Particula Rating Report: NYLIM Anemoy ($HYB)

Particula assigns an A rating to the NYLIM Anemoy High Yield Corporate Bond Token ($HYB) as of August 20, 2026.
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The token represents participating, non-voting shares in the New York LifeInvestment Management Anemoy High Yield Corporate Bond Segregated Portfolio. The portfolio invests predominantly in the NYLIM GF US High Yield Corporate Bonds Fund, a Luxembourg-domiciled Undertaking for Collective Investment in Transferable Securities (UCITS), with the remaining assets held in cash and cash-like instruments. The underlying fund invests primarily in dollar-denominated bonds rated below investment grade or equivalent at acquisition.

The rating favorably reflects the bankruptcy-remote operational structure and regulatory oversight, the issuer’s established operating track record, the robust technical implementation, and the institutional management of the underlying high yield strategy. However, the rating also captures governance and operational interdependencies, limited investor rights under the intermediated structure, residual technical and operational risks, and the speculative grade credit profile of the underlying portfolio.

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The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.

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