Japan Sees Rush for Covenant Shelter as BBB-Rated Bond Sales Fly

Japanese companies have sold more corporate bonds with investor protection this year than in all of 2025, as lower-rated borrowers turn to the bond market for funding. BBB-rated companies, which typically need to pay higher interest rates due to greater default risk, are issuing bonds with investor-protection covenants to diversify funding beyond bank loans. The use of covenants, such as change-of-control covenants, is becoming more common in Japan's bond market, providing investor safeguards and driving corporate funding diversification.

• Japanese companies, particularly those rated BBB, are increasingly issuing corporate bonds with investor-protection covenants to diversify funding beyond traditional bank loans.
• This trend is driven by institutional investors seeking higher returns and the growing participation of lower-rated issuers in the bond market, despite higher interest rates.
• Regulatory bodies in Japan are supporting this shift with new guidelines, indicating a move towards greater reliance on capital markets for corporate finance.

Topics: Asset types, Legal regulatory, Scalability, Financial instruments, Investor protection disclosure, Market depth liquidity

Tags: #covenantbonds #bbbratedcompanies #corporatebonds #investorprotection #fundingdiversification #japan #bondmarket #changeofcontrolcovenants #institutionalinvestors #capitalmarkets

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Broadridge Financial Solutions Q4 Earnings Call Highlights

Broadridge Financial Solutions (NYSE:BR) reported fiscal 2026 recurring revenue growth of 8% on a constant-currency basis and a 12% increase in adjusted earnings per share, as the company cited demand for governance, capital-markets and wealth-management technology alongside investments in artificia

• Broadridge Financial Solutions reported strong fiscal 2026 earnings and revenue growth, driven by demand for its technology solutions in governance, capital markets, and wealth management.
• The company highlighted significant advancements and investments in artificial intelligence and tokenized market infrastructure, including its Distributed Ledger Repo platform processing substantial daily volumes.
• Looking ahead, Broadridge provided a positive fiscal 2027 outlook, anticipating continued growth, AI-driven productivity gains, and expansion in its tokenized securities and digital asset offerings.

Topics: Infrastructure providers, Integration with defi, Scalability, Tokenization platforms, Rwa collateral lending, Institutional capital inflows

Tags: #broadridgefinancialsolutions #tokenizedassets #artificialintelligence #capitalmarkets #wealthmanagement #distributedledgerrepo #ondo #alpaca #galaxy #dlxplatform

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Tokenised assets: building the future of capital markets or repackaging DeFi risk?

Every financial revolution promises greater efficiency - the real question is whether it creates greater trust. Tokenised real-world assets are attracting billions of dollars from asset managers, banks and institutional investors, yet blockchain alone cannot create ownership rights, liquidity or investor protection.

• Tokenized real-world assets (RWAs) are attracting significant institutional investment, but their success hinges on robust legal, regulatory, and market infrastructure, not just blockchain technology.
• The article questions whether tokenization truly creates ownership rights, liquidity, and investor protection, or if it merely repackages existing DeFi risks.
• Despite the growing market size, the fundamental challenge remains ensuring the investability and trustworthiness of these on-chain assets.

Topics: Asset types, Legal regulatory, Scalability, Financial instruments, Securities law classification, Market depth liquidity

Tags: #tokenisedassets #realworldassets #capitalmarkets #defirisk #blockchain #legalinfrastructure #regulatoryinfrastructure #investorprotection #liquidity #rwaxyz

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🚀 The STO Foundation v1 is now live 🚀

