Rehost annual bond policy branch

README.md

@@ -97,6 +97,9 @@ headlessly as a pure runtime reader over owned annual-finance state, support-adj
 and current world finance policy rather than as a notes-only atlas fragment. The later deep-
 distress bankruptcy fallback is now rehosted on that same owner surface too, using the save-native
 cash reader seam plus the first three trailing net-profit years instead of another ad hoc probe.
+The annual bond lane now runs on that same owner surface too, using the simulated post-repayment
+cash window plus the linked-transit threshold split to stage `500000` principal issue counts as a
+pure runtime reader.
 The same seam now also carries the fixed-world building-density growth setting plus the linked
 chairman personality byte, which is enough to run the annual stock-repurchase gate as another
 pure reader over owned save-native state instead of a guessed finance-side approximation.

crates/rrt-runtime/src/lib.rs

@@ -52,28 +52,29 @@ pub use runtime::{
     RUNTIME_WORLD_ISSUE_PRIME_RATE, RuntimeCargoCatalogEntry, RuntimeCargoClass,
     RuntimeCargoPriceTarget, RuntimeCargoProductionTarget, RuntimeChairmanMetric,
     RuntimeChairmanProfile, RuntimeChairmanTarget, RuntimeCompany,
-    RuntimeCompanyAnnualCreditorPressureState, RuntimeCompanyAnnualDeepDistressState,
+    RuntimeCompanyAnnualBondPolicyState, RuntimeCompanyAnnualCreditorPressureState,
-    RuntimeCompanyAnnualFinanceState, RuntimeCompanyAnnualStockIssueState,
+    RuntimeCompanyAnnualDeepDistressState, RuntimeCompanyAnnualFinanceState,
-    RuntimeCompanyAnnualStockRepurchaseState, RuntimeCompanyBondSlot,
+    RuntimeCompanyAnnualStockIssueState, RuntimeCompanyAnnualStockRepurchaseState,
-    RuntimeCompanyConditionTestScope, RuntimeCompanyControllerKind, RuntimeCompanyMarketMetric,
+    RuntimeCompanyBondSlot, RuntimeCompanyConditionTestScope, RuntimeCompanyControllerKind,
-    RuntimeCompanyMarketState, RuntimeCompanyMetric, RuntimeCompanyStatBandCandidate,
+    RuntimeCompanyMarketMetric, RuntimeCompanyMarketState, RuntimeCompanyMetric,
-    RuntimeCompanyStatSelector, RuntimeCompanyTarget, RuntimeCompanyTerritoryAccess,
+    RuntimeCompanyStatBandCandidate, RuntimeCompanyStatSelector, RuntimeCompanyTarget,
-    RuntimeCompanyTerritoryTrackPieceCount, RuntimeCondition, RuntimeConditionComparator,
+    RuntimeCompanyTerritoryAccess, RuntimeCompanyTerritoryTrackPieceCount, RuntimeCondition,
-    RuntimeEffect, RuntimeEventRecord, RuntimeEventRecordTemplate, RuntimeLocomotiveCatalogEntry,
+    RuntimeConditionComparator, RuntimeEffect, RuntimeEventRecord, RuntimeEventRecordTemplate,
-    RuntimePackedEventCollectionSummary, RuntimePackedEventCompactControlSummary,
+    RuntimeLocomotiveCatalogEntry, RuntimePackedEventCollectionSummary,
-    RuntimePackedEventConditionRowSummary, RuntimePackedEventGroupedEffectRowSummary,
+    RuntimePackedEventCompactControlSummary, RuntimePackedEventConditionRowSummary,
-    RuntimePackedEventNegativeSentinelScopeSummary, RuntimePackedEventRecordSummary,
+    RuntimePackedEventGroupedEffectRowSummary, RuntimePackedEventNegativeSentinelScopeSummary,
-    RuntimePackedEventTextBandSummary, RuntimePlayer, RuntimePlayerConditionTestScope,
+    RuntimePackedEventRecordSummary, RuntimePackedEventTextBandSummary, RuntimePlayer,
-    RuntimePlayerTarget, RuntimeSaveProfileState, RuntimeServiceState, RuntimeState,
+    RuntimePlayerConditionTestScope, RuntimePlayerTarget, RuntimeSaveProfileState,
-    RuntimeTerritory, RuntimeTerritoryMetric, RuntimeTerritoryTarget, RuntimeTrackMetric,
+    RuntimeServiceState, RuntimeState, RuntimeTerritory, RuntimeTerritoryMetric,
-    RuntimeTrackPieceCounts, RuntimeTrain, RuntimeWorldFinanceNeighborhoodCandidate,
+    RuntimeTerritoryTarget, RuntimeTrackMetric, RuntimeTrackPieceCounts, RuntimeTrain,
-    RuntimeWorldIssueState, RuntimeWorldRestoreState,
+    RuntimeWorldFinanceNeighborhoodCandidate, RuntimeWorldIssueState, RuntimeWorldRestoreState,
-    runtime_company_annual_creditor_pressure_state, runtime_company_annual_deep_distress_state,
+    runtime_company_annual_bond_policy_state, runtime_company_annual_creditor_pressure_state,
-    runtime_company_annual_finance_state, runtime_company_annual_stock_issue_state,
+    runtime_company_annual_deep_distress_state, runtime_company_annual_finance_state,
-    runtime_company_annual_stock_repurchase_state, runtime_company_assigned_share_pool,
+    runtime_company_annual_stock_issue_state, runtime_company_annual_stock_repurchase_state,
-    runtime_company_average_live_bond_coupon, runtime_company_book_value_per_share,
+    runtime_company_assigned_share_pool, runtime_company_average_live_bond_coupon,
-    runtime_company_credit_rating, runtime_company_investor_confidence,
+    runtime_company_book_value_per_share, runtime_company_credit_rating,
-    runtime_company_management_attitude, runtime_company_market_value, runtime_company_prime_rate,
+    runtime_company_investor_confidence, runtime_company_management_attitude,
+    runtime_company_market_value, runtime_company_prime_rate,
     runtime_company_recent_per_share_subscore, runtime_company_stat_value,
     runtime_company_stat_value_f64, runtime_company_unassigned_share_pool,
     runtime_world_annual_finance_mode_active, runtime_world_bankruptcy_allowed,

