Odaily Planet Daily News: Cryptocurrency lending company Ledn has completed a securitized bond issuance backed by $188 million worth of Bitcoin. The transaction includes two tranches of bonds, with the investment-grade portion priced at 335 basis points above the benchmark rate. The bonds are collateralized by approximately 4,078.87 Bitcoin, valued at about $357 million at fair market value. S&P Global assigned a BBB- rating to most of the bonds. Ledn primarily provides Bitcoin-backed lending services to users and has issued billions of dollars in loans since its founding. Previously, stablecoin issuer Tether invested in Ledn in November of last year. The bond issuance was arranged and managed by Jefferies Financial Group.
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