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Author Topic: [HAVELOCK] [XBOND]  (Read 21352 times)
ThickAsThieves
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July 31, 2013, 10:44:24 AM
Last edit: March 30, 2014, 05:59:10 AM by ThickAsThieves
 #1

XBOND
Exchangeable Bond Offering

Overview
XBOND is a “perpetual” fixed-yield bond (0.05% Daily, 18.25% APY) issued by TAT Investments with special redemption privileges, callability and putability terms.

This asset is being offered for the following purposes:
1. To increase TAT Investments' ability to provide new public offerings
2. To provide Pre-IPO Placement access to upcoming public offerings issued by TAT Investments
These offerings may include stocks, bonds, futures and other investment opportunities.
3. To improve TAT investments' financial agility

Dividends (Daily Coupon)
This bond pays a fixed-rate daily coupon, or interest rate, of 0.05% (18.25% APY). Each coupon will be scheduled to payout daily at 12:00 pm EST, unless the host exchange has technical issues, in which case the payments will occur at the earliest time possible.

Face Value
Each bond has a face value of 0.001 bitcoins.

Initial Public Offering (Date to be announced)
The initial public offering will be sold in 4 tranches of 500,000 units each, at a price of 0.001 bitcoins per unit. (2,000,000 units, totaling 2,000btc).
Orders can be placed at https://www.havelockinvestments.com/order.php?symbol=XBOND

If a tranche remains unsold after 1 week, the remaining unsold tranches may be removed and placed for sale on another exchange. Additional bonds may be issued in the future if proper backing is in place.

Backing
TAT Investments will always reserve a portion of its bitcoin-denominated holdings with a market value that is greater than 100% of the face value of our issued debt in bonds

Any equities assigned as backing to these bonds will be otherwise unencumbered from any liabilities to other securities provided by TAT Investments.

Backing equity will be held in publicly verifiable accounts, and a quarterly transparency report will be provided to detail all backing assets. TAT Investments may use bitcoins or any publicly traded bitcoin security assets as backing.

Bond Redemption (Putability)
These bonds may be redeemed in two ways:

1. Pre-IPO Redemption: These bonds may exchanged at the full face value, 0.001 bitcoins each, toward the purchase of newly announced public offerings provided by TAT Investments. XBOND holders will have first access to units of any eligible IPO we provide, before open market trading begins, on a first come, first served basis.

Pre-IPO Redemption Rules:
- To instigate a redemption exchange for Pre-IPO purchases, simply transfer your bonds to TAT Investments' account on the host exchange, and send a corresponding e-mail to tat.investments@gmail.com confirming your desired Pre-IPO purchase details.
- Pre-IPO exchanges will be fulfilled in the order that the full transfer is received.
- Pre-IPO purchases must be paid in full by redeeming XBOND units.
- If an IPO is sold out through bond redemptions, any unfulfilled redemption requests will be sent back to the original bondholder.
- Once a redemption request is received it is binding.
- Pre-IPO shares will provided within 3 days after the IPO.

2. Direct Redemption: Bonds may be redeemed at any time at 95% of face value, 0.00095 for each bond. Please allow 1-3 days for redemptions worth less than 10 bitcoins; 1-15 days for redemptions worth 10-50 bitcoins; 1-30 days for redemptions worth 50-100 bitcoins. Turnaround time for larger direct redemptions will be quoted on a case-by-case basis. Any bondholder may sell their XBOND units on the host exchange. Bondholders may instigate a maximum of one redemption request per week.

Bond Recall (Callability)
Bonds cannot be recalled during Pre-IPO sales periods. These bonds may be recalled by the issuer at any other time at 105% of face value, 0.00105 bitcoins each.

The issuer has the right to recall any outstanding bonds at will. If TAT Investments recalls only a portion all outstanding bonds, we will do so as proportionally among all bondholders, rounded down to the nearest whole unit.

