MarketPR
Ripple Prime's $275 million private placement of 8.25% senior unsecured notes, closed August 18 and rated BBB by KBRA, is in focus for $XRP as the first investment-grade bond issued by a crypto-affiliated prime broker.
Piper Sandler led the deal; the notes mature in 2031.
The next confirmable milestone is whether Ripple Prime returns to the debt market, which would signal the firm's planned entry into Delta1 and equity prime brokerage is funded and moving.
The numbers Ripple Prime pays roughly three percentage points above the average for its own rating category.
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