crates/rrt-runtime/src/runtime.rs

@@ -310,6 +310,35 @@ pub struct RuntimeCompanyAnnualStockIssueState {
     pub eligible_for_double_tranche_issue: bool,
 }
 
+#[derive(Debug, Clone, PartialEq, Eq, Serialize, Deserialize)]
+pub struct RuntimeCompanyAnnualBondPolicyState {
+    pub company_id: u32,
+    #[serde(default)]
+    pub annual_mode_active: Option<bool>,
+    #[serde(default)]
+    pub bond_issue_and_repayment_allowed: Option<bool>,
+    pub linked_transit_latch: bool,
+    #[serde(default)]
+    pub live_bond_count: Option<u8>,
+    #[serde(default)]
+    pub live_bond_principal_total: Option<u32>,
+    #[serde(default)]
+    pub current_cash: Option<i64>,
+    #[serde(default)]
+    pub cash_after_full_repayment: Option<i64>,
+    #[serde(default)]
+    pub issue_cash_floor: Option<i64>,
+    #[serde(default)]
+    pub issue_principal_step: Option<u32>,
+    #[serde(default)]
+    pub proposed_issue_bond_count: Option<u32>,
+    #[serde(default)]
+    pub proposed_issue_total_principal: Option<u32>,
+    #[serde(default)]
+    pub proposed_issue_years_to_maturity: Option<u32>,
+    pub eligible_for_bond_issue_branch: bool,
+}
+
 #[derive(Debug, Clone, Copy, PartialEq, Eq, Serialize, Deserialize, Default)]
 pub struct RuntimeTrackPieceCounts {
     #[serde(default)]
@@ -2235,6 +2264,17 @@ fn runtime_company_highest_live_bond_coupon_rate_f64(
         .max_by(|left, right| left.partial_cmp(right).unwrap_or(std::cmp::Ordering::Equal))
 }
 
+fn runtime_company_total_live_bond_principal(state: &RuntimeState, company_id: u32) -> Option<u32> {
+    let market_state = state.service_state.company_market_state.get(&company_id)?;
+    Some(
+        market_state
+            .live_bond_slots
+            .iter()
+            .map(|slot| slot.principal)
+            .sum(),
+    )
+}
+
 fn runtime_company_support_adjusted_share_price_scalar_with_pressure_f64(
     state: &RuntimeState,
     company_id: u32,
@@ -3016,6 +3056,65 @@ pub fn runtime_company_annual_stock_repurchase_state(
     })
 }
 
