Neuberger Berman, managing roughly $567 billion in AUM, has launched a tokenized high-yield bond fund called HINC through Securitize, marking one of the largest traditional asset managers to bring junk-credit exposure on-chain. The fund is structured as a BVI professional fund and is simultaneously being proposed as collateral on Aave Horizon, where USDC, GHO, and RLUSD would be borrowable against it.
For Armada, this signals that tokenized illiquid credit is moving into DeFi lending infrastructure. If family office or hedge fund clients propose HINC or similar tokenized HY vehicles as repo collateral, Armada's crypto desk must evaluate redemption gates, price discovery lag, and liquidation depth before accepting them. This is a policy gap that should be addressed proactively.