Voting Rights
There are no voting rights associated with these bonds.

Reserved Rights
Issuer reserves the following rights:
1. To issue additional bonds publicly or privately (the quantity of total outstanding bonds will always be made public)
2. To buy or sell bonds publicly or privately (the quantity of total outstanding bonds will always be made public)
3. To make changes to this contract that represent the best of interests of bondholders
4. To correct and clarify any gross errors or details herein that prove to be open to misinterpretation
5. To temporarily or permanently assign additional rights or privileges to bondholders.
6. To permanently increase the daily interest rate of all outstanding bonds
7. To limit frequent, abusive redemption requests
8. To specify minimum or maximum redemption terms and eligibility for Pre-IPO redemptions

Dissolution
In the event that the issuer chooses to, or is forced to, close this asset for any reason, a new operator may be vetted and chosen by TAT Investments to take over control of the asset, or all bonds will be bought back by the issuer at 105% of face value. Daily coupons remain due every day until such time as TAT Investments is able to make such a final payment.

Issuer Info
TAT Investments is a leading bitcoin investment company with a mission to provide highly desirable offerings to bitcoin investors in new ways, and to set higher standards for bitcoin investments.

TAT Investments has provided identity information to the host exchange privately as a gesture of good faith, as well as emergency contact information.

A “dead man’s switch” will be implemented in order to pass control of this asset to a safe secondary operator in the case of the issuer’s untimely demise or hospitalization.

Disclaimer & Risks
Bitcoin’s legal definition as a currency, commodity, investment, or financial instrument may be subject to unique regulations in some jurisdictions. The issuance of bitcoin-denominated securities may be considered high-risk in the current environment. Please perform due diligence in all of your investment decisions, and consider all risks before purchase. While all investments involve risk, bitcoin securities may be considered among the most risky. Some have products and services that are still in development or have yet to be tested in the market. Many trade on unregistered exchanges.

Another risk that pertains to bitcoin securities involves the low volumes of trades. Because most bitcoin securities trade in low volumes, any size of trade can have a large percentage impact on the market price of the security.

Losses caused by default/theft within the host exchange may affect the putability and/or the degree of backing representing this security.
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ThickAsThieves
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July 31, 2013, 10:44:39 AM
Last edit: July 31, 2013, 11:13:40 AM by ThickAsThieves
 #2

In summary, this is a bond that pays daily at .05% per day.

It is redeemable by the bondholder, callable by the issuer, and exchangeable.

The exchangeability feature allows Pre-IPO purchasing of upcoming securities provided by TAT Investments.
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July 31, 2013, 11:14:17 AM
 #3

I know there will be some questions, so here are a few more points:

1. The initial public offering will begin at Havelock Investments, and likely expand to BTCT-C and BitFunder as appropriate.

2. IPO date to be announced, but likely this week.

3. Any XBOND on any exchange can be exchanged toward Pre-IPO offerings on any exchange, so long as they are issued by TAT Investments.
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July 31, 2013, 12:19:01 PM
 #4

Cool, that's pretty interesting. Can you talk about the sort of other projects xbond will be able to exchange for...Do you have something on the arise at the moment?
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July 31, 2013, 12:26:25 PM
 #5

Cool, that's pretty interesting. Can you talk about the sort of other projects xbond will be able to exchange for...Do you have something on the arise at the moment?

We're presented with opportunities quite regularly. We pass on most of them, but there is always something brewing.

I can't to you a "when" or a "what" for the next release yet, but there are several planned for this year, and they aren't all PTs Wink
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July 31, 2013, 12:52:18 PM
 #6

Interesting, however :

2. Direct Redemption: Bonds may be redeemed at any time at 95% of face value, 0.00095 for each bond.

With Ukyo/Graet.loan, I can get 100%. Redemption for assets don't help - you still need to face trading fees, so it's not 100%.
ThickAsThieves
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July 31, 2013, 01:02:54 PM
 #7

Interesting, however :

2. Direct Redemption: Bonds may be redeemed at any time at 95% of face value, 0.00095 for each bond.

With Ukyo/Graet.loan, I can get 100%. Redemption for assets don't help - you still need to face trading fees, so it's not 100%.

