> For the complete documentation index, see [llms.txt](https://docs.bloom.garden/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bloom.garden/tokenized-rwa/tbys.md).

# TBYs

### Overview

Term Bound Yield tokens or `TBY`s for short are receipt tokens minted to lenders within the `BloomPool` whose orders have been matched to a borrower and subsequently processed by market makers.

### Mint Process

The minting process occurs once market makers fill a lender's matched order.

`TBY`s all share the same deployment address and are differentiated by token Ids.  The token Id will correspond to the start time and end time of the `TBY`s yield generating window and will start at `Id=0` and increment up with every unique maturity period. 

### Yield 

`TBY`'s rate is determined by the given `rwaPriceFeed`, which is a Chainlink Price Feed for the `rwa` asset, and the borrower's spread. To get the value of a `TBY` simply call `BloomPool::getRate` and pass in the token `id`. Once the `TBY` is fully mature all yield accrual stops. <br>

{% hint style="info" %}
The spread is only taken on the yield generated from the `rwa`. In the event that the rate is less than or equal to `1e18`, no spread will be taken.
{% endhint %}

### Maturity

All `TBY`s have a `180 day` maturity from their `start` time to their `end` time.

### Redemption Process&#x20;

Once the maturity date has been reached and the market maker has completed their swap of `bIb01` to `USDC` within the `BloomPool`, lenders are free to redeem their `TBY`s for their principal and yield by calling `BloomPool::redeemLender` and passing their token `id` and the `amount` of `TBY`s they are redeeming.


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