Alle Insights

The Loan Is Not the Only Leverage: Why Private Credit Needs a Fund-Level Debt Map

A private-credit fund can own loans and borrow against its portfolio, while a feeder adds another financing layer. Each claim has different debtors, collateral and calculation rules. A useful debt map keeps those layers separate, connects their evidence and shows how a change in portfolio value can affect fund financing and investor cash flows.

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The Loan Is Repaid. Is the Bitcoin Free? The Evidence Behind Collateral Release

Riot Platforms' September 2026 payoff shows why debt repayment, custody and release from a lender's security interest need separate records. Its changing bitcoin collateral balances also show why a dated quantity cannot be treated as the amount released months later. A useful review connects each event to its source, scope and effective date.

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The Gold Stays in the Vault. The Rights Move: Why Tokenised Commodities Need an Asset Passport

The UK Financial Conduct Authority is exploring whether tokenised gold can improve how bullion is traded, transferred, pledged and held, with wholesale collateral identified as a particularly important use case. The consultation exposes a deeper infrastructure problem: the token is not the gold. A serious institutional record must connect the physical bullion, vault and custodian, legal ownership, digital representation, redemption rights, encumbrances, transfers and collateral state....

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How to Prepare a Claim for Review in DaDepo

Follow a claim file from document upload and reviewed findings to an Asset Passport working record, with a separate route to issuance and controlled review. A practical example keeps a €4 million claim, a €1.2 million settlement and €400,000 collected distinct, and shows where to record ownership, security, funding and unanswered questions.

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A Claim Is Not Its Proceeds: What First Brands Reveals About Litigation Assets

First Brands’ failed Chapter 11 plan exposed a distinction that matters far beyond one bankruptcy: a legal cause of action, the future proceeds of that action, a lien over those proceeds, litigation funding and an economic interest in a litigation trust are not the same asset. The court rejected a proposed credit bid for certain estate claims where the lenders’ liens attached to proceeds rather than the claims themselves, while the wider plan depended on major future litigation recoveries....

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The Token Is Not the Product: $351 Billion-a-Day Repo Shows Where Digital Securities Actually Matter

Broadridge’s Distributed Ledger Repo platform processed an average of $351 billion of repo transactions per day in August 2026 and is expanding from tokenised US Treasury collateral to G7 securities and cross-border repo. The significance is not that a bond received a token. Repo is exposing the more valuable use case: real-time collateral identity, encumbrance, eligibility, intraday mobility and synchronized delivery-versus-payment across existing institutional workflows.

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The Collateral Did Not Move. Your Priority Did: What Rescue Finance Reveals About Secured Claims

airBaltic’s proposed rescue financing shows why “senior secured” is not a permanent property of a debt instrument. The airline is seeking approval to raise up to €257 million of new super-senior debt that would rank ahead of existing 2029 bonds against collateral including eight aircraft and seven engines, while some existing holders could exchange into a new second-priority tranche and the remaining 2029 notes would fall to third priority. The collateral itself does not need to move for the...

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When a Loan Portfolio Becomes Central-Bank Collateral: Eligibility Is an Asset State

British banks are increasingly mobilising less-liquid credit assets through the Bank of England’s Sterling Monetary Framework. Level C collateral held by the Bank more than doubled over the year to £17.8 billion, while the eligible universe includes residential mortgages, consumer and auto loans, asset finance, corporate and SME loans and other loan portfolios. The deeper lesson is that a loan does not become central-bank collateral merely because it exists: eligibility depends on portfolio...

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When Margin Moves Every Day: Why Collateral Eligibility Has Become a Live Asset State

Mainland China’s variation-margin requirements for in-scope non-centrally cleared derivatives took effect on 1 September 2026. The important change is not simply that more collateral must move. A security or cash balance can move repeatedly between available inventory, eligible collateral, haircut-adjusted value, posted margin, disputed margin, substituted collateral and returned collateral. That turns collateral eligibility from a static attribute into a live, counterparty-specific and...

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When the Collateral Is Compute: What a GPU-Backed Loan Actually Owns

GPU-backed private credit is developing into a distinct form of equipment and infrastructure finance. Bullish provided USD.AI with a $100 million stablecoin-based facility in August 2026 to support loans secured by high-performance computing assets, while USD.AI reported more than $281 million of lifetime deployed capital across GPU financings by month-end. The challenge is that the collateral is mobile, rapidly depreciating, technically specialised and economically dependent on data-centre...

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