Yield and maturity
Operate the yield schedule and maturity redemption already configured on an issued asset, and fund the treasury that pays them.
Yield and maturity operates two separate features already attached to a composable tokenA Composable Token lets an issuer bring a new regulated instrument to market by configuring facts, features, and rules, not new contract code.Read the concept: a fixed treasury yield schedule and a maturity redemption. Maturity redemption is never attached from this page: an asset carries it from issuance or not at all, and nothing in the Console adds it afterward. Fixed treasury yield is the one exception. When an asset such as a bond has no yield feature, an account holding the governance role attaches it from the yield feature page with "Set yield schedule", and that action sets the first schedule in the same step. Yield carries one gap this page still closes: an asset can carry the extension with no schedule configured yet, and an account holding the governance role sets that first schedule, its rate, interval, and dates, from this same feature page. Maturity has no matching gap; its date is fixed at issuance with nothing left to set later.
Two other yield-bearing features, dividend yield and interest yield, live on their own capability cards and are not part of this page.
The two features answer different questions. A yield schedule pays holders repeatedly, in fixed intervals, for as long as the schedule runs: each period completes, then holders can claim what accrued in it, and the cycle continues into the next period. Maturity redemption is a single terminal event. Once a bond matures, whether on its scheduled date or earlier under an emergency trigger, that state does not reverse. Holders can then request redemption for the denomination assetA Denomination Asset lets a payout-bearing Token Feature, such as Maturity Redemption or a yield schedule, pay holders in a real asset it never custodies.Read the concept, the single asset a payout-bearing feature pays a holder per unit, subject to the holder's available balance, the token's restrictions, and treasury funding. This page manages the direct, on-demand version of both, and is not the same thing as scheduling a batch corporate event, such as a dividend or coupon payment, on a calendar; that mechanism is covered under scheduled corporate events. Here, an eligible account acts on its own initiative, one operation at a time.
Reach for this page to fund a treasury before a claim or redemption is due, to approve the feature to spend from that treasury, to claim accrued yield, or to redeem a matured position. It also covers triggering maturity itself and, for yield alone, attaching the feature with its first schedule on an asset that has none yet. Beyond that first setup, this page is not the place to change a yield rate, an interval, a start or end date, or the maturity date. Once a schedule is configured, those values are fixed, and no control here edits them afterward. The only configuration value either feature exposes for change once configured is its treasury address.
Steps
Open the feature
Open "All assets", select the asset, and find the yield or maturity card in its "Token Features" section. Choose "View yield details" or "View maturity details" to open the feature page, then open its manage control. When the asset has no yield feature yet, the feature page shows that state directly instead of a manage control, with a "Set yield schedule" button that attaches the fixed treasury yield feature with its first schedule. Once a schedule exists, yield's control offers "Claim yield", "Set yield treasury", "Top up yield treasury", or "Approve yield allowance", hiding whichever does not apply to your account and the feature's current state. Maturity's control shows "Mature bond" only to the governance role and "Trigger early maturity" only to the emergency role, alongside "Set maturity treasury", "Top up redemption treasury", "Approve allowance", and "Redeem at maturity". An account holding both roles sees both controls together: the scheduled date decides which one is greyed with an explanatory tooltip, not which one appears at all. "Mature bond" stays greyed until the date arrives; "Trigger early maturity" stays greyed once the date has passed, since the contract then accepts only the regular path.
Screen equivalent: the feature page shows its current configuration and state, along with only the management controls permitted for the account.
Review the economic terms
Check the rate, interval, start and end dates, treasury address, treasury balance, denomination asset, or maturity date shown for the selected feature. Compare them with the approved instruction. The yield rate is a rate for each payment period, not for each year, so a 5% yearly coupon paid twice a year needs 250 basis points; the fixed treasury yield entry shows the arithmetic. A treasury change requests the new treasury address. A top-up or redemption requests an amount; top up is not offered to the treasury's own connected wallet, since funding a treasury from itself has no effect. An allowance change requests the new allowance and only appears to the wallet the treasury is set to; every other account, even one with permission, does not see it. Before confirmation, each dialog, whether for a claim, a regular maturity, or an early maturity, asks you to review the displayed effect.
Screen equivalent: the selected operation shows its named address or amount field and a review step before confirmation.
Confirm the operation
Submit the transaction and wait for the Console success message before you leave the dialog. If the Console reports a failure, check the transaction status and current feature state before retrying. A response failure alone does not establish whether the chain operation completed.
