Ribbon Mainnet Bond Issuance
The first ever on-chain convertible debt issued by a DAO
We’re excited to announce launch of Porter Finance with the Ribbon DAO bond issuance live on Ethereum Mainnet!
Using Porter, Ribbon DAO is offering 3,103,224 Convertible Bonds, redeemable for 1 USDC on the maturity date of December 4, 2022. The bonds are secured by 50M RBN total with each bond being secured by 16.112 RBN ($4.78 at time of writing). They will be redeemable up until maturity for 3,448,028 RBN with each bond being redeemable for 1.111 RBN ($0.33 at time of writing). The Ribbon Convertible Bonds are being offered at a minimum price of 0.9667 USDC per bond and a maximum yield to maturity of 7%. The issuance will run until 12:00 Tuesday, June 7th (Pacific Time). For more details, read the prospectus.
Porter Finance has prepared a collateral and credit analysis which we recommend investors read prior to participating in the auction. The report provides data outlining potential risks associated with the bond issuance.
About Ribbon Finance
Ribbon Finance is a protocol that helps users access crypto structured products for DeFi. It combines options, futures, and fixed income to improve a portfolio’s risk-return profile.
About Porter Finance
Porter Finance is building an on-chain credit marketplace for DAOs to borrow at fixed rates with no liquidation risk. Using their project tokens and social capital as collateral, DAOs can mint zero-coupon bonds and sell them to fixed income investors. This provides a liquidation-free loan to DAOs while generating sustainable yield for lenders.
If your DAO is interested in raising funds without selling tokens and without liquidation risk, get in touch with us through this borrower form. If you’re interested in providing liquidity for bond issuances, please fill out this lender form.
