Pendle launches NGI+ market bringing institutional infrastructure yields to DeFi

Pendle just opened a new market that lets DeFi users trade fixed and variable yield on tokenized private infrastructure assets. The product, built around the NGI+ token, essentially brings the kind of cash-flow-generating investments that pension funds and endowments hoard into the world of onchain finance. The NGI+ market went live on September 17-18 with a maturity date of December 10, 2026, and an initial fixed yield of approximately 19% for principal token holders. How the mechanics work Users can split the NGI+ token into a principal token (PT) and a yield token (YT). Buy the PT, and you’re locking in a fixed return, similar to buying a bond and holding it to maturity. Buy the YT, and you’re making a bet on variable yield exposure, essentially speculating on whether the underlying infrastructure assets will outperform the fixed rate. The underlying NGI+ token, backed by AssetoFinance, tracks the performance of a Partners Group infrastructure strategy called Next Generation Infrastructure. Partners Group manages approximately $186 billion in assets, and the relevant infrastructure strategy fund exceeds $1 billion in assets under management. The performance case Since its incept...