Mirattery, the battery asset operator of Nio Inc (NYSE: NIO), has completed the issuance of a shelf-registered inter-institutional REITs backed by EV batteries, adding a new product to its securitization portfolio.
The product was issued on July 31 on the Shanghai Stock Exchange and is the world’s first case of its kind, according to a statement by the company.
The first tranche was 337 million yuan ($49.6 million), with the underlying assets being EV batteries offered to car owners under a subscription model.
The shelf program the project belongs to was approved by the Shanghai bourse on July 15, with a total quota of 5 billion yuan.
Shelf registration is a model of „register once, issue in tranches,“ allowing the issuer to sell securities in batches within a validity period based on market conditions.
Mirattery is the originator as well as the operations manager of the project.
Leveraging the equity financing nature of REITs, the company will accelerate its asset-light strategy and continue to expand diversified financing channels, it said.
As of the end of July, Mirattery’s battery assets under management exceeded 56 GWh, up from 53 GWh at the end of June.
This is the latest in a series of intensive financing moves by Mirattery this year.
In February, the company issued the world’s first hold-type EV battery REITs, with a size of 501 million yuan.
In late April, it secured a 5 billion yuan shelf quota on the Shanghai Stock Exchange for green, tech-innovation EV battery ABS, and in early June won approval for a similar 3 billion yuan quota on the Shenzhen Stock Exchange.
On June 30, Mirattery landed two green asset-backed securitization products on the same day, totaling 2.021 billion yuan, with the coupon rate on the senior A1 tranche falling to a period low of 1.68 percent.
Mirattery was founded in August 2020 and is the asset manager for Nio’s BaaS (battery as a service) business.
Its main shareholders include Nio and battery giant CATL (HKEX: 3750).
($1 = 6.7894 yuan)