+pub fn runtime_company_annual_bond_policy_state(
+    state: &RuntimeState,
+    company_id: u32,
+) -> Option<RuntimeCompanyAnnualBondPolicyState> {
+    const STANDARD_CASH_FLOOR: i64 = -250_000;
+    const LINKED_TRANSIT_CASH_FLOOR: i64 = -30_000;
+    const ISSUE_PRINCIPAL_STEP: u32 = 500_000;
+    const ISSUE_YEARS_TO_MATURITY: u32 = 30;
+
+    let annual_finance_state = runtime_company_annual_finance_state(state, company_id)?;
+    let current_cash = runtime_company_control_transfer_stat_value_f64(
+        state,
+        company_id,
+        RUNTIME_COMPANY_STAT_SLOT_CURRENT_CASH,
+    )
+    .and_then(runtime_round_f64_to_i64);
+    let live_bond_principal_total = runtime_company_total_live_bond_principal(state, company_id);
+    let cash_after_full_repayment = current_cash
+        .zip(live_bond_principal_total)
+        .map(|(cash, principal)| cash - i64::from(principal));
+    let issue_cash_floor = Some(if annual_finance_state.linked_transit_latch {
+        LINKED_TRANSIT_CASH_FLOOR
+    } else {
+        STANDARD_CASH_FLOOR
+    });
+    let proposed_issue_bond_count = cash_after_full_repayment.zip(issue_cash_floor).map(
+        |(cash_after_repayment, cash_floor)| {
+            if cash_after_repayment >= cash_floor {
+                0
+            } else {
+                let deficit = (cash_floor - cash_after_repayment) as u64;
+                deficit.div_ceil(u64::from(ISSUE_PRINCIPAL_STEP)) as u32
+            }
+        },
+    );
+    let proposed_issue_total_principal =
+        proposed_issue_bond_count.and_then(|count| count.checked_mul(ISSUE_PRINCIPAL_STEP));
+    let eligible_for_bond_issue_branch = runtime_world_annual_finance_mode_active(state)
+        == Some(true)
+        && runtime_world_bond_issue_and_repayment_allowed(state) == Some(true)
+        && proposed_issue_bond_count.is_some_and(|count| count > 0);
+    Some(RuntimeCompanyAnnualBondPolicyState {
+        company_id,
+        annual_mode_active: runtime_world_annual_finance_mode_active(state),
+        bond_issue_and_repayment_allowed: runtime_world_bond_issue_and_repayment_allowed(state),
+        linked_transit_latch: annual_finance_state.linked_transit_latch,
+        live_bond_count: Some(annual_finance_state.bond_count),
+        live_bond_principal_total,
+        current_cash,
+        cash_after_full_repayment,
+        issue_cash_floor,
+        issue_principal_step: Some(ISSUE_PRINCIPAL_STEP),
+        proposed_issue_bond_count,
+        proposed_issue_total_principal,
+        proposed_issue_years_to_maturity: Some(ISSUE_YEARS_TO_MATURITY),
+        eligible_for_bond_issue_branch,
+    })
+}
+
 fn runtime_company_stock_issue_price_to_book_ratio_f64(
     pressured_support_adjusted_share_price_scalar: f64,
     book_value_per_share: f64,
@@ -3144,6 +3243,8 @@ pub fn runtime_company_annual_stock_issue_state(
             .eligible_for_bankruptcy_branch
         && !runtime_company_annual_deep_distress_state(state, company_id)?
             .eligible_for_bankruptcy_fallback
+        && !runtime_company_annual_bond_policy_state(state, company_id)?
+            .eligible_for_bond_issue_branch
         && !runtime_company_annual_stock_repurchase_state(state, company_id)?
             .eligible_for_single_batch_repurchase
         && passes_share_price_floor == Some(true)
@@ -7621,6 +7722,121 @@ mod tests {
         assert!(!repurchase_state.eligible_for_single_batch_repurchase);
     }
 
