Nio's Battery Operator Mirattery Continues Asset Securitization Push with New ABS Issuance

Key Takeaways

• Mirattery issued 1 billion yuan ($148 M) green ABS on Shenzhen exchange
• Priority A1 tranche coupon hit record low 1.72%, showing strong investor confidence
• Shelf‑registration quota of 3 billion yuan ($443 M) allows phased issuance
• Mirattery manages over 51 GWh battery assets, serving 650k users
• Funding will revitalize battery assets and expand green‑asset financing channels

Pulse Analysis

China’s green finance market is gaining momentum as automakers seek innovative ways to fund the full lifecycle of electric‑vehicle batteries. Mirattery, the asset manager behind Nio’s Battery‑as‑a‑Service (BaaS) platform, tapped this trend by issuing a green ABS tranche that taps a 3 billion‑yuan shelf‑registration quota. The structure, approved by the Shenzhen Stock Exchange, lets the company raise capital in stages, aligning funding with market conditions and reducing the need for a single, large issuance.

The new tranche’s headline figure—a 1.72% coupon on the 150 million‑yuan priority A1 tranche—sets a record low for Mirattery’s offerings, signaling robust investor appetite for low‑risk, environmentally focused securities. By contrast, earlier April issuances carried higher rates, indicating that the market now values Mirattery’s proven asset‑management track record and its alignment with China’s carbon‑neutral goals. The tiered coupon structure, ranging from 2% to 5.5% across subordinate tranches, broadens the investor base, from conservative fixed‑income funds to higher‑yield seekers, while the shelf‑registration mechanism streamlines future issuances.

Beyond the immediate capital raise, the ABS proceeds will be deployed to extend the service life of over 51 GWh of batteries, enhancing the economics of Nio’s BaaS model and supporting the broader EV ecosystem. By securitizing battery assets, Mirattery creates a replicable financing template that other OEMs and battery providers can adopt, potentially unlocking billions of dollars of green capital for battery recycling, second‑life applications, and new energy storage projects. As China pushes for greener financing standards, Mirattery’s success may accelerate the convergence of fintech and clean‑energy, positioning the company at the forefront of sustainable automotive finance.