弹，但仍较10月高点下跌约46%，交易在66,484美元左右。
彭博社报道称，此次交易标志着传统金融市场的证券化技术正式向加密货币贷款领域扩展，未来是否会继续出现类似结构的加密货币担保ABS发行值得关注。
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