+    #[test]
+    fn derives_annual_bond_policy_state_from_rehosted_owner_state() {
+        let mut year_stat_family_qword_bits = vec![
+            0u64;
+            ((RUNTIME_COMPANY_STAT_SLOT_COUNT + 2) * RUNTIME_COMPANY_YEAR_STAT_FAMILY_SPAN)
+                as usize
+        ];
+        let write_current_value = |bits: &mut Vec<u64>, slot_id: u32, value: f64| {
+            let index = (slot_id * RUNTIME_COMPANY_YEAR_STAT_FAMILY_SPAN) as usize;
+            bits[index] = value.to_bits();
+        };
+        write_current_value(&mut year_stat_family_qword_bits, 0x0d, -400_000.0);
+
+        let state = RuntimeState {
+            calendar: CalendarPoint {
+                year: 1845,
+                month_slot: 0,
+                phase_slot: 0,
+                tick_slot: 0,
+            },
+            world_flags: BTreeMap::new(),
+            save_profile: RuntimeSaveProfileState::default(),
+            world_restore: RuntimeWorldRestoreState {
+                partial_year_progress_raw_u8: Some(0x0c),
+                bond_issue_and_repayment_policy_raw_u8: Some(0),
+                bond_issue_and_repayment_allowed: Some(true),
+                ..RuntimeWorldRestoreState::default()
+            },
+            metadata: BTreeMap::new(),
+            companies: vec![RuntimeCompany {
+                company_id: 11,
+                current_cash: 0,
+                debt: 0,
+                credit_rating_score: None,
+                prime_rate: None,
+                active: true,
+                available_track_laying_capacity: None,
+                controller_kind: RuntimeCompanyControllerKind::Unknown,
+                linked_chairman_profile_id: None,
+                book_value_per_share: 0,
+                investor_confidence: 0,
+                management_attitude: 0,
+                takeover_cooldown_year: None,
+                merger_cooldown_year: None,
+                track_piece_counts: RuntimeTrackPieceCounts::default(),
+            }],
+            selected_company_id: None,
+            players: Vec::new(),
+            selected_player_id: None,
+            chairman_profiles: Vec::new(),
+            selected_chairman_profile_id: None,
+            trains: Vec::new(),
+            locomotive_catalog: Vec::new(),
+            cargo_catalog: Vec::new(),
+            territories: Vec::new(),
+            company_territory_track_piece_counts: Vec::new(),
+            company_territory_access: Vec::new(),
+            packed_event_collection: None,
+            event_runtime_records: Vec::new(),
+            candidate_availability: BTreeMap::new(),
+            named_locomotive_availability: BTreeMap::new(),
+            named_locomotive_cost: BTreeMap::new(),
+            all_cargo_price_override: None,
+            named_cargo_price_overrides: BTreeMap::new(),
+            all_cargo_production_override: None,
+            factory_cargo_production_override: None,
+            farm_mine_cargo_production_override: None,
+            named_cargo_production_overrides: BTreeMap::new(),
+            cargo_production_overrides: BTreeMap::new(),
+            world_runtime_variables: BTreeMap::new(),
+            company_runtime_variables: BTreeMap::new(),
+            player_runtime_variables: BTreeMap::new(),
+            territory_runtime_variables: BTreeMap::new(),
+            world_scalar_overrides: BTreeMap::new(),
+            special_conditions: BTreeMap::new(),
+            service_state: RuntimeServiceState {
+                company_market_state: BTreeMap::from([(
+                    11,
+                    RuntimeCompanyMarketState {
+                        bond_count: 2,
+                        linked_transit_latch: true,
+                        live_bond_slots: vec![
+                            RuntimeCompanyBondSlot {
+                                slot_index: 0,
+                                principal: 200_000,
+                                coupon_rate_raw_u32: 0.09f32.to_bits(),
+                            },
+                            RuntimeCompanyBondSlot {
+                                slot_index: 1,
+                                principal: 150_000,
+                                coupon_rate_raw_u32: 0.08f32.to_bits(),
+                            },
+                        ],
+                        year_stat_family_qword_bits,
+                        ..RuntimeCompanyMarketState::default()
+                    },
+                )]),
+                ..RuntimeServiceState::default()
+            },
+        };
+
+        let bond_state =
+            runtime_company_annual_bond_policy_state(&state, 11).expect("bond policy state");
+        assert_eq!(bond_state.live_bond_count, Some(2));
+        assert_eq!(bond_state.live_bond_principal_total, Some(350_000));
+        assert_eq!(bond_state.current_cash, Some(-400_000));
+        assert_eq!(bond_state.cash_after_full_repayment, Some(-750_000));
+        assert_eq!(bond_state.issue_cash_floor, Some(-30_000));
+        assert_eq!(bond_state.issue_principal_step, Some(500_000));
+        assert_eq!(bond_state.proposed_issue_bond_count, Some(2));
+        assert_eq!(bond_state.proposed_issue_total_principal, Some(1_000_000));
+        assert_eq!(bond_state.proposed_issue_years_to_maturity, Some(30));
+        assert!(bond_state.eligible_for_bond_issue_branch);
+    }
+
     #[test]
     fn derives_annual_stock_issue_state_from_rehosted_owner_state() {
         let mut year_stat_family_qword_bits = vec![