Those loans are not exchangeable though, so a different monster.

The idea here is to have people committed to the bond and what it provides, not liquidity at every moment. The market will still be a place for bondholders to buy and sell. Once people see the exchangeable aspect in action, I have a feeling liquidity will be a minor issue.

Exchanged bonds are indeed 0-fee (100% face value). It's possible this may change one day on the host exchange's level, but due to the person-to-person exchanging process, fees are not levied on Pre-IPO purchases.
ThickAsThieves
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July 31, 2013, 01:08:48 PM
 #8

Here is the official page: https://www.havelockinvestments.com/order.php?symbol=XBOND
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July 31, 2013, 02:24:47 PM
 #9

Excellent idea!

Keep up the great work TAT!

Cheers

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July 31, 2013, 02:32:57 PM
Last edit: July 31, 2013, 02:46:41 PM by usagi
 #10

Backing
TAT Investments will always reserve a portion of its bitcoin-denominated holdings with a market value that is greater than 100% of the face value of our issued debt in bonds

0.01444

Backing equity will be held in publicly verifiable accounts, and a quarterly transparency report will be provided to detail all backing assets. TAT Investments may use bitcoins or any publicly traded bitcoin security assets as backing.

Disclaimer & Risks
...
Losses caused by default/theft within the host exchange may affect the putability and/or the degree of backing representing this security.

Some questions. One; please outline the meaning of the word "reserve" in the following passage:
"TAT investments will always reserve a portion of it's bitcoin-denominated holdings... with a market value that is greater than 100% of the face value of our issued debt".
My question revolves around the use of the word reserve without specifying precisely why these funds are reserved. I assume you mean reserve with the intent of consisting of the assets representing the debt or holdings from which the bond will be repaid under a call or redemption order. Or do you mean reserve in the sense that if there is trouble with the actual holdings, said funds will be used as "insurance" for bondholders?

The next issue; you state "Backing equity will be held in publicly verifiable accounts, and a quarterly transparency report will be provided to detail all backing assets. TAT Investments may use bitcoins or any publicly traded bitcoin security assets as backing." I believe this identifies the source of the assets backing these bonds as holdings owned by TAT investments, and not owned by any security TAT investments operates. Just asking.

Third and final issue; if the value of these holdings falls below 100% of the face value of the issued debt, will TAT investments contribute more assets and holdings to ensure the bond's backing, or will this imply a default on the debt? This question revolves around the meaning of default, do you mean the default of a security or the default of an exchange?

Thanks in advance!

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July 31, 2013, 02:56:29 PM
 #11

Some questions.

1) please outline the meaning of the word "reserve" in the following passage:
"TAT investments will always reserve a portion of it's bitcoin-denominated holdings... with a market value that is greater than 100% of the face value of our issued debt".

My question revolves around the use of the word reserve without specifying precisely why these funds are reserved. I assume you mean reserve with the intent of consisting of the assets representing the debt or holdings from which the bond will be repaid under a call or redemption order. Or do you mean reserve in the sense that if there is trouble with the actual holdings, said funds will be used as "insurance" for bondholders?

The backing represents unencumbered assets that are used as backing. This is to establish that we have assets that could be sold in order to pay for bonds if/when needed. These could be used to fund redemptions, but are not necessarily intended to allow for extremely liquid redemption ability. This is why we have set turnaround timelines for bitcoin value redemptions.

