Would you like to buy a Burrito Bond? Chilango, a fast-food Mexican chain in London, is selling a so-called Burrito Bond that has an 8-percent coupon over a four-year term. For investors that put in £10,000 (about $16,800) or more, the bond also pays out a free burrito every week during its lifetime. The 33-page prospectus for Burrito Bonds did not specify whether the free burrito also includes guacamole.
Believe it or not, Burrito Bonds are more than a PR stunt (and as PR stunts go, they're a pretty good one). Chilango aims to raise £1 million to expand from sales of the bonds over the next two months but could service up to £3 million of bonds if the deal proves popular. The chain had reached 37 percent of its initial goal by Thursday, just two days after the bond debuted. Investors must put in a minimum of £500 and coupons will be paid semi-annually, but unless you shell out the £10,000 you'll only get two measly vouchers for free burritos.
Will the Burrito Bond help Chilango take on the international master of burritos, Chipotle? You can learn more about the Burrito Bond from this video its founders made. In the meantime, we'll sit back and wait for the Waffle Taco CD.
TODAY IN SLATE
Slate Plus Early Read: The Self-Made Man
The story of America’s most pliable, pernicious, irrepressible myth.
Rehtaeh Parsons Was the Most Famous Victim in Canada. Now, Journalists Can’t Even Say Her Name.
Mitt Romney May Be Weighing a 2016 Run. That Would Be a Big Mistake.
Amazing Photos From Hong Kong’s Umbrella Revolution
Transparent Is the Fall’s Only Great New Show
Rehtaeh Parsons Was the Most Famous Victim in Canada
Now, journalists can't even say her name.
Lena Dunham, the Book
More shtick than honesty in Not That Kind of Girl.