Bond (finance) - Knowledge

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exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away from domestic markets. These bond issues are generally governed by the law of the market of issuance, e.g., a samurai bond, issued by an investor based in Europe, will be governed by Japanese law. Not all of the following bonds are restricted for purchase by investors in the market of issuance.

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stolen. In some countries they were historically popular because the owner could not be traced by the tax authorities. For example, after federal income tax began in the United States, bearer bonds were seen as an opportunity to conceal income or assets. U.S. corporations stopped issuing bearer bonds in the 1960s, the U.S. Treasury stopped in 1982, and state and local tax-exempt bearer bonds were prohibited in 1983.

2018:". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates, the length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.) 1196:

securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In the market for United States Treasury securities, there are four categories of bond maturities:

1292:, as it is termed in the United Kingdom) is an estimate of the total rate of return anticipated to be earned by an investor who buys a bond at a given market price, holds it to maturity, and receives all interest payments and the capital redemption on schedule. It is a more useful measure of the return on a bond than current yield because it takes into account the 1888:

However, the bond is not easily transferable to other people. Registered bonds seldom appeared in the market for trading. The traceability of the bonds means it has a minor effect on bond prices. Once a new owner acquired the bond, the old bond must be sent to the corporation or agent for cancellation and for issuance of a new bond. It is the opposite of a

2261:. Under the laws of many countries (including the United States and Canada), bondholders are in line to receive the proceeds of the sale of the assets of a liquidated company ahead of some other creditors. Bank lenders, deposit holders (in the case of a deposit taking institution such as a bank) and trade creditors may take precedence. 1368:

federal and state securities and commercial laws apply to the enforcement of these agreements, which are construed by courts as contracts between issuers and bondholders. The terms may be changed only with great difficulty while the bonds are outstanding, with amendments to the governing document generally requiring approval by a

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quantities of these outstanding for decades, and they have now been fully repaid. Some ultra-long-term bonds (sometimes a bond can last centuries: West Shore Railroad issued a bond which matures in 2361 (i.e. 24th century)) are virtually perpetuities from a financial point of view, with the current value of principal near zero.

989:) over a specified amount of time). The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of 1564:. Unlike traditional US municipal bonds, which are usually tax exempt, interest received on BABs is subject to federal taxation. However, as with municipal bonds, the bond is tax-exempt within the US state where it is issued. Generally, BABs offer significantly higher yields than standard municipal bonds. 2029:

multiplied by the par value and divided by the price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between

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Although bonds are not necessarily issued at par (100% of face value, corresponding to a price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond.

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The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into the issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign

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Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as the foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers

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A book-entry bond is a bond that does not have a paper certificate. As physically processing paper bonds and interest coupons became more expensive, issuers (and banks that used to collect coupon interest for depositors) have tried to discourage their use. Some book-entry bond issues do not offer the

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to the trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory", i.e. holds it for their own account. The dealer is then subject to risks of price fluctuation. In other cases, the dealer

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Most bonds are structured to mature on a stated date, when the principal is due to be repaid, and interest payments cease. Typically, a bond with term to maturity of under five years would be called a short bond; 5 to 15 years would be "medium", and over 15 years would be "long"; but the numbers may

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provision of the corporate bond indenture requires a certain portion of the issue to be retired periodically. The entire bond issue can be liquidated by the maturity date; if not, the remainder is called balloon maturity. Issuers may either pay to trustees, which in turn call randomly selected bonds

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Bond markets can also differ from stock markets in that, in some markets, investors sometimes do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather, the dealers earn revenue by means of the spread, or difference, between the price at which the dealer buys a bond from

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or 'Perps'. They have no maturity date. Historically the most famous of these were the UK Consols (there were also some other perpetual UK government bonds, such as War Loan, Treasury Annuities and undated Treasuries). Some of these were issued back in 1888 or earlier. There had been insignificant

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is a special type of municipal bond distinguished by its guarantee of repayment solely from revenues generated by a specified revenue-generating entity associated with the purpose of the bonds. Revenue bonds are typically "non-recourse", meaning that in the event of default, the bond holder has no

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is a formal debt agreement that establishes the terms of a bond issue, while covenants are the clauses of such an agreement. Covenants specify the rights of bondholders and the duties of issuers, such as actions that the issuer is obligated to perform or is prohibited from performing. In the U.S.,

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is an official certificate issued without a named holder. In other words, the person who has the paper certificate can claim the value of the bond. Often they are registered by a number to prevent counterfeiting, but may be traded like cash. Bearer bonds are very risky because they can be lost or

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Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at the end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular

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upgrade or downgrade the credit rating of the issuer. An unanticipated downgrade will cause the market price of the bond to fall. As with interest rate risk, this risk does not affect the bond's interest payments (provided the issuer does not actually default), but puts at risk the market price,

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of bonds will fall, reflecting investors' ability to get a higher interest rate on their money elsewhere—perhaps by purchasing a newly issued bond that already features the newly higher interest rate. This does not affect the interest payments to the bondholder, so long-term investors who want a

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The bond's market price is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is

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is paid, then government taxes, etc. The first bond holders in line to be paid are those holding what are called senior bonds. After they have been paid, the subordinated bond holders are paid. As a result, the risk is higher. Therefore, subordinated bonds usually have a lower credit rating than

1402:. With some bonds, the issuer has to pay a premium, the so-called call premium. This is mainly the case for high-yield bonds. These have very strict covenants, restricting the issuer in its operations. To be free from these covenants, the issuer can repay the bonds early, but only at a high cost. 1349:

The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that the issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a

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have noted. The yield to maturity will be realized only under certain conditions, including: 1) all interest payments are reinvested rather than spent, and 2) all interest payments are reinvested at the yield to maturity calculated at the time the bond is purchased. This distinction may not be a

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payments. Bonds are often liquid – it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much, which may be more difficult for equities – and the comparative certainty of a fixed interest payment twice a year and a fixed lump sum at maturity is

2273:, in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds. 1887:

A registered bond is a bond whose ownership (and any subsequent purchaser) is recorded by the issuer, or by a transfer agent. Interest payments and the principal upon maturity are sent to the registered owner. The owner can continue to receive interest with a duplicated bond in case of a loss.

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date. As long as all due payments have been made, the issuer has no further obligations to the bond holders after the maturity date. The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt

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issued by a local authority or subdivision within a country, for example a city or a federal state. These will to varying degrees carry the backing of the national government. In the United States, such bonds are exempt from certain taxes. For example, Build America Bonds (BABs) are a form of

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Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid

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Bonds can be categorised in several ways, such as the type of issuer, the currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond:

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A death put is an optional redemption feature on a debt instrument allowing the beneficiary of the estate of a deceased bondholder to put (sell) the bond back to the issuer at face value in the event of the bondholder's death or legal incapacitation. This is also known as a "survivor's

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The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in the markets.

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In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in the

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are issued by European and other states. Interest is paid as on a traditional fixed rate bond, but the issuer will redeem randomly selected individual bonds within the issue according to a schedule. Some of these redemptions will be for a higher value than the face value of the

2121:. Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy the bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through 2006:. Hence, a deep discount US bond, selling at a price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the 1020:

stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind

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The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors.

2155:, meaning that their market prices will decrease in value when the generally prevailing interest rates rise. Since the payments are fixed, a decrease in the market price of the bond means an increase in its yield. When the market interest rate rises, the 1769:, so that the interest is effectively rolled up to maturity (and usually taxed as such). The bondholder receives the full principal amount on the redemption date. An example of zero coupon bonds is Series E savings bonds issued by the U.S. government. 1601:, because they are uncertain that the issuer will be able or willing to pay the scheduled interest payments and/or redeem the bond at maturity. As these bonds are much riskier than investment grade bonds, investors expect to earn a much higher yield. 1296:

of future interest payments and principal repaid at maturity. The yield to maturity or redemption yield calculated at the time of purchase is not necessarily the return the investor will actually earn, as finance scholars Dr. Annette Thau and Dr.

