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<H1 id="firstHeading" class="firstHeading" lang="en">Bond (finance)</H1>			<DIV id="bodyContent" class="mw-body-content">
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<TH style="padding:0.2em 0.4em 0.2em;font-size:145%;line-height:1.2em"><A href="/wiki/Security_(finance)" title="Security (finance)">Securities</A></TH>
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<LI><A class="mw-selflink selflink">Bond</A></LI>
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<LI><A href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter market (OTC)</A></LI>
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<LI><A href="/wiki/Fixed_rate_bond" title="Fixed rate bond">Fixed rate bond</A></LI>
<LI><A href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate note</A></LI>
<LI><A href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bond</A></LI>
<LI><A href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bond</A></LI>
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<LI><A href="/wiki/Commercial_paper" title="Commercial paper">Commercial paper</A></LI>
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<LI><A href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</A></LI>
<LI><A href="/wiki/Government_bond" title="Government bond">Government bond</A></LI>
<LI><A href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</A></LI>
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<P>In <A href="/wiki/Finance" title="Finance">finance</A>, a <B>bond</B> is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include <A href="/wiki/Municipal_bond" title="Municipal bond">municipal bonds</A> and <A href="/wiki/Corporate_bond" title="Corporate bond">corporate bonds</A>.</P>
<P>The bond is a debt <A href="/wiki/Security_(finance)" title="Security (finance)">security</A>, under which the issuer owes the holders a debt and (depending on the terms of the bond) is obliged to pay them <A href="/wiki/Interest" title="Interest">interest</A> (the <A href="/wiki/Coupon_(bond)" title="Coupon (bond)">coupon</A>) or to repay the principal at a later date, termed the <A href="/wiki/Maturity_(finance)" title="Maturity (finance)">maturity</A> date.<SUP id="cite_ref-1" class="reference"><A href="#cite_note-1">[1]</A></SUP> Interest is usually payable at fixed intervals (semiannual, annual, sometimes monthly). Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the secondary market.<SUP id="cite_ref-2" class="reference"><A href="#cite_note-2">[2]</A></SUP></P>
<P>Thus a bond is a form of <A href="/wiki/Loan" title="Loan">loan</A> or <A href="/wiki/IOU" title="IOU">IOU</A>: the <I>holder</I> of the bond is the lender (creditor), the <I>issuer</I> of the bond is the borrower (debtor), and the <I>coupon</I> is the interest. Bonds provide the borrower with external funds to finance long-term <A href="/wiki/Investment" title="Investment">investments</A>, or, in the case of <A href="/wiki/Government_bond" title="Government bond">government bonds</A>, to finance current expenditure. <A href="/wiki/Certificate_of_deposit" title="Certificate of deposit">Certificates of deposit</A> (CDs) or short-term <A href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</A> are considered<SUP class="noprint Inline-Template" style="white-space:nowrap;">[<I><A href="/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions" title="Wikipedia:Manual of Style/Words to watch"><SPAN title="The material near this tag may use weasel words or too-vague attribution. (July 2017)">by whom?</SPAN></A></I>]</SUP> to be <A href="/wiki/Money_market" title="Money market">money market</A> instruments and not bonds: the main difference is the length of the term of the instrument.</P>
<P>Bonds and <A href="/wiki/Stock" title="Stock">stocks</A> are both <A href="/wiki/Security_(finance)" title="Security (finance)">securities</A>, but the major difference between the two is that (capital) stockholders have an <A href="/wiki/Equity_(finance)" title="Equity (finance)">equity</A> stake in a company (that is, they are owners), whereas bondholders have a creditor stake in the company (that is, they are lenders). Being a creditor, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors, in the event of bankruptcy.<SUP id="cite_ref-3" class="reference"><A href="#cite_note-3">[3]</A></SUP> 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, such as a <A href="/wiki/Consol_(bond)" title="Consol (bond)">consol</A>, which is a <A href="/wiki/Perpetuity" title="Perpetuity">perpetuity</A>, that is, a bond with no maturity.</P>
<P></P>
<DIV id="toc" class="toc">
