Bitcoin-Backed ABS Sets Market Milestone

Jefferies has priced the first Bitcoin-backed loan securitization for Ledn Cayman SEZC Inc. Founded in 2018, Ledn is a financial services company specializing in Bitcoin backed lending with a global footprint across 125+ countries. Since inception, Ledn has funded over 16,000 accounts and manages $2.3bn AUM. Ledn acts as servicer of their loans, having originated approximately $10bn UPB since inception with no credit losses to date on the consumer Bitcoin-backed loans that this offering is financing.

The collateral pool for this securitization consists of 5,441 fixed-rate loans to 2,914 obligors across more than 30 countries and jurisdictions, with interest rates ranging from 8.45% to 13.9%. The top jurisdictions represented in the collateral pool are the United States, accounting for 50.7% of the loans, followed by Canada at 12.4% and the United Kingdom at 9.5%.

The $188 million inaugural offering, Ledn Issuer Trust LEDN 2026-1, was structured in two tranches. The first tranche, a $160 million Class A note rated "BBB" by S&P with a 3-year weighted average life (WAL), was priced at 335 basis points over the interpolated curve. The second tranche, a $28 million B note rated "B-" by S&P with a 3-year WAL, was priced at 650 basis points over the interpolated curve.

Fitch: RV ABS Credit Risks Distinct from Auto ABS

"U.S. recreational vehicle asset-backed securitizations (RV ABS) present key credit differences from ABS transactions backed by autos. The unique characteristics, including longer asset duration that exposes RV ABS transactions to prolonged macroeconomic risks, may result in more volatility in default and recovery performance during periods of economic stress," wrote Fitch Ratings analysts in a report published today.

Key Considerations in the comparison to Auto ABS:

• RVs tend to rank lower in a borrower’s personal payment waterfall, which can result in weaker performance during periods of financial stress.
• Historically, RV loans issued post-Great Financial Crisis (GFC) have had stable performance.
• RVs are more difficult to locate and repossess than Autos in the event of default.
• The market for used RVs is less liquid. (Source: Fitch Ratings)

Please see full report: IGM_Structured_Finance_Monitor_- Weekly_US_Edition February 20 2026.pdf