1025:, in the event of bankruptcy. Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception is an irredeemable bond, which is a 1149:

Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called a

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who arrange the bond issue, have direct contact with investors and act as advisers to the bond issuer in terms of timing and price of the bond issue. The bookrunner is listed first among all underwriters participating in the issuance in the

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are the safest bonds, with the lowest interest rate. A Treasury bond is backed by the "full faith and credit" of the relevant government. However, in reality most or all government bonds do carry some residual risk. This is indicated by

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could become a real problem, conversely, bonds' market prices would increase if the prevailing interest rate were to drop, as it did from 2001 through 2003. One way to quantify the interest rate risk on a bond is in terms of its

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Fixed rate bonds have interest payments ("coupon"), usually semi-annual, that remains constant throughout the life of the bond. Other variations include stepped-coupon bonds, whose coupon increases during the life of the

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is a bond issued by a government or corporate entity in order to raise finance for climate change mitigation- or adaptation-related projects or programmes. For example, in 2021 the UK government started to issue "green

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Some bonds are callable, meaning that even though the company has agreed to make payments plus interest towards the debt for a certain period of time, the company can choose to pay off the bond early. This creates

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since the last coupon date. (Some bond markets include accrued interest in the trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or

1959:). That relationship is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be 2215:

falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately

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are an agreement for public sector entities to pay back private investors after meeting verified improved social outcome goals that result in public sector savings from innovative social program pilot projects.

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commonly used to announce bonds to the public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds.

2878: 1788:. The interest rate is normally lower than for fixed rate bonds with a comparable maturity (this relationship briefly reversed for short-term UK bonds in December 2008). Higher inflation rates increase the 1773:

may be created from fixed rate bonds by a financial institution separating ("stripping off") the coupons from the principal. This can create a "Principal Only" zero-coupon bond and an "Interest Only" (IO)

1346:. "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S. 2795: 2282:, meaning the investor is forced to find a new place for their money, and the investor might not be able to find as good a deal, especially because this usually happens when interest rates are falling. 2072:

markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the

1119:, buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by 2321:. Most indices are parts of families of broader indices that can be used to measure global bond portfolios, or may be further subdivided by maturity or sector for managing specialized portfolios. 1535:

bonds issued by different national governments, such as various member states of the European Union, all denominated in Euros, offering different market yields reflecting their different risks.

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In contrast, government bonds are usually issued in an auction. In some cases, both members of the public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The

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is a bond issued by a government to fund military operations and other expenditure during wartime. It will often have a low return rate, and so can be bought due a lack of opportunities or

2132:, but this perception is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of 1520:

national government. Some countries have repeatedly defaulted on their government bonds, while some other treasury bonds have been treated as risk-free and not exposed to default risk.

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opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see

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on the bond depends on both the terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market.

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The volatility of bonds (especially short and medium dated bonds) is lower than that of equities (stocks). Thus, bonds are generally viewed as safer investments than

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premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high

1095:" relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay a sum to another" dates from at least the 1590s. 2697:

The Bond Book, Third Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More

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are backed by cash flows from mortgages or public sector assets. Unlike asset-backed securities, the assets for such bonds remain on the issuer's balance sheet.

3335: 2799: 3308: 1759:. For example, the coupon may be defined as three-month USD LIBOR + 0.20%. The coupon rate is recalculated periodically, typically every one or three months. 1509:

The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment.

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senior bonds. The main examples of subordinated bonds can be found in bonds issued by banks and asset-backed securities. The latter are often issued in

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concern to bond buyers who intend to spend rather than reinvest the coupon payments, such as those practicing asset/liability matching strategies.

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are bonds whose interest and principal payments are backed by underlying cash flows from other assets. Examples of asset-backed securities are

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on the secondary market. The price of a bond in the secondary market may differ substantially from the principal due to various factors in

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Bond markets, unlike stock or share markets, sometimes do not have a centralized exchange or trading system. Rather, in most developed

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is a bond that matures in installments over a period of time. For example, a $ 100,000, 5-year serial bond might pay $ 20,000 per year.

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specific amount at the maturity date do not need to worry about price swings in their bonds and do not suffer from interest rate risk.

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one investor—the "bid" price—and the price at which he or she sells the same bond to another investor—the "ask" or "offer" price. The

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Puttability—Some bonds give the holder the right to force the issuer to repay the bond before the maturity date on the put dates; see

1805: 3302: 2561:(c. 1596–1599), Act I, scene iii: "Three thousand ducats. I think I may take his bond". John Heminges and Henry Condell (eds.), 1801: 2554: 2058: 2007: 1320:. As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called 2505: 2010:, are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond. 2909: 2030:

yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the

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There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and a

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A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency.

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attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes

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Callability—Some bonds give the issuer the right to repay the bond before the maturity date on the call dates; see

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electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual.

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A number of bond indices exist for the purposes of managing portfolios and measuring performance, similar to the

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The yield is the rate of return received from investing in the bond. It usually refers to one of the following:

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as calculated is either added to or subtracted from the price of the "straight" portion. See further under

1277:, or running yield: the annual interest payment divided by the current market price of the bond (often the 696: 3386: 2254:

which affects mutual funds holding these bonds, and holders of individual bonds who may have to sell them.

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let a bondholder exchange a bond to a number of shares of the issuer's common stock. These are known as

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Railroad obligation of the Moscow-Kiev-Voronezh railroad company, printed in Russian, Dutch and German

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Anne Padieu "Quand les États sont tentés par la dette «Mathusalem» " Agence France-Presse à Paris /

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Bond prices can become volatile depending on the credit rating of the issuer – for instance if the

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in the issue, or, alternatively, purchase bonds in the open market, then return them to trustees.

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The interest payment ("coupon payment") divided by the current price of the bond is called the

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instruments and not bonds: the main difference is the length of the term of the instrument.

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on which callable and putable bonds can be redeemed early. There are four main categories:

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A European callable has only one call date. This is a special case of a Bermudan callable.

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such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based

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Bonds are often identified by their international securities identification number, or

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is a type of bond with a maturity of 50 years or longer. The term is a reference to

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to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the

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and bonds indexed on a business indicator (income, added value) or on a country's

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Retail bonds are a type of corporate bond mostly designed for ordinary investors.

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A Bermudan callable has several call dates, usually coinciding with coupon dates.

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with maturities beyond 30 years, which would serve as a reference level for any

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are those that have a lower priority than other bonds of the issuer in case of

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A company's bondholders may lose much or all their money if the company goes

2026: 2022: 1999: 1944: 1712: 1708: 1481: 1395: 1373: 1298: 1293: 1274: 1253:, but with its discontinuation the market reference rate has transitioned to 1231: 1176: 986: 581: 4272: 4267: 4252: 4242: 4194: 4174: 4146: 3699: 3547: 3532: 3406: 3191: 3136: 3083: 3013: 2939: 2424: 2156: 2106: 2098: 2073: 1988: 1972: 1822: 1692: 1652:. The senior tranches get paid back first, the subordinated tranches later. 1630: 1605: 1568: 1438: 1417: 1410: 1243: 1112: 1103:

Bonds are issued by public authorities, credit institutions, companies and

1038: 909: 797: 792: 743: 105: 4311: 4214: 4189: 4104: 4054: 3657: 3627: 3470: 3401: 3247: 3186: 3146: 3121: 2997: 2965: 2955: 2918: 2402: 2208: 2169: 2065: 2031: 2015: 1992: 1981: 1889: 1880: 1727: 1640: 1517: 1391: 1343: 1339: 1278: 1143: 1013: 864: 830: 464: 261: 130: 2523: 4329: 4159: 4089: 4049: 3903: 3863: 3667: 3617: 3587: 3465: 2796:"EnQuest CFO Swinney Issues First Industrial Retail Bond - CFO Insight" 2380: 2298: 2266: 2250: 2138: 2114: 1922:

the ability to access investment capital available in foreign markets.

1688: 1676: 1582: 1549: 1429:

An American callable can be called at any time until the maturity date.