2) "Backing equity will be held in publicly verifiable accounts, and a quarterly transparency report will be provided to detail all backing assets. TAT Investments may use bitcoins or any publicly traded bitcoin security assets as backing."
I believe this identifies the source of the assets backing these bonds as holdings owned by TAT investments, and not owned by any security TAT investments operates. Just asking.
Any related assets will also be clarified. For example, we have X ASICMINER whole shares, with -Y encumbered by PTs, and -Z encumbered by TAT.VM.
X -Y -Z = The amount of ASICMINER shares we could use as backing.
Most of this is actually publicly verifiable already.

3) if the value of these holdings falls below 100% of the face value of the issued debt, will TAT investments contribute more assets and holdings to ensure the bond's backing, or will this imply a default on the debt?
Yes, every quarterly report will show that the 100% is current. Even if the backing temporarily falls below 100% for some reason on a given day, it would not imply default. We hold well over the 100% to cover what is required for backing 2000btc in bonds.
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July 31, 2013, 03:24:56 PM
 #12

Ahh, so this is a fixed face value bond which is backed by mining assets.

Thank you :>
ThickAsThieves
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July 31, 2013, 03:32:48 PM
 #13

Ahh, so this is a fixed face value bond which is backed by mining assets.

Thank you :>

It is backed by the equity of TAT Investments in general. This may include any bitcoin value we hold, as long it is unencumbered, and greater than what we have committed to backing. ASICMINER is the easiest example because it is familiar and high-value. You may see the backing pool change report to report, as we are heavy traders and our portfolio is always changing.

Plus, this is an effort to introduce new releases, which may help bitcoin investing be more than "who is the next ASICMINER!!!?"
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July 31, 2013, 03:48:05 PM
 #14

One thing I don't understand (because I am slow to understand these things) is why is something like this listed on an exchange? If the face-value is fixed, why would anyone buy or sell at a price that is not the face-value?
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July 31, 2013, 03:55:43 PM
 #15

One thing I don't understand (because I am slow to understand these things) is why is something like this listed on an exchange? If the face-value is fixed, why would anyone buy or sell at a price that is not the face-value?

Several reasons:

1. Emergency liquidity - If you need to sell your bonds for whatever reason, there may be buyers on the market that can provide faster, "cheaper" liquidity at any given moment.
2. Speculation - it is entirely possible for this bond to trade above its face value, because it also provides intangible value with its access to Pre-IPO purchases.
3. Facilitation - The host exchange provides all of the tools needed to manage the bondholders and interacting with them.
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July 31, 2013, 04:14:26 PM
 #16

One thing I don't understand (because I am slow to understand these things) is why is something like this listed on an exchange? If the face-value is fixed, why would anyone buy or sell at a price that is not the face-value?

Supply and demand. It works the same on the sell side. If you're in a hurry to sell you might have to sell below NAV. If you're in a hurry to buy, i'm sure someone will sell to you, the only question is at what price.
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August 01, 2013, 12:04:42 AM
Last edit: August 01, 2013, 12:47:15 AM by ThickAsThieves
 #17

The first tranche will be released for sale Friday, August 2nd, at 1PM EST (5PM GMT).
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August 01, 2013, 01:42:13 PM
 #18


This looks very competitive compared with the other bonds out there, I like it.  Along with the high rate (for a bond) and daily payout, the exchangeability is a nice feature and makes me curious to see the future IPOs from TATI.  This is an interesting offering and looks like a good choice for diversification.

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August 01, 2013, 02:44:15 PM
 #19

The first tranche will be released for sale Friday, August 2nd, at 1PM EST (5PM GMT).

So why not just launch on BTC-TC and BitFunder right away? You're not gaining anything by waiting for the Havelock tranche to finish?
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August 01, 2013, 02:52:41 PM
 #20

The first tranche will be released for sale Friday, August 2nd, at 1PM EST (5PM GMT).

So why not just launch on BTC-TC and BitFunder right away? You're not gaining anything by waiting for the Havelock tranche to finish?

If it sells out on Havelock, I won't be in any rush to open it elsewhere. Just taking it one step at a time.
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