crates/rrt-runtime/src/summary.rs

@@ -1,10 +1,10 @@
 use serde::{Deserialize, Serialize};
 
 use crate::{
-    CalendarPoint, RuntimeState, runtime_company_annual_creditor_pressure_state,
+    CalendarPoint, RuntimeState, runtime_company_annual_bond_policy_state,
-    runtime_company_annual_deep_distress_state, runtime_company_annual_finance_state,
+    runtime_company_annual_creditor_pressure_state, runtime_company_annual_deep_distress_state,
-    runtime_company_annual_stock_issue_state, runtime_company_annual_stock_repurchase_state,
+    runtime_company_annual_finance_state, runtime_company_annual_stock_issue_state,
-    runtime_company_unassigned_share_pool,
+    runtime_company_annual_stock_repurchase_state, runtime_company_unassigned_share_pool,
 };
 
 fn raw_u32_to_f32_text(raw: u32) -> String {
@@ -113,6 +113,17 @@ pub struct RuntimeSummary {
     pub selected_company_deep_distress_cash_floor: Option<i64>,
     pub selected_company_deep_distress_net_profit_floor: Option<i64>,
     pub selected_company_deep_distress_eligible_for_bankruptcy_fallback: Option<bool>,
+    pub selected_company_annual_bond_linked_transit_latch: Option<bool>,
+    pub selected_company_annual_bond_live_bond_count: Option<u8>,
+    pub selected_company_annual_bond_live_bond_principal_total: Option<u32>,
+    pub selected_company_annual_bond_current_cash: Option<i64>,
+    pub selected_company_annual_bond_cash_after_full_repayment: Option<i64>,
+    pub selected_company_annual_bond_issue_cash_floor: Option<i64>,
+    pub selected_company_annual_bond_issue_principal_step: Option<u32>,
+    pub selected_company_annual_bond_proposed_issue_bond_count: Option<u32>,
+    pub selected_company_annual_bond_proposed_issue_total_principal: Option<u32>,
+    pub selected_company_annual_bond_proposed_issue_years_to_maturity: Option<u32>,
+    pub selected_company_annual_bond_eligible_for_issue_branch: Option<bool>,
     pub selected_company_stock_repurchase_city_connection_latch: Option<bool>,
     pub selected_company_stock_repurchase_building_density_growth_setting: Option<u32>,
     pub selected_company_stock_repurchase_linked_chairman_profile_id: Option<u32>,
@@ -241,6 +252,9 @@ impl RuntimeSummary {
         let selected_company_deep_distress_state = state
             .selected_company_id
             .and_then(|company_id| runtime_company_annual_deep_distress_state(state, company_id));
+        let selected_company_annual_bond_state = state
+            .selected_company_id
+            .and_then(|company_id| runtime_company_annual_bond_policy_state(state, company_id));
         let selected_company_stock_repurchase_state =
             state.selected_company_id.and_then(|company_id| {
                 runtime_company_annual_stock_repurchase_state(state, company_id)
@@ -524,6 +538,45 @@ impl RuntimeSummary {
                 selected_company_deep_distress_state
                     .as_ref()
                     .map(|pressure_state| pressure_state.eligible_for_bankruptcy_fallback),
+            selected_company_annual_bond_linked_transit_latch: selected_company_annual_bond_state
+                .as_ref()
+                .map(|bond_state| bond_state.linked_transit_latch),
+            selected_company_annual_bond_live_bond_count: selected_company_annual_bond_state
+                .as_ref()
+                .and_then(|bond_state| bond_state.live_bond_count),
+            selected_company_annual_bond_live_bond_principal_total:
+                selected_company_annual_bond_state
+                    .as_ref()
+                    .and_then(|bond_state| bond_state.live_bond_principal_total),
+            selected_company_annual_bond_current_cash: selected_company_annual_bond_state
+                .as_ref()
+                .and_then(|bond_state| bond_state.current_cash),
+            selected_company_annual_bond_cash_after_full_repayment:
+                selected_company_annual_bond_state
+                    .as_ref()
+                    .and_then(|bond_state| bond_state.cash_after_full_repayment),
+            selected_company_annual_bond_issue_cash_floor: selected_company_annual_bond_state
+                .as_ref()
+                .and_then(|bond_state| bond_state.issue_cash_floor),
+            selected_company_annual_bond_issue_principal_step: selected_company_annual_bond_state
+                .as_ref()
+                .and_then(|bond_state| bond_state.issue_principal_step),
+            selected_company_annual_bond_proposed_issue_bond_count:
+                selected_company_annual_bond_state
+                    .as_ref()
+                    .and_then(|bond_state| bond_state.proposed_issue_bond_count),
+            selected_company_annual_bond_proposed_issue_total_principal:
+                selected_company_annual_bond_state
+                    .as_ref()
+                    .and_then(|bond_state| bond_state.proposed_issue_total_principal),
+            selected_company_annual_bond_proposed_issue_years_to_maturity:
+                selected_company_annual_bond_state
+                    .as_ref()
+                    .and_then(|bond_state| bond_state.proposed_issue_years_to_maturity),
+            selected_company_annual_bond_eligible_for_issue_branch:
+                selected_company_annual_bond_state
+                    .as_ref()
+                    .map(|bond_state| bond_state.eligible_for_bond_issue_branch),
             selected_company_stock_repurchase_city_connection_latch:
                 selected_company_stock_repurchase_state
                     .as_ref()
@@ -2911,6 +2964,153 @@ mod tests {
         );
     }
 
