JAAA
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Overview
JAAA is the institutional share class of the Janus Henderson Anemoy AAA CLO Fund, holding the AAA-rated tranches of collateralized loan obligations, pools of senior secured corporate loans. The AAA tranche is paid first and absorbs losses last. Transfers are limited to Centrifuge's allowlist, so it is reference-only here; deJAAA is the freely transferable version.
Highlights
- Holds AAA-rated CLO tranches, the most senior claim on pooled corporate loans
- Managed by Janus Henderson, a long-standing manager in the CLO market
- Yields more than Treasuries in exchange for corporate credit and liquidity risk
- Transfers restricted to allowlisted addresses; wrapped as deJAAA for open access
What is structured credit?
Structured credit pools many corporate loans into a single vehicle and splits the repayments into tranches ranked by who gets paid first. The AAA tranche sits at the top, absorbing losses last, which is why it carries the highest credit rating in the structure. Tokenizing that tranche puts an institutional fixed-income product on-chain, though the rating describes credit risk only, not price stability.