<DIV class="toctitle" lang="en" dir="ltr">
<H2>Contents</H2>
<SPAN class="toctoggle"> [<A role="button" tabindex="0" class="togglelink">hide</A>] </SPAN></DIV>
<UL>
<LI class="toclevel-1 tocsection-1"><A href="#Etymology"><SPAN class="tocnumber">1</SPAN> <SPAN class="toctext">Etymology</SPAN></A></LI>
<LI class="toclevel-1 tocsection-2"><A href="#Issuance"><SPAN class="tocnumber">2</SPAN> <SPAN class="toctext">Issuance</SPAN></A></LI>
<LI class="toclevel-1 tocsection-3"><A href="#Features"><SPAN class="tocnumber">3</SPAN> <SPAN class="toctext">Features</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-4"><A href="#Principal"><SPAN class="tocnumber">3.1</SPAN> <SPAN class="toctext">Principal</SPAN></A></LI>
<LI class="toclevel-2 tocsection-5"><A href="#Maturity"><SPAN class="tocnumber">3.2</SPAN> <SPAN class="toctext">Maturity</SPAN></A></LI>
<LI class="toclevel-2 tocsection-6"><A href="#Coupon"><SPAN class="tocnumber">3.3</SPAN> <SPAN class="toctext">Coupon</SPAN></A></LI>
<LI class="toclevel-2 tocsection-7"><A href="#Yield"><SPAN class="tocnumber">3.4</SPAN> <SPAN class="toctext">Yield</SPAN></A></LI>
<LI class="toclevel-2 tocsection-8"><A href="#Credit_quality"><SPAN class="tocnumber">3.5</SPAN> <SPAN class="toctext">Credit quality</SPAN></A></LI>
<LI class="toclevel-2 tocsection-9"><A href="#Market_price"><SPAN class="tocnumber">3.6</SPAN> <SPAN class="toctext">Market price</SPAN></A></LI>
<LI class="toclevel-2 tocsection-10"><A href="#Others"><SPAN class="tocnumber">3.7</SPAN> <SPAN class="toctext">Others</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-11"><A href="#Types"><SPAN class="tocnumber">4</SPAN> <SPAN class="toctext">Types</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-12"><A href="#Foreign_currencies"><SPAN class="tocnumber">4.1</SPAN> <SPAN class="toctext">Foreign currencies</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-13"><A href="#Bond_valuation"><SPAN class="tocnumber">5</SPAN> <SPAN class="toctext">Bond valuation</SPAN></A></LI>
<LI class="toclevel-1 tocsection-14"><A href="#Investing_in_bonds"><SPAN class="tocnumber">6</SPAN> <SPAN class="toctext">Investing in bonds</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-15"><A href="#Bond_indices"><SPAN class="tocnumber">6.1</SPAN> <SPAN class="toctext">Bond indices</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-16"><A href="#See_also"><SPAN class="tocnumber">7</SPAN> <SPAN class="toctext">See also</SPAN></A></LI>
<LI class="toclevel-1 tocsection-17"><A href="#References"><SPAN class="tocnumber">8</SPAN> <SPAN class="toctext">References</SPAN></A></LI>
<LI class="toclevel-1 tocsection-18"><A href="#External_links"><SPAN class="tocnumber">9</SPAN> <SPAN class="toctext">External links</SPAN></A></LI>
</UL>
</DIV>
<P></P>
<H2><SPAN class="mw-headline" id="Etymology">Etymology</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=1" title="Edit section: Etymology">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>In <A href="/wiki/English_language" title="English language">English</A>, the word "<A href="https://en.wiktionary.org/wiki/bond" class="extiw" title="wikt:bond">bond</A>" relates to the etymology of "bind". In the sense "instrument binding one to pay a sum to another", use of the word "bond" dates from at least the 1590s.<SUP id="cite_ref-4" class="reference"><A href="#cite_note-4">[4]</A></SUP></P>
<H2><SPAN class="mw-headline" id="Issuance">Issuance</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=2" title="Edit section: Issuance">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Bonds are issued by public authorities, credit institutions, companies and <A href="/wiki/Supranational" class="mw-redirect" title="Supranational">supranational</A> institutions in the <A href="/wiki/Primary_market" title="Primary market">primary markets</A>. The most common process for issuing bonds is through <A href="/wiki/Underwriting" title="Underwriting">underwriting</A>. When a bond issue is underwritten, one or more securities firms or banks, forming a <A href="/wiki/Syndicate" title="Syndicate">syndicate</A>, buy the entire issue of bonds from the issuer and re-sell 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 <I><A href="/wiki/Bookrunner" title="Bookrunner">bookrunners</A></I> 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 <A href="/wiki/Tombstone_(advertising)" title="Tombstone (advertising)">tombstone ads</A> 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.</P>
