New York Life Investment Management, a $807 billion asset manager, is putting a high-yield corporate bond strategy onchain for the first time. The firm partnered with tokenization platform Centrifuge to launch the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, ticker HYB.
The partnership, announced Tuesday, marks NYLIM's first tokenized product and one of the first high-yield corporate bond strategies available onchain. Subscriptions and redemptions settle in Circle's USDC, and the underlying portfolio, investment process and risk management stay under NYLIM's control. Centrifuge, whose protocol carries $1.64 billion in TVL per DefiLlama, provides the tokenization rails.
"Tokenization represents a compelling evolution in how investment solutions can be accessed, managed and distributed across both public and private markets," said Thomas Sy, head of multi-asset solutions at NYLIM, in the companies' joint release.
HYB is structured as a BVI segregated portfolio, the same wrapper Centrifuge uses across its fund lineup, giving tokenholders direct shareholder recourse to the underlying assets. The offering documents state the product is not being offered or sold to U.S. persons. Centrifuge CEO Bhaji Illuminati told The Block the fund is aimed at stablecoin issuers, DeFi users and DAO treasuries seeking yield beyond Treasury-backed products, with a liquidity arrangement through Grove, part of the Sky ecosystem, meant to support near-instant redemptions.