🚀 The STO Foundation v1 is now live 🚀 We have officially entered our "soft-launch" phase, and we're inviting issuers, founders, technology providers, legal experts, compliance firms, custodians, exchanges, investors, and other industry participants to help us build the next stage of the global tokenization ecosystem. The RWA and digital securities market is growing quickly, but it remains highly fragmented. Issuers often struggle to find qualified partners, reliable information, and a clear path from concept to execution. At the same time, many outstanding service providers struggle to connect with issuers early enough in their tokenization journey. The STO Foundation was created to bring these groups together. Our growing ecosystem includes: • A global vendor and supplier directory • Educational resources and industry insights • Webinars and tokenization-focused events • Member discussion groups and community forums • Issuer support and qualified service-provider discovery • Opportunities for collaboration, visibility, and industry leadership • Buy Side Assist (LAUNCHING SOON) • Issuer Offering Directory (LAUNCHING SOON) • Treasury Protocol (LAUNCHING SOON) If you're an issuer or founder exploring a digital security or tokenized real-world asset, we invite you to become an Annual Member and connect with the resources, expertise, and relationships needed to move forward with greater clarity. Annual Member: https://lnkd.in/e7z_g4df If your company provides technology, legal, compliance, custody, banking, fundraising, advisory, or other services to the tokenization market, Founding Membership offers an opportunity to establish an early leadership position, increase your visibility, connect with prospective clients, and help shape the Foundation’s future direction. Founding Membership: https://lnkd.in/eBuEyxYr Visit the STO Foundation to Learn More: https://sto.foundation This is only the beginning. We'll continue adding resources, developing partnerships, and building the infrastructure needed to support the responsible growth of tokenized capital markets worldwide. Join us early and help shape what comes next. For the next 7 days, we have opened access to many of the initial v1 member-area features so you can explore the platform and see what we're building. Check out the v1 member area: https://stofdn.com We’re also launching the first-of-its-kind global RWA Forum, designed to become the de-facto conversation point for all things related to real-world asset tokenization. Join the conversation, introduce yourself, and connect with RWA professionals from around the world: RWA Forum -> https://lnkd.in/ewkX24av #STOFoundation #RWATokenization #DigitalSecurities #Tokenization #RealWorldAssets #CapitalMarkets #Blockchain

• The STO Foundation has launched its v1, aiming to unify the fragmented RWA and digital securities market by connecting issuers with service providers.
• The foundation offers a directory, educational resources, events, and community forums to support the growth of tokenized capital markets.
• A new global RWA Forum is also introduced to serve as a central hub for discussions on real-world asset tokenization.

Topics: Infrastructure providers, Scalability, Institutional adoption, Tokenization platforms, Market depth liquidity, Asset manager initiatives

Tags: #stofoundation #tokenizationecosystem #digitalsecurities #realworldassets #rwaforum #capitalmarkets #blockchain #issuersupport #serviceproviders

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Scopuly - Stellar Wallet (@scopuly) on X

🏛 DTCC chooses Stellar $XLM for on-chain settlements. ⚡️ The Depository Trust & Clearing Corporation (DTCC) has begun adopting Stellar $XLM for on-chain settlement of financial transactions, marking a major step toward institutional use of public blockchains. Key points: ✅

• The DTCC is adopting Stellar (XLM) for on-chain settlements, signaling a significant step towards institutional adoption of public blockchains.
• This move suggests increased feasibility for tokenizing assets like Treasuries, money market funds, and private credit within regulated frameworks.
• The initiative could serve as a model for integrating blockchain into capital markets and developing tools for connecting blockchain infrastructure with financial data standards.

Topics: Jurisdictions, Infrastructure providers, Blockchain usage, Public market access, Regulatory sandboxes pilots, Major financial incumbents, Non evm chains, Future rwa etfs

Tags: #dtcc #stellar #xlm #onchainsettlement #tokenization #treasuries #moneymarketfunds #privatecredit #capitalmarkets #blockchain

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The $2 trillion question: why is "tokenization" suddenly everywhere? Six months ago it was a buzzword. Today it's a line item on institutional balance sheets. Here's the story the numbers are telling: 𝟭. 𝗧𝗵𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗰𝘂𝗿𝘃𝗲 𝗶𝘀 𝗻𝗲𝗮𝗿𝗹𝘆 𝘃𝗲𝗿𝘁𝗶𝗰𝗮𝗹 https://t.co/I7dTXpj9Qy

