Redemption

Redemptions

Overview

Whitelisted investors burn HYBOND tokens in exchange for USDC. All redemption requests enter a withdrawal queue and are processed in First-In-First-Out (FIFO) order. Vault admins liquidate the underlying fund off-chain to bring USDC liquidity back on-chain to meet redemptions.

Redemption Formula

num_USDC = (num_HYBOND * exchangeRate) - txFee

Withdrawal Queue

Redemptions are queued by default and processed via the processWithdrawalQueue smart contract method. Queue processing follows a strict FIFO model.

Redemption Rules

Level	Rule	Description
User	Whitelisted	Wallet address must be whitelisted
User	Minimum Withdrawal Amount	Redemptions must meet the minimum withdrawal limit
OED	Max Withdrawal per Epoch per NAV	Capped at 10% of HYBOND NAV per valuation day

Settlement Timeline (Redemption)

Day	Time (Ireland)	Time (SGT)	Action
0	7:00 AM	3:00 PM	Tokenized shares redemption request received
	8:00 AM	4:00 PM	OED cut-off recorded
	9:00 AM	5:00 PM	BNY SDHYBF redemption request triggered
	12:00 PM	8:00 PM	BNY SDHYBF cut-off recorded
	10:00 PM	—	NAV snapshotted; USD amount to OED confirmed
3	2:00 PM	10:00 PM	Wire received by OED
4	2:00 AM	10:00 AM	USDC fees claimed; Net USDC delivered to investor; Tokenized shares burned

Processing Time

Redemption processing time is T+4 Ireland and US business days.

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