<P>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 <A href="/wiki/Yield_to_maturity" title="Yield to maturity">overall rate of return</A> on the bond depends on both the terms of the bond and the price paid.<SUP id="cite_ref-5" class="reference"><A href="#cite_note-5">[5]</A></SUP> The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market.</P>
<P>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 bond market.<SUP id="cite_ref-6" class="reference"><A href="#cite_note-6">[6]</A></SUP></P>
<P><SPAN id="Tap"></SPAN>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 <I>tap issue</I> or <I>bond tap</I>.<SUP id="cite_ref-7" class="reference"><A href="#cite_note-7">[7]</A></SUP></P>
<H2><SPAN class="mw-headline" id="Features">Features</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=3" title="Edit section: Features">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<H3><SPAN class="mw-headline" id="Principal">Principal</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=4" title="Edit section: Principal">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<DIV class="thumb tright">
<DIV class="thumbinner" style="width:222px;"><A href="/wiki/File:1978_$1000_8_3-8%25_Treasury_Bond_(reverse).jpg" class="image"><IMG alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/1978_%241000_8_3-8%25_Treasury_Bond_%28reverse%29.jpg/220px-1978_%241000_8_3-8%25_Treasury_Bond_%28reverse%29.jpg" width="220" height="258" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/1978_%241000_8_3-8%25_Treasury_Bond_%28reverse%29.jpg/330px-1978_%241000_8_3-8%25_Treasury_Bond_%28reverse%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6e/1978_%241000_8_3-8%25_Treasury_Bond_%28reverse%29.jpg/440px-1978_%241000_8_3-8%25_Treasury_Bond_%28reverse%29.jpg 2x" data-file-width="4183" data-file-height="4897" /></A>
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1978 $1,000 U.S. Treasury Bond</DIV>
</DIV>
</DIV>
<P>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 performance of particular assets.</P>
<H3><SPAN class="mw-headline" id="Maturity">Maturity</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=5" title="Edit section: Maturity">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The issuer has to repay the nominal amount on the <A href="/wiki/Maturity_(finance)" title="Maturity (finance)">maturity</A> 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 tenure or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term of up to 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 three categories of bond maturities:</P>
<UL>
<LI>short term (bills): maturities between one and five years;</LI>
<LI>medium term (notes): maturities between six and twelve years;</LI>
<LI>long term (bonds): maturities longer than twelve years.</LI>
</UL>
<H3><SPAN class="mw-headline" id="Coupon">Coupon</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=6" title="Edit section: Coupon">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The <A href="/wiki/Coupon_(bond)" title="Coupon (bond)">coupon</A> is the interest rate that the issuer pays to the holder. Usually this rate is fixed throughout the life of the bond. It can also vary with a money market index, such as <A href="/wiki/LIBOR" class="mw-redirect" title="LIBOR">LIBOR</A>, or it can be even more exotic. The name "coupon" arose because in the past, paper bond certificates were issued which had coupons attached to them, one for each interest payment. On the due dates the bondholder would hand in the coupon to a bank in exchange for the interest payment. Interest can be paid at different frequencies: generally semi-annual, i.e. every 6 months, or annual.</P>
<DIV class="thumb tright">
<DIV class="thumbinner" style="width:222px;"><A href="/wiki/File:Vereinigte_Ostindische_Compagnie_bond.jpg" class="image"><IMG alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Vereinigte_Ostindische_Compagnie_bond.jpg/220px-Vereinigte_Ostindische_Compagnie_bond.jpg" width="220" height="182" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Vereinigte_Ostindische_Compagnie_bond.jpg/330px-Vereinigte_Ostindische_Compagnie_bond.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Vereinigte_Ostindische_Compagnie_bond.jpg/440px-Vereinigte_Ostindische_Compagnie_bond.jpg 2x" data-file-width="640" data-file-height="528" /></A>
<DIV class="thumbcaption">
<DIV class="magnify"><A href="/wiki/File:Vereinigte_Ostindische_Compagnie_bond.jpg" class="internal" title="Enlarge"></A></DIV>
Bond issued by the <A href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</A> in 1623</DIV>
</DIV>
</DIV>
<H3><SPAN class="mw-headline" id="Yield">Yield</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=7" title="Edit section: Yield">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The yield is the rate of return received from investing in the bond. It usually refers either to</P>