The $2 trillion question: why is "tokenization" suddenly everywhere? Six months ago it was a buzzword. Today it's a line item on institutional balance sheets. Here's the story the numbers are telling: 𝟭. 𝗧𝗵𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝗰𝘂𝗿𝘃𝗲 𝗶𝘀 𝗻𝗲𝗮𝗿𝗹𝘆 𝘃𝗲𝗿𝘁𝗶𝗰𝗮𝗹

• Tokenization of real-world assets is experiencing exponential growth, with institutional players like BlackRock and Goldman Sachs already heavily involved in tokenized U.S. Treasury products.
• Asia-Pacific is emerging as a key growth region due to clear regulatory pathways, while access to tokenized assets is rapidly expanding.
• Tokenization is fundamentally changing capital markets by enabling fractional ownership and faster trading of diverse assets, moving beyond its initial association with crypto.

Topics: Asset types, Institutional adoption, Jurisdictions, Financial instruments, Asset manager initiatives, Emerging hubs

Tags: #tokenization #realworldassets #institutionaladoption #ustreasuries #asiapacific #capitalmarkets #blockchain #fintech #digitalassets

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Very excited and proud to have led this exercise from the Flow Traders side - what an amazing milestone for capital markets.

Very excited and proud to have led this exercise from the Flow Traders side - what an amazing milestone for capital markets. 🚀 The first production trades on the The Depository Trust & Clearing Corporation (DTCC) Tokenization Service are live: tokenized ETFs and tokenized U.S. Treasuries settling on established market infrastructure. This is a defining moment for tokenization, this is where it starts becoming the standard. #Tokenization #CapitalMarkets #DTCC #DigitalAssets #ETFs

• Flow Traders participated in the first production trades on the DTCC Tokenization Service, executing tokenized ETFs and U.S. Treasuries.
• This milestone integrates tokenized assets into established market infrastructure, aiming for faster settlement and improved capital efficiency.
• The initiative highlights the convergence of traditional and digital asset markets, with Flow Traders seeing significant opportunity in this evolution.

Topics: Asset types, Infrastructure providers, Institutional adoption, Financial instruments, Major financial incumbents, Asset manager initiatives

Tags: #dtcctokenizationservice #tokenizedetfs #tokenizedustreasuries #flowtraders #capitalmarkets #establishedmarketinfrastructure #digitalassets #liquidityprovider #settlement #interoperability

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How System Stress Drives Capital to New Rails

Market Analysis by covering: US 10 Year T-Note Futures, United States 10-Year, Ultra 10-Year U.S. Treasury Note Futures, 10 Year Treasury Yield. Read 's Market Analysis on Investing.com

• The passage of the CLARITY Act signifies a shift from regulatory grey zones to established market infrastructure for on-chain assets, while increasing concerns about US sovereign debt risk are making tokenized Treasuries more attractive due to their superior settlement capabilities.
• New financial infrastructure gains traction not by being revolutionary, but by being incrementally better when the old system shows its limits, a pattern accelerated by stress in the incumbent system.
• Institutional adoption is growing, with a shift from experimental use to genuine infrastructure adoption, as evidenced by partnerships and the evolving character of new participants in the tokenized real-world asset market.

Topics: Public debt, Legal regulatory, Institutional adoption, Tokenized us treasuries, Securities law classification, Asset manager initiatives

Tags: #tokenizedtreasuries #clarityact #ussovereigndebt #settlementlayer #securitize #institutionalfinance #capitalmarkets #yieldcurves #treasurymanagement #nyse

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This week, Trevor Koverko and I will be in New York from Monday through Wednesday meeting with partners, investors, and industry leaders shaping the future of digital assets.