1406: 1121: 1026: 847: 281: 276: 206: 2204:. Again, some of these will only affect certain classes of investors. 1643:. In case of bankruptcy, there is a hierarchy of creditors. First the 4184: 4011: 3637: 3500: 2934: 2668:(third ed.). Upper Saddle River, NJ: Prentice Hall. p. 44. 2341: 2122: 1960: 1857:

allows for exchange to shares of a corporation other than the issuer.

1808:

are examples of inflation-linked bonds issued by the U.S. government.

1766: 1399: 1364: 1116: 974: 804: 75: 1597:(junk bonds) are bonds that are rated below investment grade by the 1504: 1092: 4334: 4154: 3687: 3582: 3567: 3201: 3156: 2768:

Quint, Michael (August 14, 1984). "Elements in Bearer Bond Issue".

2270: 2258: 2133: 1991:.) The price excluding accrued interest is known as the "flat" or " 1578: 1369: 982: 966: 823: 811: 528: 511: 498: 65: 2211:

that hold these bonds. If the value of the bonds in their trading

2089:

associated with transferring a bond from one investor to another.

1951:

and principal payments of the bond, here discounted at the bond's

3517: 1896:

option of a paper certificate, even to investors who prefer them.

1756: 1696: 1649: 950: 336: 1998:

Most government bonds are denominated in units of $ 1000 in the

4044: 2873: 2164:

Bonds are also subject to various other risks such as call and

2053:. This total is then the value of the bond. More sophisticated 1700: 1493: 962: 852: 2887: 2563:

Mr. William Shakespeare's Comedies, Histories, & Tragedies

4064: 3416: 2306: 2129: 1830: 1752: 1250: 1234:

is the interest rate that the issuer pays to the holder. For

1012:, but the major difference between the two is that (capital) 1005: 871: 857: 840: 835: 226: 85: 3350: 1747:(FRNs, floaters) have a variable coupon that is linked to a 1398:. Most callable bonds allow the issuer to repay the bond at 4031: 3983: 2118: 1848: 1254: 1238:, the coupon is fixed throughout the life of the bond. For 1206:

long term (bonds): maturities between ten and thirty years;

1191:

The issuer is obligated to repay the nominal amount on the

990: 970: 780: 506: 2141:, its bondholders will often receive some money back (the 1203:

medium term (notes): maturities between one and ten years;

2882: 2755:

Eason, Yla (June 6, 1983). "Final Surge in Bearer Bonds"

1816: 1796:

was the first sovereign issuer to issue inflation-linked

994: 2097:

Bonds are bought and traded mostly by institutions like

3952: 2781:

no byline (July 18, 1984). "Book Entry Bonds Popular".

2700:(Third ed.). McGraw Hill Professional. p. 5. 2629:(Revised ed.). New York: McGraw-Hill. p. 56. 2045:

with discounting. Depending on the type of option, the

1316:

are bonds that are rated below investment grade by the

1111:. The most common process for issuing bonds is through 1060:. This means that once the transfer agents at the bank 973:, and is obliged – depending on the terms – to provide 2467:

The management of bond investments and trading of debt

1861: 1792:

principal and coupon amounts paid on these bonds. The

1734: 3309:

