They’re not.
RE: risks…
In the event of default, order of payments:
Some selective takes, but one should trust the going concern, capitalisation, integrity of the security package and brand of Project Imagine/dozens savings before bidding for these bonds. Personally I do (i’d rank this 1 risk tier below P2P e.g. al la Ratesetter & their Provision Fund), but I’d equally understand an informed decision not to.