This week, Trevor Koverko and I will be in New York from Monday through Wednesday meeting with partners, investors, and industry leaders shaping the future of digital assets. 🗽🌆 We're also hosting a small dinner on Tuesday evening to bring together members of the tokenization and real-world asset (RWA) community. If you're in NYC and interested in connecting, we'd love to hear from you. 🍽️ Perhaps most importantly, we're excited to be in New York to support Carlos Domingo and the entire Securitize team as they celebrate a major milestone: their recent listing on the NYSE under ticker SECZ. Securitize began trading on July 2, 2026 and will celebrate its public market debut at the NYSE this week. 🔔 While every company's journey is unique, this moment represents something much larger than a single listing. It is another meaningful step forward for the broader RWA ecosystem and further validation that tokenization is becoming an increasingly important part of global capital markets. As Securitize CEO Carlos Domingo noted, tokenization is moving into the mainstream. We've spent years building alongside many of the pioneers in this space, and it's exciting to see the industry continue to mature, attract institutional participation, and reach new levels of visibility. 🌎 Congratulations to Carlos and the entire Securitize team on this achievement. We look forward to celebrating with you this week and to what comes next for the industry as a whole. 👏 Moments like this remind us that we're still early. The future of capital markets is being built today, and it's exciting to see the RWA ecosystem continue to gain momentum on the global stage. 🚀 Polymath Trevor Koverko Martin Halford #RWA #Tokenization #DigitalAssets #CapitalMarkets #Blockchain #NYSE

• The article announces a visit to New York to meet with partners and investors in the digital assets space, focusing on tokenization and Real-World Assets (RWA).
• A key highlight is the celebration of Securitize's listing on the NYSE under ticker SECZ, marking a significant milestone for the RWA ecosystem and validating tokenization's growing role in global capital markets.
• The author expresses excitement about the industry's maturation, increasing institutional participation, and the ongoing momentum of RWA on a global scale.

Topics: Institutional adoption, Scalability, Infrastructure providers, Asset manager initiatives, Growth metrics, Tokenization platforms

Tags: #securitize #tokenization #rwa #nyse #digitalassets #capitalmarkets #blockchain #secz #polymath #trevorkoverko

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Broadridge (BR) Has a Workflow-and-Market-Plumbing Story Bigger Than Proxy Season - Alphastreet

Broadridge Financial Solutions, Inc. (BR) is often discussed as if its fortunes hinge on proxy season, but that framing misses what investors are actually buying. The company sits inside the daily operating stack of broker-dealers, asset managers, wealth platforms, and public issuers. Its Investor Communication Solutions business handles the distribution and processing of shareholder and

• Broadridge is positioned as a critical financial infrastructure provider, handling daily operations for financial institutions beyond just proxy season.
• The company is integrating new technologies like AI and tokenized securities into its existing workflow solutions, aiming to deepen its indispensable role.
• Strong recurring revenue, stable margins, and robust cash flow support Broadridge's business quality, despite some investor misinterpretations of growth drivers.

Topics: Infrastructure providers, Scalability, Integration with defi, Tokenization platforms, Institutional capital inflows, Rwa collateral lending

Tags: #broadridge #marketplumbing #financialinfrastructure #recurringrevenue #tokenizedsecurities #ai #posttradeprocessing #investorcommunications #workflowplatform #capitalmarkets

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Securitize Completes Business Combination with Cantor Equity Partners II

• Securitize, a leading tokenization platform, has successfully completed its business combination with Cantor Equity Partners II, and will begin trading on the NYSE under the ticker symbol SECZ.
• The public listing signifies Securitize's commitment to building the next generation of capital markets infrastructure within a regulatory framework, aiming for institutional adoption.
• As a public company, Securitize will focus on expanding its institutional platform, issuing and trading tokenized securities at scale, and global expansion.

Topics: Infrastructure providers, Institutional adoption, Legal regulatory, Tokenization platforms, Asset manager initiatives, Securities law classification

Tags: #securitize #tokenization #capitalmarkets #publiclisting #nyse #institutionaladoption #regulatoryframework #tokenizedsecurities #assetmanagers #blockchain

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UAE/Saudi Real Estate Tokenization Scaling