<UL>
<LI>The <A href="/wiki/Current_yield" title="Current yield">current yield</A>, or running yield, which is simply the annual interest payment divided by the current market price of the bond (often the <A href="/wiki/Clean_price" title="Clean price">clean price</A>).</LI>
<LI>The <A href="/wiki/Yield_to_maturity" title="Yield to maturity">yield to maturity</A>, or redemption yield, which is a more useful measure of the return of the bond. This takes into account the current market price, and the amount and timing of all remaining coupon payments and of the repayment due on maturity. It is equivalent to the <A href="/wiki/Internal_rate_of_return" title="Internal rate of return">internal rate of return</A> of a bond.</LI>
</UL>
<H3><SPAN class="mw-headline" id="Credit_quality">Credit quality</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=8" title="Edit section: Credit quality">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. This will depend on a wide range of factors. <A href="/wiki/High-yield_bond" class="mw-redirect" title="High-yield bond">High-yield bonds</A> are bonds that are rated below investment grade by the <A href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agencies</A>. As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called <I>junk bonds</I>.</P>
<H3><SPAN class="mw-headline" id="Market_price">Market price</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=9" title="Edit section: Market price">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The market price of a tradable bond will be influenced, amongst 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.</P>
<P>The price can be quoted as <A href="/wiki/Clean_price" title="Clean price">clean</A> or <A href="/wiki/Dirty_price" title="Dirty price">dirty</A>. "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.<SUP id="cite_ref-8" class="reference"><A href="#cite_note-8">[8]</A></SUP></P>
<P>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 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 <A href="/wiki/Probability_of_default" title="Probability of default">probability of default</A> on the bond).</P>
<H3><SPAN class="mw-headline" id="Others">Others</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=10" title="Edit section: Others">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<UL>
<LI>Indentures and Covenants — An <A href="/wiki/Indenture" title="Indenture">indenture</A> 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., 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 <A href="/wiki/Majority" title="Majority">majority</A> (or <A href="/wiki/Supermajority" title="Supermajority">super-majority</A>) vote of the bondholders.</LI>
<LI>Optionality: Occasionally a bond may contain an <A href="/wiki/Embedded_option" title="Embedded option">embedded option</A>; that is, it grants <A href="/wiki/Option_(finance)" title="Option (finance)">option-like</A> features to the holder or the issuer:
<UL>
<LI>Callability — Some bonds give the issuer the right to repay the bond before the maturity date on the call dates; see <A href="/wiki/Call_option" title="Call option">call option</A>. These bonds are referred to as <A href="/wiki/Callable_bond" title="Callable bond">callable bonds</A>. Most callable bonds allow the issuer to repay the bond at <A href="/wiki/Par_value" title="Par value">par</A>. 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.</LI>
<LI>Putability — Some bonds give the holder the right to force the issuer to repay the bond before the maturity date on the put dates; see <A href="/wiki/Put_option" title="Put option">put option</A>. These are referred to as retractable or <A href="/wiki/Putable_bond" class="mw-redirect" title="Putable bond">putable bonds</A>.</LI>
<LI>Call dates and put dates—the <A href="/wiki/Option_style" title="Option style">dates</A> on which callable and putable bonds can be redeemed early. There are four main categories:
<UL>
<LI>A Bermudan callable has several call dates, usually coinciding with coupon dates.</LI>
<LI>A European callable has only one call date. This is a special case of a Bermudan callable.</LI>
<LI>An American callable can be called at any time until the maturity date.</LI>
<LI>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 option".</LI>
</UL>
</LI>
<LI><A href="/wiki/Sinking_fund" title="Sinking fund">Sinking fund</A> 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 in the issue, or, alternatively, purchase bonds in open market, then return them to trustees.
