Centrifuge brings New York Life’s high-yield bond strategy onchain

Centrifuge is putting a high-yield corporate bond strategy onchain, and it arrives with a 7.24% yield to worst. The bonds behind it are sub-investment-grade US corporate debt, the polite label for what traders have long called junk.

The more notable detail is the partner. The product was built with New York Life Investment Management, a firm overseeing approximately $807 billion in assets. This is its first tokenized offering.

What the fund actually is

The vehicle is formally named the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio. It trades under the ticker HYB.

It launched around June 29-30, 2026, and is domiciled in the British Virgin Islands as a segregated portfolio. Access is limited to qualified investors located outside the US.

Money moves in and out using USDC, the dollar-pegged stablecoin issued by Circle. Centrifuge supplies the plumbing that handles subscriptions and redemptions.

The division of labor matters. NYLIM and MacKay Shields keep full control over how the fund is managed and how risk is assessed. Centrifuge is the distribution and settlement layer, not the portfolio manager.

The fund ties into Circle’s Arc network and supports the Avalanche blockchain.

The numbers that matter

A 7.24% yield to worst is the conservative case rather than the sunny one. Yield to worst assumes issuers make the choices least favorable to holders, like calling bonds back early, short of actually defaulting.

The underlying strategy has a track record. It returned 11.40% in 2023, 6.88% in 2024 and 7.28% in 2025.

The entry ticket is $100,000 at minimum. That keeps this firmly out of casual-investor territory, which tracks with the qualified-investor restriction.

The expense ratio sits at 0.55%.

Independent rating agency Particula gave the fund an “A” rating. In Particula’s framework, that signals higher quality and lower-medium risk.

As of early November 2026, assets under management stood at approximately $638,000. For context, that figure is a rounding error next to the roughly $807 billion NYLIM oversees.

What this means for investors and asset managers

For qualified non-US investors, HYB offers exposure to a professionally managed high-yield strategy without leaving the onchain environment where their stablecoins already sit.

The US investor exclusion shuts out a large market, and the $100,000 minimum narrows the audience further.

Support for both Circle’s Arc and Avalanche means the product is not locked into a single ecosystem.

With assets at approximately $638,000 several months after launch, the fund has plenty of room to prove it can attract meaningful capital.