k → ∞ Coupon Collector
Trade · Invest · Collect Coupons
Year: 0.00 / 25

Bond Market

Active Called Bankrupt
Welcome to Coupon Collector!

Game Setup

Activity Log

How to Play — Coupon Collector

🎯 Objective

Become the richest investor by trading bonds strategically over 25 years. Collect coupons, avoid bankruptcies, and time your trades perfectly!

💰 Starting Resources

  • Cash: $5,000,000 per player
  • Bonds: 10 corporate bonds with $1,000 face value
  • Trading: Bonds trade in blocks of 100 shares ($100,000 minimum)
  • Borrowing: Can borrow up to $200,000 at a time (12% APR compounded monthly)

📊 Bond Ratings

Three rating agencies evaluate each bond:

  • The Burrow Bureau
  • Hopkins Ratings
  • 24 Carrot Credit

Ratings: A (safest), BBB, BB, B, CCC, CC, C (riskiest)

Better ratings = lower coupons but safer investments!

💸 Coupon Payments

  • Paid semi-annually (every 6 months) if bond is at or above $600 (60% of par)
  • Coupon amounts: $25-$40 per bond depending on risk
  • Missed coupons during default will be paid if bond recovers to par

⚠️ Bond Status

  • Active: Trading normally, paying coupons
  • Default: Below $600 - no coupons until recovery
  • Bankrupt: Hit $0 or below - investment lost forever
  • Called: Above $1010 - 1% annual chance of being bought back at $1100

📈 Price Dynamics

Bonds follow Brownian Bridge paths - they randomly fluctuate but are guaranteed to return to $1000 at year 25 (unless bankrupt).

🎮 Gameplay

  • Game runs automatically at adjustable speed (30 seconds = 1 year)
  • Press your assigned trade key to stop and trade
  • When trading, you see bid/ask spreads (wider than market price)
  • Must complete at least one transaction before resuming
  • Can trade bonds with other players (bonds + cash for bonds + cash)

🤖 Computer Agents

If fewer than 3 players, AI agents join with funny names and avatars. They follow strategic trading rules based on bond prices and time.

🏆 Winning

After 25 years, all bonds sell at par ($1000), debts are paid with interest, and the player with the most money wins!

💡 Strategy Tips

  • Diversify across multiple bonds to reduce risk
  • Watch for defaults - they might be buying opportunities
  • High-rated bonds are safer but pay less
  • Time is your friend - bonds return to par at maturity
  • Borrowing can amplify gains (and losses!)
  • Monitor the graphs - trend reversals are key trading signals

🎓 Welcome to Coupon Collector!

A strategic bond trading game where you'll learn about credit ratings, coupon payments, default risk, and market timing!

💰

Start Rich

Begin with $5M to invest in 10 different corporate bonds

📊

Watch Prices

Bonds fluctuate randomly but return to $1000 after 25 years

💸

Collect Coupons

Earn semi-annual payments if bond stays above 60% of par

⚠️

Avoid Bankruptcy

If a bond hits $0, you lose everything invested in it!

🎯

Time Your Trades

Buy low, sell high - but watch those bid/ask spreads!

🏆

Get Rich

Most money after 25 years wins - manage risk wisely!

Game starts in: 60 seconds

🏆 Game Over!