Maturity never reverses, on either path. Regular maturity and early maturity both produce the same result, a matured position that holders can redeem, and the contract defines no function that clears that state again. Early maturity's confirmation screen says so plainly: "Once triggered, the bond will be immediately matured and holders will be able to redeem their tokens. This cannot be undone." Regular maturity carries no separate warning, since reaching it only after the scheduled date makes the timing itself the safeguard, but the same permanence applies either way.
The two paths differ in one precondition the Console never displays. Regular maturity checks that the treasury already holds the full redemption amount, and refuses to proceed if it falls short. Early maturity carries no such check: it is the emergency path, meant to stay callable precisely when the treasury may be short, so an operator can open redemption during a distressed wind-down rather than wait for full funding. With an underfunded treasury, earlier redemptions can use the available funds. A later redemption reverts if the treasury cannot cover its payout; it does not burn the tokens for a partial payment caused by that shortfall. Confirm the treasury is adequately funded before triggering early maturity if you want to avoid that outcome; the contract accepts the call either way.
Treasury configuration and allowance can be changed separately from completed payments. Repeating a claim or redemption does not reverse it. Setting a treasury takes effect immediately; repeat the same operation, "Set yield treasury" or "Set maturity treasury", with the prior address, under the same governance role and another wallet confirmation, to put it back. Maturity is the exception: once the bond matures, its treasury address freezes for good, so a change made before maturity is the last one available, though funding that frozen address directly still works. Approving an allowance follows the same rule as any token-spending approval: a new approval for a lower amount, including zero, revokes what came before, at the cost of one more wallet confirmation. Funding a treasury through top up is a plain transfer to that address, and neither feature locks the tokens there afterward. Whoever controls the treasury wallet decides if and how those tokens move again, a choice that belongs to the wallet, not to this page.
A treasury change also takes effect the instant it is mined. A claim or redemption submitted earlier but mined afterward reads whichever treasury is current at that later block, not the one the sender saw when they submitted it. When the newly set treasury has not yet approved the feature, or does not hold enough of the denomination asset, that pending transaction fails. The failure carries the same insufficient-allowance or insufficient-balance reasons covered under Troubleshooting below; it never queues, waits, or falls back to the previous treasury.
Yield repeats every period; maturity happens once, and only then does redemption become possible.
Troubleshooting
The manage control is missing
Your account has no permitted operation on this feature, or the asset lacks the feature entirely. No card in "Token Features" means the feature was never attached, and the Console does not add maturity redemption afterward. For yield specifically, an asset without a yield feature shows a "Set yield schedule" button in its place, offered to the governance role, and that button attaches the feature. Maturity has no matching first-time setup, since its date is fixed at issuance and this page cannot set one after the fact.
Mature bond cannot be selected
Signal: "Mature bond" is absent or disabled before you expect maturity. Cause: the scheduled maturity date has not been reached yet, and the contract rejects the call until then. Fix: wait for the scheduled date, or use "Trigger early maturity" instead if the situation and your account's emergency role justify acting before it.
Early maturity cannot be selected
Signal: "Trigger early maturity" is absent or disabled. Cause: either your account lacks the emergency role, or the scheduled maturity date has already been reached, at which point the contract accepts only "Mature bond". Fix: check which reason the Console names; ask for the emergency role if that is missing, or use "Mature bond" once the date is reached.
Claim yield is not offered
Signal: "Claim yield" does not appear even though the schedule is active. Cause: one of three conditions. The schedule's first period has not completed yet, so nothing is claimable. Your account's accrued yield was already fully consumed, typically by a conversion into another instrument. Or nothing has accrued since your last claim. Fix: check the current period against the schedule's start date and interval; if a claim was recently made, confirm whether a new period has completed since.
Redeem at maturity is not offered even though the bond has matured
Signal: the bond's status shows matured, but "Redeem at maturity" is missing for your account. Cause: redemption needs a positive available balance in the bond, not only permission; an account with the redeem permission but no holding of this bond does not see the control. Fix: confirm the connected account actually holds the bond by checking "Holders".
Redeem at maturity is offered but fails
Signal: the control is visible but disabled, or submission fails, with the Console naming a specific reason. Cause: the reasons resolve in order, and only the first one that applies is shown. The bond has not matured yet. The treasury's solvency has not finished verifying. The treasury has not approved the feature to spend the denomination asset. The treasury holds none of the denomination asset. Or the token is paused. Fix: read the named reason and address that one first; a further reason underneath only becomes visible once the first is resolved.