Securities Industry and Financial Markets Association

2746:: discussion of 100-year maturity bonds (in French). 1516:, often also called treasury bonds, are issued by a 2269:bankruptcy at the giant telecommunications company 1492:Receipt for temporary bonds issued by the state of 2470:. Elsevier Butterworth-Heinemann. pp. 49–50. 2077:immediately resells the bond to another investor. 1872:New York Central and Hudson River Railroad Company 1691:, the oldest person whose age is mentioned in the 1572:recourse to other governmental assets or revenues. 1461:issued in 1873 under the state's Consolidation Act 1505:The nature of the issuer and the security offered 4357: 2207:Price changes in a bond will immediately affect 1379:Optionality: Occasionally a bond may contain an 2459: 2457: 2455: 2041:, the valuation is more difficult and combines 2309:. The most common American benchmarks are the 1562:American Recovery and Reinvestment Act of 2009 1200:short term (bills): maturities under one year; 3968: 3336: 2903: 930: 433: 2689: 2687: 2685: 2452: 3975: 3961: 3937: 3927: 3343: 3329: 3297:Commercial Mortgage Securities Association 2910: 2896: 2229:. Efforts to control this risk are called 1831:Bonds with embedded options for the holder 1544:, also known as a "supra", is issued by a 1409:. These are referred to as retractable or 937: 923: 440: 426: 2682: 3303:International Capital Market Association 2879:Estate planner victimized terminally ill 2863:) is being considered for deletion. See 2463: 1865: 1487: 1472: 1464: 1452: 1217: 1170: 2663: 1802:Treasury Inflation-Protected Securities 1662: 14: 4358: 2034:, a graph plotting this relationship. 1975:of a bond may be quoted including the 1387:features to the holder or the issuer: 3956: 3324: 2891: 2666:Bond Markets, Analysis and Strategies 2092: 1910: 4125:Debtor-in-possession (DIP) financing 2693: 2624: 2565:(London: Blount and Jaggard, 1623). 1778:from the original fixed income bond. 1029:, that is, a bond with no maturity. 332:Residential mortgage-backed security 3233:Commercial mortgage-backed security 2051:Bond option § Embedded options 1862:Documentation and evidence of title 1735:The conditions applying to the bond 1621:collateralized mortgage obligations 327:Commercial mortgage-backed security 24: 3228:Collateralized mortgage obligation 2714:from the original on 26 April 2023 2521: 2484:from the original on 26 April 2023 1971:called trading at a discount. The 1943:The market price of a bond is the 1480:bond issued by City and County of 1457:Bond certificate for the state of 1001:, to finance current expenditure. 352:Collateralized mortgage obligation 25: 4377: 2867:to help reach a consensus. › 2846: 1932: 1811:Other indexed bonds, for example 1707:. Issuance of Methuselahs in the 1560:municipal bond authorized by the 1532:of a rating below the top rating, 1394:. These bonds are referred to as 1306: 1249:(historically this was generally 3936: 3926: 2149:Fixed rate bonds are subject to 903: 891: 475: 47: 2917: 2832:from the original on 2020-09-24 2822:"More worthless WorldCom stock" 2814: 2788: 2775: 2762: 2749: 2726: 2607:from the original on 2012-03-12 2311:Bloomberg Barclays US Aggregate 2286: 1900: 1711:has been limited, however: the 1625:collateralized debt obligations 1329: 3723:Debtor-in-possession financing 3223:Collateralized debt obligation 3099:Reverse convertible securities 2657: 2643: 2618: 2593: 2568: 2542: 2515: 2496: 1917:List of foreign currency bonds 1209:perpetual: no maturity period. 1044:The most common forms include 347:Collateralized fund obligation 342:Collateralized debt obligation 13: 1: 2852: 2464:Chorafas, Dimitris N (2005). 2446: 2319:Merrill Lynch Domestic Master 2002:, or in units of £100 in the 1416:Call dates and put dates—the 237:Initial public offering (IPO) 126:Over-the-counter market (OTC) 3663:Staggered board of directors 2601:"Affordable Housing Finance" 2578:. Dmo.gov.uk. Archived from 1786:the level of consumer prices 1363:Indentures and Covenants—An 1166: 1082: 7: 3780:Accretion/dilution analysis 3039:Contingent convertible bond 2576:"UK Debt Management Office" 2529:Online Etymology Dictionary 2324: 2059:simulation-based techniques 1591:are issued by corporations. 1338:The price can be quoted as 1186: 1161: 1098: 10: 4382: 3743:Leveraged recapitalization 3079:Inverse floating rate note 2664:Fabozzi, Frank J. (1996). 2290: 1936: 1914: 1669:vary in different markets. 1617:mortgage-backed securities 1546:supranational organisation 1376:) vote of the bondholders. 272:Exchange-traded fund (ETF) 34:Instrument of indebtedness 26: 4320: 4286: 4213: 4138: 4082: 4030: 3997: 3990: 3922: 3914:Valuation using multiples 3899:Sum-of-the-parts analysis 3869:Modigliani–Miller theorem 3770: 3728:Dividend recapitalization 3708: 3556: 3543:Secondary market offering 3446: 3435: 3362: 3289: 3246: 3210: 3112: 3006: 2948: 2925: 2430:List of accounting topics 1715:does not currently issue 1484:, California, May 1, 1865 1357: 1213: 3982: 3932:List of investment banks 3847:Free cash flow to equity 3673:Super-majority amendment 3598:Management due diligence 3538:Seasoned equity offering 3238:Mortgage-backed security 3007:Types of bonds by payout 2949:Types of bonds by issuer 2865:templates for discussion 2435:List of economics topics 2347:Deferred financing costs 2337:Collective action clause 2061:may (also) be employed. 2014:This is referred to as " 1448: 1264: 1224:Dutch East India Company 961:under which the issuer ( 322:Mortgage-backed security 4294:Consumer leverage ratio 4205:Tax refund interception 3643:Shareholder rights plan 3633:Post-merger integration 3603:Managerial entrenchment 3573:Contingent value rights 3513:Initial public offering 2313:(ex Lehman Aggregate), 1870:Registered bond of the 1843:, because they combine 1782:Inflation-indexed bonds 1699:plans, particularly in 1613:Asset-backed securities 1064:the bond, it is highly 1031:Certificates of deposit 817:Commemorative banknotes 116:Foreign exchange market 3785:Adjusted present value 3648:Special-purpose entity 3486:Direct public offering 3456:At-the-market offering 3172:Option-adjusted spread 3074:Inflation-indexed bond 2694:Thau, Annette (2010). 2625:Thau, Annette (2001). 