🎯 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
-
Bonds that were in default will repay owed dividends (missed
coupons) if and when they return 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. Bonds from companies that do not go bankrupt and are not
called will be redeemed at par after 25 years.
🎮 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