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Secondary market

Token
Significant dates
Tokens you hold
Actions
Token
Rolling T-bill rTBL
Significant dates
Expected rollover date
Tokens you hold
0rTBL
Actions
Token
Rolling T-bill rTBL
Significant dates
Expected rollover date
Tokens you hold
0rTBL
Actions
Token
4-week T-Bill - DB Series-16 TBL-20250429-16
Significant dates
Issuance date Maturity date
Tokens you hold
0TBL-20250429-16
Actions
Token
4-week T-Bill - DB Series-15 TBL-20250429-15
Significant dates
Issuance date Maturity date
Tokens you hold
0TBL-20250429-15
Actions
Token
3-year LFG corporate bond LFG-20271211-1
Significant dates
Issuance date Maturity date
Tokens you hold
0LFG-20271211-1
Actions

Perpetual vaults

Vault name
Current bond
Bond Tokens you holdEquivalent Vault Tokens
Actions
Vault Tokens you holdEquivalent Bond Tokens
Vault
Rolling T-bill rTBL
Current bond
4-week T-Bill - DB Series-16 TBL-20250429-16
Bond tokens you hold Equivalent Vault Tokens
0TBL-20250429-16 0rTBL
Actions
Unwrap tokens Wrap tokens
Vault tokens you hold Equivalent Bond Tokens
0rTBL 0TBL-20250429-16
Vault
Rolling T-bill rTBL
Current bond
4-week T-Bill - DB Series-15 TBL-20250429-15
Bond tokens you hold Equivalent Vault Tokens
0TBL-20250429-15 0rTBL
Actions
Unwrap tokens Wrap tokens
Vault tokens you hold Equivalent Bond Tokens
0rTBL 0TBL-20250429-15

How the primary bond investment process works

  • While order book is open Place your order, without settling your purchase
    • Order book closes
    • Allocation and pricing take place shortly after
  • Settlement period Settle your bond purchase
    • Receive notification that the bond is ready for settlement
    • Settle your purchase and receive Digital Bond Tokens
  • Bond maturity Claim your final repayment
    • Receive notification that the bond is ready for redemption
    • Return your Digital Bond Tokens and receive your final repayment

How the secondary market works

  • Place BUY/SELL order
  • Order is confirmed and trade is created
  • At value date you'll settle the trade
  • Once the trade is complete you'll receive funds

How the perpetual vault investment process works

A diagram showing the flow of funds in a perpetual vault

The perpetual vault is a means of keeping your bond tokens invested in bonds in perpetuity. Read the perpetual vault FAQs.

Investor deposits bond tokens into the vault

In the above diagram, an Investor has some USDC as shown on the left hand side. The Investor purchases some bond TBL-1 as shown in the SETTLE step. The Investor then makes a DEPOSIT step and places their TBL-1 token into the Vault, receiving the receipt token rTBL. The Investor can hold rTBL as long as they please, without having to take any further investment action.

Vault rollovers

The Vault, meanwhile, is busy ensuring that as a bond comes to maturity, it buys more of a new bond. The diagram above shows the vault making ROLLOVER steps, so as TBL-1 reaches maturity, TBL-2 is bought using the proceeds of TBL-1. As TBL-2 reaches maturity, TBL-3 is bought using the proceeds of TBL-2. With each rollover step, more of each bond can be bought, using the profits from the previous bond. These profits are compounded, and the full amount is reinvested with each rollover.

Investor redeems their vault tokens

At some point, the Investor wants to take their profit and so they perform the REDEEM step shown in the diagram. In this step, the Investor gives back some or all of their rTBL tokens, and receives in exchange some of whatever bond happens to be live inside the vault at that time. In the example above they receive TBL-3.

The investor can now redeem their TBL-3 bond for USDC using the bond CLAIM step in Pivio, as they would normally do for a bond.