Perpetual Bond
| Property | Option |
|---|---|
| Denomination | On-chain (ASA) |
| Principal repayment | Not callable |
| Early repayment options | No |
| Interest | Variable (Interest Oracle) |
| Coupons | Yes (Perpetual) |
| Time Schedule | Fixed (Events, Periods) |
| Day-Count Convention | Actual/Actual, Continuous |
| Primary Distribution | Direct placement |
| Primary Market | Placed at nominal value |
| Transfer Agent | Trustless |
| Payment Agent | Trustless |
| Secondary Market | Yes |
| Default | Manual (Trustee) |
Payment Agent
Payments are trustless (i.e., can be triggered by anyone), as long as payments' conditions are met (e.g., the payment is due).
A coupon payment cannot be executed until all the previous due coupons (if any) have been paid to all the investors.
Transfer Agent
D-ASA units cannot be transferred until all the pending due coupon payments for the sender and receiver (if any) have been executed.
Interest Rate
Updated by the interest oracle.
Interest rate cannot be updated until all the previous due coupons (if any) have been paid to all the investors.
Default
Called manually by the trustee.