2603:. Housingfinance.com. 2551:The Merchant of Venice 2512:, accessed: 2012-06-08 2440:List of finance topics 2366:Immunization (finance) 2243:credit rating agencies 2103:sovereign wealth funds 1875: 1675:are also often called 1599:credit rating agencies 1497: 1485: 1470: 1462: 1352:probability of default 1318:credit rating agencies 1227: 1179: 1136:overall rate of return 898:Numismatics portal 536:Circulating currencies 159:Inflation-indexed bond 4299:Debt levels and flows 3800:Conglomerate discount 3218:Asset-backed security 3182:Weighted-average life 3019:Auction rate security 2548:William Shakespeare, 2247:Standard & Poor's 2085:represents the total 2037:If the bond includes 1874:issued April 10, 1917 1869: 1751:of interest, such as 1491: 1476: 1468: 1456: 1383:; that is, it grants 1221: 1174: 628:Historical currencies 469:the study of currency 317:Asset-backed security 4120:Debt snowball method 3822:Economic value added 3817:Discounted cash flow 3211:Securitized products 2651:Thau op cit p. 58-59 1663:The term of the bond 1107:institutions in the 1033:(CDs) or short-term 599:Fictional currencies 27:For other uses, see 3407:Senior secured debt 2988:Infrastructure bond 2802:on February 9, 2013 2408:Build America Bonds 2111:insurance companies 1813:equity-linked notes 1745:Floating rate notes 1656:Social impact bonds 1240:floating rate notes 1222:Bond issued by the 965:) owes the holder ( 786:Commemorative coins 697:Medieval currencies 606:Proposed currencies 3942:Outline of finance 3854:Market value added 3837:Financial modeling 3795:Business valuation 3718:Debt restructuring 3496:Follow-on offering 3481:Corporate spin-off 3439:(terms/conditions) 3356:investment banking 3064:Floating rate note 2742:2019-08-29 at the 2557:2022-05-23 at the 2508:2012-07-18 at the 2391:Syndicated lending 2332:Bond credit rating 2222:interest rate risk 2186:exchange rate risk 2152:interest rate risk 2093:Investing in bonds 2008:U.S. Treasury bill 1911:Foreign currencies 1876: 1855:Exchangeable bonds 1637:Subordinated bonds 1542:supranational bond 1498: 1486: 1471: 1463: 1228: 1180: 1175:1978 $ 1,000 U.S. 1037:are classified as 357:Credit-linked note 300:Structured finance 154:Floating rate note 4353: 4352: 4200:Strategic default 4165:Collection agency 4078: 4077: 4060:Predatory lending 3950: 3949: 3874:Net present value 3859:Minority interest 3790:Associate company 3766: 3765: 3733:Financial sponsor 3653:Special situation 3623:Pre-emption right 3613:Minority discount 3523:Private placement 3422:Subordinated debt 3377:Exchangeable debt 3364:Capital structure 3352:Corporate finance 3318: 3317: 3271:Exchangeable bond 3197:Yield to maturity 3049:Exchangeable bond 2971:Subordinated debt 2522:Harper, Douglas. 2293:Bond market index 2280:reinvestment risk 2174:reinvestment risk 1953:yield to maturity 1841:hybrid securities 1837:Convertible bonds 1771:Zero-coupon bonds 1763:Zero-coupon bonds 1286:yield to maturity 1023:secured creditors 947: 946: 450: 449: 407:Credit derivative 220:Equities (stocks) 16:(Redirected from 4373: 4045:Consumer lending 3995: 3994: 3977: 3970: 3963: 3954: 3953: 3940: 3939: 3930: 3929: 3832:Fairness opinion 3827:Enterprise value 3810:Weighted average 3738:Leveraged buyout 3593:Drag-along right 3491:Equity carve-out 3448:Equity offerings 3444: 3443: 3440: 3412:Shareholder loan 3397:Second lien debt 3392:Preferred equity 3372:Convertible debt 3345: 3338: 3331: 3322: 3321: 3261:Convertible bond 3104:Zero-coupon bond 3044:Convertible bond 3029:Commercial paper 2912: 2905: 2898: 2889: 2888: 2841: 2840: 2838: 2837: 2818: 2812: 2811: 2809: 2807: 2798:. Archived from 2792: 2786: 2779: 2773: 2766: 2760: 2753: 2747: 2730: 2724: 2723: 2721: 2719: 2691: 2680: 2679: 2661: 2655: 2654: 2647: 2641: 2640: 2622: 2616: 2615: 2613: 2612: 2597: 2591: 2590: 2588: 2587: 2572: 2566: 2546: 2540: 2539: 2537: 2536: 2519: 2513: 2500: 2494: 2493: 2491: 2489: 2461: 2376:Short-rate model 2218:marked to market 2202:yield curve risk 2087:transaction cost 2083:bid/offer spread 2070:over-the-counter 2039:embedded options 1977:accrued interest 1947:of all expected 1595:High-yield bonds 1514:Government bonds 1478:Pacific Railroad 1314:High-yield bonds 1290:redemption yield 1236:fixed rate bonds 1058:secondary market 1054:government bonds 1035:commercial paper 999:government bonds 939: 932: 925: 910:Money portal 908: 907: 906: 896: 895: 894: 620:History of money 575:Local currencies 479: 470: 452: 451: 442: 435: 428: 255:Investment funds 174:Commercial paper 169:Zero-coupon bond 121:Futures exchange 111:Commodity market 51: 37: 36: 21: 4381: 4380: 4376: 4375: 4374: 4372: 4371: 4370: 4366:Bonds (finance) 4356: 4355: 4354: 4349: 4345:Promissory note 4316: 4282: 4263:Deposit account 4209: 4180:Debtors' prison 4134: 4100:Management plan 4074: 4026: 3986: 3981: 3951: 3946: 3918: 3894:Stock valuation 3889:Residual income 3805:Cost of capital 3762: 3758:Project finance 3748:High-yield debt 3704: 3683:Tag-along right 3608:Mandatory offer 3578:Control premium 3559: 3552: 3528:Public offering 3476:Bought out deal 3438: 3437: 3431: 3358: 3349: 3319: 3314: 3285: 3276:Extendible bond 3266:Embedded option 3242: 3206: 3108: 3069:High-yield debt 3059:Fixed rate bond 3054:Extendible bond 3002: 2983:Government bond 2978:Distressed debt 2944: 2921: 2916: 2868: 2849: 2844: 2835: 2833: 2826:bizjournals.com 2820: 2819: 2815: 2805: 2803: 2794: 2793: 2789: 2780: 2776: 2767: 2763: 2754: 2750: 2744:Wayback Machine 2731: 2727: 2717: 2715: 2708: 2692: 2683: 2676: 2662: 2658: 2649: 2648: 2644: 2637: 2623: 2619: 2610: 2608: 2599: 2598: 2594: 2585: 2583: 2574: 2573: 2569: 2559:Wayback Machine 2547: 2543: 2534: 2532: 2520: 2516: 2510:Wayback Machine 2501: 2497: 2487: 2485: 2478: 2462: 2453: 2449: 2444: 2397:Market specific 2386:Structured note 2371:Promissory note 2361:Sovereign bonds 2357:Government bond 2352:GDP-linked bond 2327: 2303:Russell Indexes 2295: 2289: 2190:volatility risk 2143:recovery amount 2095: 1949:future interest 1941: 1935: 1919: 1913: 1903: 1864: 1833: 1737: 1673:Perpetual bonds 1665: 1589:Corporate bonds 1530:rating agencies 1522:Risk-free bonds 1507: 1451: 1381:embedded option 1360: 1332: 1309: 1267: 1216: 1189: 1169: 1164: 1109:primary markets 1101: 1085: 1062:medallion-stamp 943: 914: 904: 902: 892: 890: 882: 881: 774:Coin collecting 769: 768: 759: 758: 712: 711: 702: 701: 623: 622: 611: 610: 502: 501: 468: 467: 446: 417: 416: 412:Hybrid security 377: 367: 366: 312:Agency security 302: 292: 291: 287:Segregated fund 267:Closed-end fund 257: 247: 246: 222: 212: 211: 197:Government bond 187: 186:Bonds by issuer 179: 178: 149:Fixed rate bond 144: 143:Bonds by coupon 136: 135: 101: 91: 90: 61: 35: 32: 23: 22: 15: 12: 11: 5: 4379: 4369: 4368: 4351: 4350: 4348: 4347: 4342: 4337: 4332: 4327: 4321: 4318: 4317: 4315: 4314: 4301: 4296: 4290: 4288: 4284: 4283: 4281: 4280: 4278:Securitization 4275: 4270: 4265: 4260: 4255: 4250: 4245: 4240: 4235: 4230: 4225: 4219: 4217: 4211: 4210: 4208: 4207: 4202: 4197: 