UAE/Saudi Real Estate Tokenization Scaling Dubai sold a property in under 24 hours to 224 investors across 40 countries... and that's not the headline. The headline is what it means for the next decade of real estate capital. The Dubai Land Department's tokenization pilot, run alongside VARA, the Dubai Future Foundation, and the Central Bank of the UAE, just produced its first transaction data. → 224 investors from 40 countries → Average investment of AED 10,714 per investor → Title deeds recorded directly on the blockchain through DLD → Projected to reach AED 60 billion in tokenized assets by 2033, nearly 7% of the total property market Saudi Arabia is moving in parallel. Nine REGA-licensed platforms are now live in a regulatory sandbox, with title deeds linked directly to the national property registry... the first country to build that link at a state level. Here's the structural shift underneath the headline number. Real estate has always been the most illiquid major asset class. Tokenization doesn't just digitize ownership... it compresses a months-long sale process into a transaction that settles in hours, with fractional access that opens a AED 60 billion asset class to investors who could never write the full check. This isn't a pilot anymore. It's policy infrastructure, built by the regulator, not bolted on by a startup trying to work around one. Dubai and Riyadh aren't experimenting with tokenization. They're building the rails first and inviting global capital to ride them. When the government runs the tokenization infrastructure instead of regulating around it, who actually controls the pace of adoption? #Tokenization #RealEstate #Dubai #SaudiArabia #DigitalAssets #Innovation

• Dubai and Saudi Arabia are actively scaling real estate tokenization, with Dubai completing its first transaction and projecting significant market growth.
• The initiative involves government bodies and regulators, integrating title deeds directly onto the blockchain and streamlining sales processes.
• This move aims to unlock liquidity in the traditionally illiquid real estate market, attracting global capital through fractional ownership.

Topics: Asset types, Jurisdictions, Scalability, Real assets, Emerging hubs, Regulatory sandboxes pilots, Market depth liquidity, Institutional capital inflows

Tags: #realestatetokenization #dubai #saudiarabia #blockchain #fractionalownership #regulatorysandbox #digitalassets #capitalmarkets #liquidity

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Tokenised Securities: The Infrastructure of Tomorrow's Capital Markets

Tokenised securities are moving from experiment to execution and are starting to form a new infrastructure for capital markets.

• Tokenised securities are transitioning from experimental phases to becoming a foundational infrastructure for future capital markets, leveraging DLT to reshape issuance, trading, and settlement across various asset classes.
• The article highlights Switzerland's DLT Act as a key enabler, facilitating tokenisation across diverse assets like bonds, equities, real estate, private credit, and structured products by offering fractionalisation, enhanced liquidity, and automated processes.
• While tokenisation promises significant operational efficiencies and new distribution opportunities for asset managers, careful consideration of regulatory alignment, financial stability risks, and tax implications is crucial for successful implementation.

Topics: Asset types, Infrastructure providers, Scalability, Financial instruments, Tokenization platforms, Market depth liquidity

Tags: #tokenisedsecurities #distributedledgertechnology #capitalmarkets #dlt #switzerland #smartcontracts #liquidity #assetmanagers #fixedincome #equities

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Akemona Launches CapMark™ AI Agent as Part of Its AI Investment Banker Platform

/PRNewswire/ -- Akemona today announced the launch of CapMark™ AI Agent, an AI-powered product that helps investment banks, asset managers, broker-dealers, and...

• Akemona has launched CapMark™ AI Agent, an AI-powered tool integrated into its AI Investment Banker platform, designed to streamline the creation and management of digital asset offerings for financial institutions.
• The agent automates key processes like due diligence, regulatory document preparation, and bookbuilding, aiming to reduce inefficiencies in traditional investment banking for tokenized products such as fractionalized stocks and funds.
• This launch aligns with regulatory shifts, such as the SEC's exploration of an Innovation Exemption, and Akemona's vision of an 'Autonomous Wall Street' powered by AI and tokenization.

Topics: Asset types, Infrastructure providers, Institutional adoption, Financial instruments, Tokenization platforms, Asset manager initiatives

Tags: #capmarkaiagent #akemona #aiinvestmentbanker #digitalassets #tokenizedstocks #capitalmarkets #tokenization #secregulationnms #offeringcreation #aiautomation

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#Tokenization is not a #strategy.

