Pendle Opens Base Market for deJAAA Yield Trading Linked to AAA CLOs

Pendle has opened a Base market for deJAAA that lets traders separate a fund-linked debt token into principal and yield positions, bringing AAA-rated collateralized loan obligation exposure to decentralized finance.

In the new pool, principal tokens represent the principal position, while yield tokens receive income through expiry. Traders can take separate positions in the token’s principal and its future income. A yield token’s return depends on the income accrued and the price paid for it.

deJAAA gives holders a transferable debt position tied to the Janus Henderson Anemoy AAA CLO Fund, not ownership of its shares. Janus Henderson manages the portfolio, which invests in AAA-rated CLO tranches. These senior portions of loan pools receive payments before lower-ranked debt, but they still carry credit risk.

Eligibility for deJAAA is limited to non-U.S. persons and entities. The underlying fund is restricted to non-U.S. professional investors.

Centrifuge first brought deJAAA to decentralized exchanges; the Pendle listing came later. The Pendle market has a Nov. 26, 2026, maturity.