+    #[test]
+    fn summarizes_selected_company_annual_bond_policy_state() {
+        let mut year_stat_family_qword_bits = vec![
+            0u64;
+            ((crate::RUNTIME_COMPANY_STAT_SLOT_COUNT + 2)
+                * crate::RUNTIME_COMPANY_YEAR_STAT_FAMILY_SPAN)
+                as usize
+        ];
+        year_stat_family_qword_bits[(crate::RUNTIME_COMPANY_STAT_SLOT_CURRENT_CASH
+            * crate::RUNTIME_COMPANY_YEAR_STAT_FAMILY_SPAN)
+            as usize] = (-400_000.0f64).to_bits();
+
+        let state = RuntimeState {
+            calendar: CalendarPoint {
+                year: 1845,
+                month_slot: 0,
+                phase_slot: 0,
+                tick_slot: 0,
+            },
+            world_flags: BTreeMap::new(),
+            save_profile: RuntimeSaveProfileState::default(),
+            world_restore: RuntimeWorldRestoreState {
+                partial_year_progress_raw_u8: Some(0x0c),
+                bond_issue_and_repayment_policy_raw_u8: Some(0),
+                bond_issue_and_repayment_allowed: Some(true),
+                ..RuntimeWorldRestoreState::default()
+            },
+            metadata: BTreeMap::new(),
+            companies: vec![RuntimeCompany {
+                company_id: 11,
+                current_cash: 0,
+                debt: 0,
+                credit_rating_score: None,
+                prime_rate: None,
+                active: true,
+                available_track_laying_capacity: None,
+                controller_kind: crate::RuntimeCompanyControllerKind::Unknown,
+                linked_chairman_profile_id: None,
+                book_value_per_share: 0,
+                investor_confidence: 0,
+                management_attitude: 0,
+                takeover_cooldown_year: None,
+                merger_cooldown_year: None,
+                track_piece_counts: RuntimeTrackPieceCounts::default(),
+            }],
+            selected_company_id: Some(11),
+            players: Vec::new(),
+            selected_player_id: None,
+            chairman_profiles: Vec::new(),
+            selected_chairman_profile_id: None,
+            trains: Vec::new(),
+            locomotive_catalog: Vec::new(),
+            cargo_catalog: Vec::new(),
+            territories: Vec::new(),
+            company_territory_track_piece_counts: Vec::new(),
+            company_territory_access: Vec::new(),
+            packed_event_collection: None,
+            event_runtime_records: Vec::new(),
+            candidate_availability: BTreeMap::new(),
+            named_locomotive_availability: BTreeMap::new(),
+            named_locomotive_cost: Vec::new().into_iter().collect(),
+            all_cargo_price_override: None,
+            named_cargo_price_overrides: BTreeMap::new(),
+            all_cargo_production_override: None,
+            factory_cargo_production_override: None,
+            farm_mine_cargo_production_override: None,
+            named_cargo_production_overrides: BTreeMap::new(),
+            cargo_production_overrides: BTreeMap::new(),
+            world_runtime_variables: BTreeMap::new(),
+            company_runtime_variables: BTreeMap::new(),
+            player_runtime_variables: BTreeMap::new(),
+            territory_runtime_variables: BTreeMap::new(),
+            world_scalar_overrides: BTreeMap::new(),
+            special_conditions: BTreeMap::new(),
+            service_state: RuntimeServiceState {
+                company_market_state: BTreeMap::from([(
+                    11,
+                    crate::RuntimeCompanyMarketState {
+                        bond_count: 2,
+                        linked_transit_latch: true,
+                        live_bond_slots: vec![
+                            crate::RuntimeCompanyBondSlot {
+                                slot_index: 0,
+                                principal: 200_000,
+                                coupon_rate_raw_u32: 0.09f32.to_bits(),
+                            },
+                            crate::RuntimeCompanyBondSlot {
+                                slot_index: 1,
+                                principal: 150_000,
+                                coupon_rate_raw_u32: 0.08f32.to_bits(),
+                            },
+                        ],
+                        year_stat_family_qword_bits,
+                        ..crate::RuntimeCompanyMarketState::default()
+                    },
+                )]),
+                ..RuntimeServiceState::default()
+            },
+        };
+
+        let summary = RuntimeSummary::from_state(&state);
+        assert_eq!(
+            summary.selected_company_annual_bond_linked_transit_latch,
+            Some(true)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_live_bond_count,
+            Some(2)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_live_bond_principal_total,
+            Some(350_000)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_current_cash,
+            Some(-400_000)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_cash_after_full_repayment,
+            Some(-750_000)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_issue_cash_floor,
+            Some(-30_000)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_issue_principal_step,
+            Some(500_000)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_proposed_issue_bond_count,
+            Some(2)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_proposed_issue_total_principal,
+            Some(1_000_000)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_proposed_issue_years_to_maturity,
+            Some(30)
+        );
+        assert_eq!(
+            summary.selected_company_annual_bond_eligible_for_issue_branch,
+            Some(true)
+        );
+    }
+
     #[test]
     fn summarizes_selected_company_stock_issue_state() {
         let mut year_stat_family_qword_bits = vec![