4192: 4187: 4182: 4177: 4172: 4167: 4162: 4157: 4151: 4149: 4136: 4135: 4133: 4132: 4130:Loan guarantee 4127: 4122: 4117: 4112: 4102: 4097: 4092: 4086: 4084: 4080: 4079: 4076: 4075: 4073: 4072: 4070:Vendor finance 4067: 4062: 4057: 4052: 4047: 4042: 4036: 4034: 4028: 4027: 4025: 4024: 4019: 4014: 4009: 4003: 4001: 3992: 3988: 3987: 3980: 3979: 3972: 3965: 3957: 3948: 3947: 3945: 3944: 3934: 3923: 3920: 3919: 3917: 3916: 3911: 3909:Terminal value 3906: 3901: 3896: 3891: 3886: 3881: 3876: 3871: 3866: 3861: 3856: 3851: 3850: 3849: 3842:Free cash flow 3839: 3834: 3829: 3824: 3819: 3814: 3813: 3812: 3802: 3797: 3792: 3787: 3782: 3776: 3774: 3768: 3767: 3764: 3763: 3761: 3760: 3755: 3753:Private equity 3750: 3745: 3740: 3735: 3730: 3725: 3720: 3714: 3712: 3706: 3705: 3703: 3702: 3697: 3696: 3695: 3685: 3680: 3675: 3670: 3665: 3660: 3655: 3650: 3645: 3640: 3635: 3630: 3625: 3620: 3615: 3610: 3605: 3600: 3595: 3590: 3585: 3580: 3575: 3570: 3564: 3562: 3554: 3553: 3551: 3550: 3545: 3540: 3535: 3530: 3525: 3520: 3515: 3510: 3509: 3508: 3498: 3493: 3488: 3483: 3478: 3473: 3468: 3463: 3458: 3452: 3450: 3441: 3433: 3432: 3430: 3429: 3424: 3419: 3414: 3409: 3404: 3399: 3394: 3389: 3384: 3382:Mezzanine debt 3379: 3374: 3368: 3366: 3360: 3359: 3348: 3347: 3340: 3333: 3325: 3316: 3315: 3313: 3312: 3306: 3300: 3293: 3291: 3287: 3286: 3284: 3283: 3278: 3273: 3268: 3263: 3258: 3252: 3250: 3244: 3243: 3241: 3240: 3235: 3230: 3225: 3220: 3214: 3212: 3208: 3207: 3205: 3204: 3199: 3194: 3189: 3184: 3179: 3177:Risk-free bond 3174: 3169: 3164: 3162:Mortgage yield 3159: 3154: 3149: 3144: 3139: 3134: 3129: 3124: 3118: 3116: 3114:Bond valuation 3110: 3109: 3107: 3106: 3101: 3096: 3091: 3089:Perpetual bond 3086: 3081: 3076: 3071: 3066: 3061: 3056: 3051: 3046: 3041: 3036: 3031: 3026: 3021: 3016: 3010: 3008: 3004: 3003: 3001: 3000: 2995: 2993:Municipal bond 2990: 2985: 2980: 2975: 2974: 2973: 2968: 2961:Corporate bond 2958: 2952: 2950: 2946: 2945: 2943: 2942: 2937: 2932: 2926: 2923: 2922: 2915: 2914: 2907: 2900: 2892: 2886: 2885: 2876: 2848: 2847:External links 2845: 2843: 2842: 2813: 2787: 2783:New York Times 2774: 2770:New York Times 2761: 2757:New York Times 2748: 2737:, 23 août 2019 2725: 2706: 2681: 2674: 2656: 2642: 2635: 2617: 2592: 2567: 2541: 2514: 2495: 2476: 2450: 2448: 2445: 2443: 2442: 2437: 2432: 2427: 2416: 2415: 2410: 2405: 2394: 2393: 2388: 2383: 2378: 2373: 2368: 2363: 2354: 2349: 2344: 2339: 2334: 2328: 2326: 2323: 2288: 2285: 2284: 2283: 2263: 2262: 2255: 2198:sovereign risk 2194:inflation risk 2178:liquidity risk 2162: 2161: 2094: 2091: 2043:option pricing 2004:United Kingdom 1965:Bond valuation 1957:rate of return 1939:Bond valuation 1937:Main article: 1934: 1933:Bond valuation 1931: 1912: 1909: 1908: 1907: 1902: 1899: 1898: 1897: 1893: 1885: 1863: 1860: 1859: 1858: 1852: 1832: 1829: 1828: 1827: 1820: 1809: 1800:in the 1980s. 1794:United Kingdom 1779: 1760: 1749:reference rate 1742: 1736: 1733: 1732: 1731: 1724: 1705:United Kingdom 1681: 1670: 1664: 1661: 1660: 1659: 1653: 1634: 1628: 1610: 1602: 1592: 1586: 1575: 1574: 1573: 1557:municipal bond 1553: 1538: 1537: 1536: 1533: 1506: 1503: 1459:South Carolina 1450: 1447: 1446: 1445: 1444: 1443: 1436: 1435: 1434: 1430: 1427: 1424: 1414: 1403: 1396:callable bonds 1377: 1374:super-majority 1359: 1356: 1354:on the bond). 1331: 1328: 1308: 1307:Credit quality 1305: 1304: 1303: 1282: 1266: 1263: 1247:reference rate 1215: 1212: 1211: 1210: 1207: 1204: 1201: 1188: 1185: 1168: 1165: 1163: 1160: 1100: 1097: 1084: 1081: 1070:bond valuation 945: 944: 942: 941: 934: 927: 919: 916: 915: 913: 912: 900: 887: 884: 883: 880: 879: 874: 868: 867: 861: 860: 855: 850: 844: 843: 838: 833: 827: 826: 820: 819: 814: 808: 807: 801: 800: 795: 789: 788: 783: 777: 776: 770: 766: 765: 764: 761: 760: 757: 756: 751: 746: 741: 735: 734: 729: 724: 719: 713: 709: 708: 707: 704: 703: 700: 699: 693: 692: 687: 682: 677: 672: 667: 662: 657: 652: 647: 642: 637: 631: 630: 624: 618: 617: 616: 613: 612: 609: 608: 602: 601: 595: 594: 589: 584: 578: 577: 571: 570: 565: 560: 555: 550: 545: 539: 538: 532: 531: 526: 520: 519: 514: 509: 503: 497: 496: 495: 492: 491: 490: 489: 481: 480: 472: 471: 461: 460: 448: 447: 445: 444: 437: 430: 422: 419: 418: 415: 414: 409: 404: 399: 394: 389: 384: 378: 373: 372: 369: 368: 365: 364: 362:Unsecured debt 359: 354: 349: 344: 339: 334: 329: 324: 319: 314: 309: 307:Securitization 303: 298: 297: 294: 293: 290: 289: 284: 279: 274: 269: 264: 258: 253: 252: 249: 248: 245: 244: 239: 234: 229: 223: 218: 217: 214: 213: 210: 209: 204: 202:Municipal bond 199: 194: 192:Corporate bond 188: 185: 184: 181: 180: 177: 176: 171: 166: 164:Perpetual bond 161: 156: 151: 145: 142: 141: 138: 137: 134: 133: 128: 123: 118: 113: 108: 102: 97: 96: 93: 92: 89: 88: 83: 78: 73: 68: 62: 57: 56: 53: 52: 44: 43: 33: 9: 6: 4: 3: 2: 4378: 4367: 4364: 4363: 4361: 4346: 4343: 4341: 4340:Interest rate 4338: 4336: 4333: 4331: 4328: 4326: 4323: 4322: 4319: 4313: 4309: 4305: 4302: 4300: 4297: 4295: 4292: 4291: 4289: 4285: 4279: 4276: 4274: 4271: 4269: 4266: 4264: 4261: 4259: 4256: 4254: 4251: 4249: 4246: 4244: 4241: 4239: 4236: 4234: 4231: 4229: 4226: 4224: 4221: 4220: 4218: 4216: 4212: 4206: 4203: 4201: 4198: 4196: 4193: 4191: 4188: 4186: 4183: 4181: 4178: 4176: 4173: 4171: 4168: 4166: 4163: 4161: 4158: 4156: 4153: 4152: 4150: 4148: 4145: 4141: 4137: 4131: 4128: 4126: 4123: 4121: 4118: 4116: 4115:Restructuring 4113: 4110: 4106: 4103: 4101: 4098: 4096: 4095:Consolidation 4093: 4091: 4088: 4087: 4085: 4081: 4071: 4068: 4066: 4063: 4061: 4058: 4056: 4053: 4051: 4048: 4046: 4043: 4041: 4040:Business loan 4038: 4037: 4035: 4033: 4029: 4023: 4020: 4018: 4015: 4013: 4010: 4008: 4005: 4004: 4002: 4000: 3996: 3993: 3989: 3985: 3978: 3973: 3971: 3966: 3964: 3959: 3958: 3955: 3943: 3935: 3933: 3925: 3924: 3921: 3915: 3912: 3910: 3907: 3905: 3902: 3900: 3897: 3895: 3892: 3890: 3887: 3885: 3882: 3880: 3877: 3875: 3872: 3870: 3867: 3865: 3862: 3860: 3857: 3855: 3852: 3848: 3845: 3844: 3843: 3840: 3838: 3835: 3833: 3830: 3828: 3825: 3823: 3820: 3818: 3815: 3811: 3808: 3807: 3806: 3803: 3801: 3798: 3796: 3793: 3791: 3788: 3786: 3783: 3781: 3778: 3777: 3775: 3773: 3769: 3759: 3756: 3754: 3751: 3749: 3746: 3744: 3741: 3739: 3736: 3734: 3731: 3729: 3726: 3724: 3721: 3719: 3716: 3715: 3713: 3711: 3707: 3701: 3698: 3694: 3691: 3690: 3689: 3686: 3684: 3681: 3679: 3676: 3674: 3671: 3669: 3666: 3664: 3661: 3659: 3656: 3654: 3651: 3649: 3646: 3644: 3641: 3639: 3636: 3634: 3631: 3629: 3626: 3624: 3621: 3619: 3616: 3614: 3611: 3609: 3606: 3604: 3601: 3599: 3596: 3594: 3591: 3589: 3586: 3584: 3581: 3579: 3576: 3574: 