New York Life makes first tokenized move partnering with Centrifuge on high-yield corporate bond strategy

New York Life Investment Management is jumping into the tokenization space through a partnership with Centrifuge.

On Tuesday, the firms announced the launch of the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio (ticker: HYB), marking NYLIM’s first tokenized offering and one of the first high-yield corporate bond strategies available onchain.

The tokenized fund will enable eligible investors to access NYLIM’s established institutional high-yield strategy through Centrifuge’s platform, with subscriptions and redemptions settled in Circle’s USDC stablecoin. High-yield corporate bonds are also often called junk bonds, which carry higher credit risk but offer higher yields.

“We're so excited to be working with them,” Centrifuge CEO Bhaji Illuminati told The Block. “They are one of the first major insurance companies to move into tokenization. We've been working really closely with their team over the last six months to identify where there's an opportunity for them to start.”

Centrifuge's growing roster of Wall Street partners