docs/README.md

@@ -139,7 +139,7 @@ The highest-value next passes are now:
   bankruptcy, and dividend finance-policy bytes, and the first annual creditor-pressure branch now
   executes as a pure runtime reader over that owner state instead of remaining atlas-only; the
   later deep-distress bankruptcy fallback now runs on that same save-native cash and trailing-
-  profit seam; the annual stock-repurchase and stock-capital issue branches now do too
+  profit seam; the annual bond, stock-repurchase, and stock-capital issue branches now do too
   net-profit surface too; the same owner seam now also carries the fixed-world building-density
   growth setting plus the linked chairman personality byte, which is enough to run the annual
   stock-repurchase gate headlessly as another pure reader

docs/runtime-rehost-plan.md

@@ -232,6 +232,8 @@ bankruptcy branch now runs as a pure runtime reader over owned annual-finance st
 adjusted share price, and those policy bytes rather than staying in atlas prose only. The later
 deep-distress bankruptcy fallback now rides the same owner-state seam too, using the save-native
 cash reader plus the first three trailing net-profit years instead of a parallel raw-offset guess.
+The annual bond lane now rides it as well, using the simulated post-repayment cash window plus the
+linked-transit threshold split to stage `500000` principal issue counts without shell ownership.
 That same seam now also carries the fixed-world building-density growth setting plus the linked
 chairman personality byte, which is enough to rehost the annual stock-repurchase gate on owned
 save/runtime state instead of another threshold-only note. The stock-capital issue branch now