Approve allowance does not appear
Signal: neither "Approve allowance" nor "Approve yield allowance" is offered, even though the treasury clearly needs funding. Cause: the control needs a wallet that can grant a spending allowance, and the two features draw that line differently. For yield, only an ordinary wallet treasury qualifies; a contract treasury pays out through its own logic instead and offers nothing to approve. For maturity, a contract treasury still qualifies when that same contract is the one you have connected, so a smart-account treasury under your own control can approve where a third-party vault contract cannot. Either way, the control only appears to the connected treasury address itself, not to any other account with permission. Fix: connect the treasury's own wallet, or, for maturity, its own smart account; if a separate contract holds the treasury role, use its supported payout or approval mechanism. A missing Console control does not prove the contract can pay without setup.
Top up appears to do nothing, or is missing for my account
Signal: "Top up redemption treasury" or "Top up yield treasury" is absent for the account that is itself set as the treasury. Cause: this is expected. Funding a treasury from its own wallet has no effect on the balance it holds, so the control does not offer it to that wallet. Fix: use a different account with the top-up permission and available tokens to send to the treasury, not the treasury's own connected wallet.
The maturity card's treasury-health indicator reads yellow or red
Signal: the badge beside the maturity manage control, labeled "Balance low" or "Approval below ceiling", is not green. Cause: the two colors name two different shortfalls, not one shared warning state. Yellow means the approval is sufficient but the live balance is below the projected next-period need; red means at least one approval is below its required ceiling, regardless of balance. Fix: for yellow, top up the treasury; for red, approve the feature to spend enough from it; either label tells you what to do before you open the tooltip. Yield carries no equivalent badge.
Set treasury is missing or disabled
Signal: "Set yield treasury" or "Set maturity treasury" does not appear, or appears disabled. Cause: changing a treasury address needs the governance role on this specific asset; without it, the control stays out of reach regardless of any other permission you hold. Fix: ask an administrator for the governance role, scoped to this asset.
Frequently asked questions
If I miss claiming a period, does the yield expire?
No expiry mechanism removes an unclaimed period on its own. The schedule tracks each period's claimed and unclaimed yield separately, so an amount you did not claim when its period completed stays tracked afterward. What can make a specific claim disappear is covered under Troubleshooting: the schedule's first period has not completed, a conversion consumed your accrued amount, or nothing has accrued since your last claim.
Two further causes can still leave you with less than what accrued, and neither is a Console bug. If other holders exhaust a period's shared payout cap, or you convert your own accrued yield into another instrument, before you claim, your claim cursor still advances past that period at zero payout. The period counts as settled, not owed. And a single "Claim yield" call settles at most 104 periods; a longer unclaimed backlog needs more than one call, and only the sum across those calls, not the figure the Console shows before you claim, is what you actually receive. Outside those causes, a skipped period does not forfeit what it owed you.
Do all holders receive their matured redemption at once?
No. Maturity is a single switch that makes redemption possible, not a payment that reaches every holder automatically. Each holder redeems on their own initiative, and needs a positive available balance to see the control at all. A large holder base can take some time to fully redeem, and the treasury may need more than one top-up as different holders come through, since only the balance available at the moment of each redemption has to cover it.
Does freezing a holder stop their yield, dividends, or redemption?
A freeze stops redemption. It does not stop yield or dividends. A freeze blocks the holder's own movement of the asset's tokens, and a redemption burns those tokens. A fully frozen address cannot redeem at all, and a partial freeze lets the holder redeem only the balance that is not frozen. The frozen amount stays frozen. A yield or dividend claim burns no tokens. It pays the denomination asset from the treasury, so a frozen holder keeps accruing yield and can claim it, and can claim a dividend on its payment date. The Canton ledger follows the same rule: a freeze blocks debits and lets credits land.
Does topping up the treasury also approve it to spend those tokens?
No, they are two separate steps. Topping up is a plain transfer of the denomination asset into the treasury address; it changes the balance the treasury holds, nothing else. Approving is a separate allowance grant that lets the yield or maturity feature spend from that balance when a holder claims or redeems. The treasury-health indicator watches both together, so a green status means the balance and the allowance are both sufficient, not just one of them.
How are dividends paid across share classes?
An instrument with several share classes can pay every class from one pool in rank order. One class carries a distribution waterfall, and each class's dividend feature uses the waterfall as its treasury. A holder's claim draws only on the amount the waterfall allocated to that holder's class, so a claim on a class with no allocation fails. The token page shows the waterfall as awaiting a coordinated distribution until the first pool is funded.
The ranks and the two payment orders come from the terms the instrument was issued with. Paying several share classes from one pool explains the mechanism, and the distribution waterfall entry lists the terms and works through the numbers.
Can the treasury be a smart contract instead of an ordinary wallet?
Yes, for both features. The Console tracks whether a treasury address is a contract and adjusts what it offers accordingly, the same distinction covered under Troubleshooting for a missing approve control.