#Tokenization is not a #strategy. It is a cost-benefit test. #Citadel's recent piece on #LLM #token costs makes the #AI story feel very familiar to anyone working in capital markets. The question for LLMs is no longer just what can the model do? It is can the model do it at a #cost, #latency, #risk, and #infrastructure profile that makes sense at #scale? That is the same lesson from #asset #tokenization. Tokenizing #moneymarket #funds, #corporate #bonds, #realestate and other #assets only creates value when it improves the economics of the asset. Lower settlement friction alone may not be enough. The key concept is... A token is only valuable if it changes the asset’s economic behavior, not just its format. The real value appears when tokenization compounds multiple outcomes: • Better #liquidity • Lower operational #risk • Improved #collateral mobility • Better #capital treatment • Broader #distribution • Stronger unit #economics #LLMs face the same discipline. A more capable model is not automatically the right model. A more #agentic workflow is not automatically a better workflow. Every prompt, retry, tool call, and context window consumes tokens. The winners in #AI will be the same kind of winners we should expect in tokenized assets: use cases where the token changes the economics of the system, not just the format of the transaction. #Tokens are only interesting when they make the system work better. https://lnkd.in/gb9UnY2j #AI #LLM #Tokenization #RWA #CapitalMarkets

• Tokenization, like AI models, is not a strategy but a cost-benefit test, requiring a demonstrable improvement in economic behavior, not just format.
• True value from tokenization emerges when it enhances liquidity, reduces operational risk, improves collateral mobility, and strengthens unit economics.
• Successful AI and tokenized asset adoption will hinge on use cases where the technology fundamentally changes the economics of the system, not merely the transaction format.

Topics: Asset types, Scalability, Integration with defi, Financial instruments, Growth metrics, Rwa collateral lending

Tags: #tokenization #ai #llm #costbenefit #economics #liquidity #risk #capitalmarkets #assets #strategy

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Goldman Sachs just took meaningful step toward bringing real estate on-chain.

Goldman Sachs just took meaningful step toward bringing real estate on-chain. Earlier this month, Goldman Sachs, Apex Group, Archax, Ownera, and LRC Group announced a tokenized real estate fund where fund units are issued and maintained natively on blockchain infrastructure. Why does this matter? Because tokenization is no longer being discussed as a future concept. It is increasingly being implemented as infrastructure by some of the largest institutions in global finance. The significance is not the blockchain itself. It is what better infrastructure can enable: • More efficient investor onboarding and ownership administration • Faster transfer and settlement processes • Reduced operational friction across the fund lifecycle • Potential liquidity pathways for investors • The ability to use fund interests as collateral rather than forcing a redemption or sale When institutions managing billions begin issuing fund interests natively on-chain, the conversation shifts from "Does this work?" to "How do we implement it responsibly?" At RedSwan Digital Real Estate, we have believed for years that digital securities would become part of the next generation of real estate capital markets infrastructure. Seeing firms like Goldman Sachs continue moving into the space is another signal that adoption is accelerating and the market is maturing. If you are a GP, fund manager, or real estate sponsor evaluating how tokenization could fit into your capital formation strategy, I would be happy to connect and share what we are seeing in the market. Article: https://lnkd.in/gFwUWihv #RealEstate #Tokenization #CommercialRealEstate #PrivateMarkets #DigitalAssets #CapitalMarkets #AlternativeInvestments #Blockchain #RealEstateInvesting #RedSwan

• Goldman Sachs, in collaboration with other firms, has launched a tokenized real estate fund, marking a significant step in bringing real estate assets on-chain.
• This initiative highlights the increasing implementation of tokenization by major financial institutions, focusing on improved efficiency, faster settlements, and potential liquidity for investors.
• The move signals accelerating adoption and market maturation in digital securities for real estate capital markets, shifting the focus from 'if' to 'how' for responsible implementation.

Topics: Asset types, Institutional adoption, Scalability, Real assets, Asset manager initiatives, Market depth liquidity

Tags: #goldmansachs #tokenizedrealestate #blockchaininfrastructure #digitalsecurities #capitalmarkets #fundlifecycle #investoronboarding #liquiditypathways #redswandigitalrealestate #institutionaladoption

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