Research

Credit Spread Widening and Private Credit RWA

Credit spread widening is the risk premium over the risk-free rate rising, and it changes both how existing private credit RWA gets valued and how new deals get priced.

2026-08-18 · 10 min read

Research

Covenants and Collateral: What Actually Protects a Private Bond Holder?

Private bonds rely on covenants, collateral, and guarantees to protect lenders, but each protection has real limits. This article explains financial covenants like leverage and coverage ratios, affirmative and negative covenants, what a breach actually triggers, what makes collateral.

2026-08-13 · 12 min read

Research

Cross-Default and Guarantee Clauses in Private Bonds

Cross-default clauses let a default on one debt obligation trigger default across other loans from the same borrower or corporate group, and guarantees add a separate party's promise to pay if the primary borrower cannot.

2026-08-13 · 8 min read

Research

Prepayment and Call Risk in Tokenized Debt

Prepayment and call risk describe what happens when a borrower repays a loan or bond earlier than its scheduled maturity, cutting off future interest payments and forcing the investor to reinvest that returned principal at possibly worse terms.

2026-08-13 · 8 min read

Market Insights

Private Credit RWA Platforms: How Deal Sourcing Differs

Private credit RWA platforms get loans onto their books through direct lending, marketplace purchases, or warehouse facilities.

2026-08-13 · 6 min read

Market Insights

Private Credit Market Size and Where Tokenization Fits In

Global private credit assets under management are commonly estimated in the trillions of dollars, while tokenized private credit tracked on-chain remains a small fraction of that total, currently measured in the low tens of billions.

2026-08-13 · 7 min read

Research

Syndicated vs Bilateral Private Credit: What Is Different

A bilateral loan has one lender, while a syndicated loan is shared among several, and this changes risk concentration and the information available to an RWA holder.

2026-08-13 · 8 min read

Research

Green and ESG-Linked Private Credit in RWA

Green and ESG-linked private credit ties a loan's proceeds or pricing to sustainability metrics, but tokenization does not solve the underlying verification problem.

2026-08-13 · 8 min read

Research

Revolving Credit Facilities in RWA Structures

A revolving credit facility lets a borrower draw, repay, and redraw funds up to a limit, and this on-demand structure behaves differently from a term loan inside RWA products.

2026-08-12 · 8 min read

Research

Warehouse Facilities in Private Credit Origination

A warehouse facility is a credit line lenders use to accumulate loans before they are sold or securitized, and it sits upstream of most private credit RWA products.

2026-08-12 · 8 min read