  The bond-nematic state has both long-range ordering of magnetic quadrupoles
and the high entanglement typical of spin liquids, and as such can be thought
of as a spin liquid crystal. One of the most promising materials in which to
find such a state is BaCdVO(PO$_4$)$_2$, in which a magnetically silent phase
has been found between a magnetically ordered low-field phase and the
high-field polarised phase. Here I study the magnetic Hamiltonian of
BaCdVO(PO$_4$)$_2$, and, for the Hamiltonian-parameters determined by fits to
inelastic neutron scattering experiments, show that magnons condense out of the
polarised state as bound pairs. This is direct theoretical support for the
existence of a bond-nematic state just below the saturation field.
