Bearer Instrument · Series A Payable to the holder, on demand No. 000001 · LQDY

A caffeinated bearer instrument

LIQUIDITY

Stay liquid.

Three hundred milligrams of focus, payable to the holder on demand, before the open. No sugar. No counterparty risk. Settles instantly, the moment the tab cracks.

Acquire Read the prospectus

01 / Prospectus

Terms of the instrument

Every figure audited, none of them embellished. What you hold, precisely.

Subscribe to the issue

CaffeineAnhydrous, single origin300mg

Added sugarNone. We don't lever up.0g

CaloriesNet, fully diluted5kcal

L-theanineThe hedge against the jitters200mg

Coupon, taurinePaid every sip1,000mg

SettlementNo clearing house requiredT+0

MaturityRight about nowOn the open

02 / Holdings

Full transparency
on the underlying

No off-balance-sheet vehicles. Here is the entire book, marked to market.

Carbonated water the float88%

Functional actives the alpha7%

Natural flavor the narrative3%

Electrolytes the liquidity2%

Conviction trace, undilutable∞

03 / Instruments

Three tranches. Pick your risk.

One product, three issues. Each priced to the palate, rated by the desk.

AAA · Strong Buy

Senior Secured

Original Issue

Cola, at par. The benchmark against which the others are spread. Deep, bitter, fully collateralized.

300mgYield SER · LQDY-01
No. 000001

AA · Overweight

Convertible

Citrus Note

Blood orange and grapefruit, with embedded upside. Converts to clarity at the strike. Bright on the open.

300mgYield SER · LQDY-02
No. 000002

BBB− · Deep Value

Distressed

Black Cherry

Dark, tannic, mispriced. For the contrarian who buys when the floor is red. Not for the faint of conviction.

300mgYield SER · LQDY-03
No. 000003

04 / Coverage

The desk is bullish

Initiating coverage. Unsolicited, unpaid, and, regrettably, sincere.

Strong Buy

"The only liquid on the floor that comes with a term sheet. We are initiating at our highest conviction."

Fixed Income Desk · Internal note, do not circulate

Overweight

"I keep one on each monitor and a reserve in the vest. We are long. Materially long."

A man in a quarter-zip · Buy-side, allegedly

Price target raised

"Crushed the quarter on a single tab. Raising our target. Again. There is no ceiling on this."

Sell-side research · Coverage initiated 04:41

05 / Settlement

Open a
position.

Take delivery in 48 hours. Hold to maturity, or roll the position monthly and never, ever go illiquid.

Single lot $48 / 12 cans One delivery, settled T+2. Test the thesis before you size up. Take delivery

Standing order $42 / mo · 12 cans Auto-renews on the first. Cancel anytime; nobody on the desk ever does. Open the position