3571: 3569: 3566: 3565: 3563: 3561: 3555: 3549: 3546: 3544: 3541: 3539: 3536: 3534: 3531: 3529: 3526: 3524: 3521: 3519: 3516: 3514: 3511: 3507: 3504: 3503: 3502: 3499: 3497: 3494: 3492: 3489: 3487: 3484: 3482: 3479: 3477: 3474: 3472: 3469: 3467: 3464: 3462: 3461:Book building 3459: 3457: 3454: 3453: 3451: 3449: 3445: 3442: 3434: 3428: 3425: 3423: 3420: 3418: 3415: 3413: 3410: 3408: 3405: 3403: 3400: 3398: 3395: 3393: 3390: 3388: 3385: 3383: 3380: 3378: 3375: 3373: 3370: 3369: 3367: 3365: 3361: 3357: 3353: 3346: 3341: 3339: 3334: 3332: 3327: 3326: 3323: 3310: 3307: 3304: 3301: 3298: 3295: 3294: 3292: 3288: 3282: 3281:Puttable bond 3279: 3277: 3274: 3272: 3269: 3267: 3264: 3262: 3259: 3257: 3256:Callable bond 3254: 3253: 3251: 3249: 3245: 3239: 3236: 3234: 3231: 3229: 3226: 3224: 3221: 3219: 3216: 3215: 3213: 3209: 3203: 3200: 3198: 3195: 3193: 3190: 3188: 3185: 3183: 3180: 3178: 3175: 3173: 3170: 3168: 3167:Nominal yield 3165: 3163: 3160: 3158: 3155: 3153: 3150: 3148: 3145: 3143: 3142:Current yield 3140: 3138: 3137:Credit spread 3135: 3133: 3130: 3128: 3125: 3123: 3120: 3119: 3117: 3115: 3111: 3105: 3102: 3100: 3097: 3095: 3094:Puttable bond 3092: 3090: 3087: 3085: 3082: 3080: 3077: 3075: 3072: 3070: 3067: 3065: 3062: 3060: 3057: 3055: 3052: 3050: 3047: 3045: 3042: 3040: 3037: 3035: 3032: 3030: 3027: 3025: 3024:Callable bond 3022: 3020: 3017: 3015: 3012: 3011: 3009: 3005: 2999: 2996: 2994: 2991: 2989: 2986: 2984: 2981: 2979: 2976: 2972: 2969: 2967: 2964: 2963: 2962: 2959: 2957: 2954: 2953: 2951: 2947: 2941: 2938: 2936: 2933: 2931: 2928: 2927: 2924: 2920: 2913: 2908: 2906: 2901: 2899: 2894: 2893: 2890: 2884: 2880: 2877: 2875: 2871: 2866: 2862: 2861: 2856: 2851: 2850: 2831: 2827: 2823: 2817: 2801: 2797: 2791: 2784: 2778: 2771: 2765: 2758: 2752: 2745: 2741: 2738: 2736: 2729: 2713: 2709: 2707:9780071713092 2703: 2699: 2698: 2690: 2688: 2686: 2677: 2675:0-13-339151-5 2671: 2667: 2660: 2652: 2646: 2638: 2636:0-07-135862-5 2632: 2628: 2627:The Bond Book 2621: 2606: 2602: 2596: 2582:on 2012-04-04 2581: 2577: 2571: 2564: 2560: 2556: 2553: 2552: 2545: 2531: 2530: 2525: 2518: 2511: 2507: 2504: 2499: 2483: 2479: 2477:9780080497280 2473: 2469: 2468: 2460: 2458: 2456: 2451: 2441: 2438: 2436: 2433: 2431: 2428: 2426: 2423: 2422: 2421: 2420: 2414: 2411: 2409: 2406: 2404: 2401: 2400: 2399: 2398: 2392: 2389: 2387: 2384: 2382: 2379: 2377: 2374: 2372: 2369: 2367: 2364: 2362: 2358: 2355: 2353: 2350: 2348: 2345: 2343: 2340: 2338: 2335: 2333: 2330: 2329: 2322: 2320: 2316: 2315:Citigroup BIG 2312: 2308: 2304: 2300: 2294: 2281: 2276: 2275: 2274: 2272: 2268: 2260: 2256: 2252: 2248: 2244: 2240: 2239: 2238: 2236: 2232: 2228: 2223: 2219: 2214: 2210: 2205: 2203: 2199: 2195: 2191: 2187: 2183: 2179: 2175: 2171: 2167: 2158: 2154: 2153: 2148: 2147: 2146: 2144: 2140: 2135: 2131: 2126: 2124: 2120: 2116: 2112: 2108: 2107:pension funds 2104: 2100: 2099:central banks 2090: 2088: 2084: 2078: 2075: 2071: 2067: 2062: 2060: 2056: 2052: 2048: 2044: 2040: 2035: 2033: 2028: 2027:nominal yield 2025:(this is the 2024: 2023:current yield 2019: 2017: 2011: 2009: 2005: 2001: 2000:United States 1996: 1994: 1990: 1987: 1983: 1978: 1974: 1968: 1966: 1962: 1958: 1954: 1950: 1946: 1945:present value 1940: 1930: 1926: 1923: 1918: 1905: 1904: 1894: 1891: 1886: 1882: 1878: 1877: 1873: 1868: 1856: 1853: 1850: 1846: 1842: 1838: 1835: 1834: 1824: 1823:Lottery bonds 1821: 1818: 1814: 1810: 1807: 1803: 1799: 1795: 1791: 1787: 1783: 1780: 1777: 1772: 1768: 1764: 1761: 1758: 1754: 1750: 1746: 1743: 1739: 1738: 1729: 1725: 1722: 1718: 1714: 1713:U.S. Treasury 1710: 1709:United States 1706: 1702: 1698: 1694: 1690: 1686: 1682: 1678: 1674: 1671: 1667: 1666: 1657: 1654: 1651: 1646: 1642: 1638: 1635: 1632: 1631:Covered bonds 1629: 1626: 1622: 1618: 1614: 1611: 1607: 1603: 1600: 1596: 1593: 1590: 1587: 1584: 1580: 1576: 1570: 1566: 1565: 1563: 1558: 1554: 1551: 1547: 1543: 1539: 1534: 1531: 1528:the award by 1527: 1526: 1523: 1519: 1515: 1512: 1511: 1510: 1502: 1495: 1490: 1483: 1482:San Francisco 1479: 1475: 1467: 1460: 1455: 1440: 1437: 1431: 1428: 1425: 1422: 1421: 1419: 1415: 1412: 1411:putable bonds 1408: 1404: 1401: 1397: 1393: 1389: 1388: 1386: 1382: 1378: 1375: 1371: 1366: 1362: 1361: 1355: 1353: 1347: 1345: 1341: 1336: 1327: 1326: 1324: 1319: 1315: 1300: 1299:Frank Fabozzi 1295: 1294:present value 1291: 1287: 1283: 1280: 1276: 1275:current yield 1272: 1271: 1270: 1262: 1258: 1256: 1252: 1248: 1245: 1241: 1237: 1233: 1225: 1220: 1208: 1205: 1202: 1199: 1198: 1197: 1194: 1184: 1178: 1177:Treasury bond 1173: 1159: 1157: 1153: 1147: 1145: 1139: 1137: 1132: 1129: 1128:tombstone ads 1124: 1123: 1118: 1114: 1110: 1106: 1105:supranational 1096: 1094: 1090: 1080: 1078: 1073: 1071: 1067: 1063: 1059: 1055: 1051: 1047: 1042: 1040: 1036: 1032: 1028: 1024: 1019: 1015: 1011: 1007: 1002: 1000: 996: 992: 988: 984: 980: 979:maturity date 976: 972: 968: 964: 960: 957:is a type of 956: 952: 940: 935: 933: 928: 926: 921: 920: 918: 917: 911: 901: 899: 889: 888: 886: 885: 878: 875: 873: 870: 869: 866: 863: 862: 859: 856: 854: 851: 849: 846: 845: 842: 839: 837: 834: 832: 829: 828: 825: 822: 821: 818: 815: 813: 810: 809: 806: 803: 802: 799: 796: 794: 793:Bullion coins 791: 790: 787: 784: 782: 779: 778: 775: 772: 771: 763: 762: 755: 752: 750: 747: 745: 742: 740: 737: 736: 733: 730: 728: 725: 723: 720: 718: 715: 714: 706: 705: 698: 695: 694: 691: 688: 686: 683: 681: 678: 676: 673: 671: 668: 666: 663: 661: 658: 656: 653: 651: 648: 646: 643: 641: 638: 636: 633: 632: 629: 626: 625: 621: 615: 614: 607: 604: 603: 600: 597: 596: 593: 590: 588: 585: 583: 582:Company scrip 580: 579: 576: 573: 572: 569: 566: 564: 563:South America 561: 559: 558:North America 556: 554: 551: 549: 546: 544: 541: 540: 537: 534: 533: 530: 527: 525: 522: 521: 518: 515: 513: 510: 508: 505: 504: 500: 494: 493: 488: 485: 484: 483: 482: 478: 474: 473: 466: 463: 462: 458: 454: 453: 443: 438: 436: 431: 429: 424: 423: 421: 420: 413: 410: 408: 405: 403: 400: 398: 395: 393: 390: 388: 385: 383: 380: 379: 376: 371: 370: 363: 360: 358: 355: 353: 350: 348: 345: 343: 340: 338: 335: 333: 330: 328: 325: 323: 320: 318: 315: 313: 310: 308: 305: 304: 301: 296: 295: 288: 285: 283: 280: 278: 275: 273: 270: 268: 265: 263: 260: 259: 256: 251: 250: 243: 242:Short selling 240: 238: 235: 233: 230: 228: 225: 224: 221: 216: 215: 208: 205: 203: 200: 198: 195: 193: 190: 189: 183: 182: 175: 172: 170: 167: 165: 162: 160: 157: 155: 152: 150: 147: 146: 140: 139: 132: 129: 127: 124: 122: 119: 117: 114: 112: 109: 107: 104: 103: 100: 95: 94: 87: 84: 82: 79: 77: 74: 72: 69: 67: 64: 63: 60: 55: 54: 50: 46: 45: 42: 39: 38: 30: 19: 4310: / 4306: / 4273:Money market 4268:Fixed income 4195:Phantom debt 4175:Debt bondage 4143: 3998: 3884:Real options 3700:Tender offer 3560:acquisitions 3548:Underwriting 3533:Rights issue 3436:Transactions 3290:Institutions 3248:Bond options 3192:Yield spread 3084:Lottery bond 3014:Accrual bond 2940:Fixed income 2929: 2858: 2834:. Retrieved 2825: 2816: 2804:. Retrieved 2800:the original 2790: 2782: 2777: 2769: 2764: 2756: 2751: 2734: 2728: 2716:. Retrieved 2696: 2665: 2659: 2650: 2645: 2626: 2620: 2609:. Retrieved 2595: 2584:. Retrieved 2580:the original 2570: 2562: 2549: 2544: 2533:. Retrieved 2527: 2517: 2498: 2486:. Retrieved 2466: 2425:Fixed income 2418: 2417: 2396: 2395: 2296: 2287:Bond indices 2264: 2231:immunization 2209:mutual funds 2206: 2163: 2157:market price 2150: 2127: 2096: 2079: 2074:counterparty 2066:bond markets 2063: 2047:option price 2036: 2020: 2012: 1997: 1989:Accrual bond 1985: 1973:market price 1969: 1942: 1927: 1924: 1920: 1901:Retail bonds 1693:Hebrew Bible 1684: 1677:perpetuities 1623:(CMOs), and 1606:Climate bond 1569:revenue bond 1508: 1499: 1439:Sinking fund 1348: 1337: 1333: 1330:Market price 1322: 1310: 1268: 1259: 1244:money market 1229: 1190: 1181: 1155: 1151: 1148: 1140: 1133: 1120: 1113:underwriting 1102: 1091:, the word " 1086: 1074: 1043: 1039:money market 1014:stockholders 1003: 985:(called the 954: 948: 876: 831:Credit cards 592:Time dollars 106:Stock market 70: 4312:Odious debt 4190:Garnishment 4055:Payday loan 3991:Instruments 3658:Squeeze-out 3628:Proxy fight 3558:Mergers and 3471:Bought deal 3402:Senior debt 3187:Yield curve 3147:Dirty price 3122:Clean price 2998:Global bond 2966:Senior debt 2956:Agency bond 2919:Bond market 2870:Bonds links 2853:‹ The 2806:February 6, 2403:Brady Bonds 2299:S&P 500 2170:credit risk 2115:hedge funds 2032:yield curve 2016:pull to par 1993:clean price 1982:dirty price 1890:bearer bond 1881:bearer bond 1804:(TIPS) and 1728:Serial bond 1641:liquidation 1392:call option 1385:option-like 1279:clean price 1144:bond market 1122:bookrunners 981:as well as 865:Scripophily 465:Numismatics 375:Derivatives 262:Mutual fund 131:Spot market 18:Bondholders 4330:Insolvency 4238:Government 4170:Compliance 4160:Charge-off 4140:Collection 4090:Bankruptcy 4083:Management 4050:Loan shark 4017:Government 3904:Tax shield 3864:Mismarking 3668:Stock swap 3618:Pitch book 3588:Divestment 3466:Bookrunner 3387:Pari passu 2836:2018-02-09 2718:8 February 2611:2012-03-22 2586:2012-03-22 2535:2017-07-23 2488:16 January 2447:References 2381:Penal bond 2291:See also: 2267:Chapter 11 2182:event risk 2166:prepayment 2123:bond funds 1915:See also: 1776:strip bond 1717:Treasuries 1689:Methuselah 1685:Methuselah 1645:liquidator 1583:patriotism 1550:World Bank 1407:put option 1323:junk bonds 1027:perpetuity 1010:securities 1004:Bonds and 767:Collection 710:Production 640:Achaemenid 282:Index fund 277:Hedge fund 207:Pfandbrief 81:Derivative 59:Securities 41:Securities 4287:Economics 4248:Municipal 4233:Diplomacy 4228:Corporate 4185:Distraint 4022:Municipal 4012:Debenture 4007:Corporate 3879:Pure play 3772:Valuation 3638:Sell side 3501:Greenshoe 3127:Convexity 2935:Debenture 2735:Le Devoir 2342:Debenture 2213:portfolio 1961:arbitrage 1851:features. 1767:par value 1723:issuance. 1721:corporate 1548:like the 1518:sovereign 1365:indenture 1167:Principal 1152:tap issue 1117:syndicate 1083:Etymology 1050:corporate 1046:municipal 1008:are both 975:cash flow 812:Banknotes 805:Notaphily 739:Hammering 722:Designers 645:Byzantine 512:Banknotes 76:Debenture 4360:Category 4335:Interest 4308:Internal 4304:External 4223:Consumer 4155:Bad debt 3710:Leverage 3688:Takeover 3583:Demerger 3568:Buy side 3202:Z-spread 3157:I-spread 3152:Duration 2855:template 2830:Archived 2740:Archived 2712:Archived 2605:Archived 2555:Archived 2506:Archived 2482:Archived 2413:Eurobond 2325:See also 2271:Worldcom 2259:bankrupt 2227:duration 2139:bankrupt 2134:dividend 2055:lattice- 1986:See also 1703:and the 1650:tranches 1619:(MBSs), 1579:War bond 1433:option". 1370:majority 1193:maturity 1187:Maturity 1183:assets. 1162:Features 1156:bond tap 1099:Issuance 1016:have an 983:interest 967:creditor 959:security 824:Exonumia 675:Japanese 655:Filipino 635:Aksumite 499:Currency 487:Glossary 457:a series 455:Part of 66:Banknote 4325:Default 4253:Venture 4243:Medical 4215:Markets 4147:Evasion 4109:history 3693:Reverse 3678:Synergy 3518:Pre-IPO 3506:Reverse 3427:Warrant 3311:(SIFMA) 2857:below ( 2419:General 2251:Moody's 2235:hedging 1806:I-bonds 1790:nominal 1757:Euribor 1697:pension 1627:(CDOs). 1609:bonds". 1496:in 1922 1226:in 1623 1089:English 951:finance 853:Cheques 798:Grading 732:Milling 727:Coining 690:Tibetan 670:Italian 650:Chinese 568:Oceania 517:Forgery 402:Warrant 387:Futures 382:Forward 337:Tranche 99:Markets 4142: 4105:Relief 3305:(ICMA) 3299:(CMSA) 3132:Coupon 3034:Consol 2874:Curlie 2860:Curlie 2704: 2672: 2633: 2524:"bond" 2474: 2307:stocks 2168:risk, 2130:stocks 2117:, and 1955:(i.e. 1845:equity 1701:France 1494:Kansas 1358:Others 1232:coupon 1214:Coupon 1066:liquid 1052:, and 1018:equity 1006:stocks 987:coupon 963:debtor 872:Stocks 858:Scrips 848:Tokens 841:Medals 836:Jetons 754:Errors 749:Metals 665:Indian 553:Europe 543:Africa 392:Option 4258:Buyer 4065:Usury 4032:Loans 3999:Bonds 3417:Stock 2503:Bonds 2245:like 2119:banks 1826:bond. 1798:gilts 1753:Libor 1741:bond. 1449:Types 1418:dates 1344:dirty 1340:clean 1265:Yield 1251:LIBOR 877:Bonds 781:Coins 680:Roman 660:Greek 507:Coins 232:Share 227:Stock 86:Stock 3984:Debt 3354:and 2930:Bond 2808:2013 2720:2023 2702:ISBN 2670:ISBN 2631:ISBN 2490:2023 2472:ISBN 2317:and 2305:for 2249:and 2200:and 1984:". ( 1849:debt 1847:and 1683:The 1372:(or 1288:(or 1284:The 1273:The 1255:SOFR 1230:The 1093:bond 1077:ISIN 991:loan 971:debt 969:) a 955:bond 953:, a 744:Cast 717:Mint 685:Thai 587:LETS 548:Asia 524:List 397:Swap 71:Bond 29:Bond 2883:FBI 2872:at 2301:or 2233:or 2057:or 1995:". 1817:GDP 1755:or 1400:par 1342:or 1257:). 1154:or 1087:In 995:IOU 993:or 949:In 529:ISO 4362:: 2881:, 2828:. 2824:. 2710:. 2684:^ 2526:. 2480:. 2454:^ 2237:. 2196:, 2192:, 2188:, 2184:, 2180:, 2176:, 2172:, 2113:, 2109:, 2105:, 2101:, 1967:. 1879:A 1726:A 1604:A 1577:A 1567:A 1555:A 1540:A 1281:). 1158:. 1146:. 1072:. 1048:, 459:on 4144:· 4111:) 4107:( 3976:e 3969:t 3962:v 3344:e 3337:t 3330:v 2911:e 2904:t 2897:v 2839:. 2810:. 2785:. 2772:. 2759:. 2722:. 2678:. 2653:. 2639:. 2614:. 2589:. 2538:. 2492:. 2359:/ 2216:" 1980:" 1892:. 1819:. 1585:. 1413:. 1325:. 938:e 931:t 924:v 441:e 434:t 427:v 31:. 20:)

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