There are several reasons why you might not be able to purchase a particular bond:
Bid/Ask is too far apart: Our clearing firm, Apex, limits bond order pricing to within 10% of the midpoint between the bid and ask prices. If the spread is too large, your order will be rejected. For example, if a bond has a bid of $20 and an ask of $30, the midpoint is $25. A purchase at the ask price of $30 would be rejected because it's more than 10% above the $25 midpoint.
Negative yield: Apex has a strict restriction against purchasing bonds that display negative yields. If a bond has a negative yield, you will not be able to place a purchase order.
Low/no liquidity: If a bond does not show a bid/ask price, it indicates low liquidity in the market. In such cases, an order for that security will not be accepted. Liquidity can change over time, so you can check back periodically to see if purchases are being accepted.
If you have additional questions or are unable to purchase a bond that doesn’t seem to fit one of the listed reasons, please reach out to our member support team via the in-app chat or email at support@public.com.