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The Vault No. 002: The Bank That Wears Every Hat
LockSimple

Aug 23, 2026

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15 min read

The Vault No. 002: The Bank That Wears Every Hat

Main Street Natural Gas 56035DGT3. The control group: every promise in the deal is Royal Bank of Canada directly — and the tape prices the difference between a bank's word and an insurer's at 86 basis points.

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The Vault No. 001: The Unsecured Obligation
LockSimple

Aug 23, 2026

•

22 min read

The Vault No. 001: The Unsecured Obligation

Black Belt Energy 09182TDL8. $454 million of tax-exempt municipal paper resting on the unsecured promise of an Iowa annuity company that bondholders have no right to enforce.

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