<UL>
<LI>Bonds are often identified by its international securities identification number, or <A href="/wiki/International_Securities_Identification_Number" title="International Securities Identification Number">ISIN</A>, which is a 12 digit alphanumeric code that uniquely identifies debt securities.</LI>
</UL>
</LI>
</UL>
</LI>
<LI>A <A href="/wiki/Smart_bond_(finance)" title="Smart bond (finance)">smart bond</A> is an automated programmable bond contract that uses the capabilities of a <A href="/wiki/Blockchain" title="Blockchain">blockchain database</A> to operate as a <A href="/wiki/Cryptography" title="Cryptography">cryptographically</A>-secure yet <A href="/wiki/Open_source_software" class="mw-redirect" title="Open source software">open</A> and <A href="/wiki/Transparency_(market)" title="Transparency (market)">transparent</A> <A href="/wiki/General_ledger" title="General ledger">general bond ledger</A>.<SUP id="cite_ref-nbtc20150615_9-0" class="reference"><A href="#cite_note-nbtc20150615-9">[9]</A></SUP> It is one of a class of <A href="/wiki/Financial_instrument" title="Financial instrument">financial instruments</A> known as a <A href="/wiki/Smart_contract" title="Smart contract">smart contract</A>, "a computerized transaction protocol that executes the terms of a <A href="/wiki/Contract" title="Contract">contract</A>."<SUP id="cite_ref-tapscott2016_10-0" class="reference"><A href="#cite_note-tapscott2016-10">[10]</A></SUP> Smart bond technology may lower <A href="/wiki/Transaction_costs" class="mw-redirect" title="Transaction costs">transaction costs</A> by the elimination of the "middle or back office", as well as the bond registry, substantially reducing the cost of bond servicing. Another potential benefit is the potential for instantaneous <A href="/wiki/Settlement_(finance)" title="Settlement (finance)">settlement</A>, rather than the days, as well as lower <A href="/wiki/Operational_risk" title="Operational risk">operational risk</A>.<SUP id="cite_ref-nbtc20150615_9-1" class="reference"><A href="#cite_note-nbtc20150615-9">[9]</A></SUP> In 2015, <A href="/wiki/UBS" title="UBS">UBS</A> was experimenting with smart bonds that use the <A href="/wiki/Bitcoin" title="Bitcoin">bitcoin</A> blockchain.<SUP id="cite_ref-newsweek20150912_11-0" class="reference"><A href="#cite_note-newsweek20150912-11">[11]</A></SUP><SUP id="cite_ref-IFRasia20150611_12-0" class="reference"><A href="#cite_note-IFRasia20150611-12">[12]</A></SUP></LI>
</UL>
<H2><SPAN class="mw-headline" id="Types">Types</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=11" title="Edit section: Types">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
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<DIV class="thumbinner" style="width:252px;"><A href="/wiki/File:South_Carolina_consolidation_bond.jpg" class="image"><IMG alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/South_Carolina_consolidation_bond.jpg/250px-South_Carolina_consolidation_bond.jpg" width="250" height="154" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/South_Carolina_consolidation_bond.jpg/375px-South_Carolina_consolidation_bond.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8a/South_Carolina_consolidation_bond.jpg/500px-South_Carolina_consolidation_bond.jpg 2x" data-file-width="1154" data-file-height="712" /></A>
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Bond certificate for the state of South Carolina issued in 1873 under the state's Consolidation Act.</DIV>
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<DIV class="thumbinner" style="width:252px;"><A href="/wiki/File:Obligatie-Moskau-Kiev-Woronesch.jpg" class="image"><IMG alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Obligatie-Moskau-Kiev-Woronesch.jpg/250px-Obligatie-Moskau-Kiev-Woronesch.jpg" width="250" height="146" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Obligatie-Moskau-Kiev-Woronesch.jpg/375px-Obligatie-Moskau-Kiev-Woronesch.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3d/Obligatie-Moskau-Kiev-Woronesch.jpg/500px-Obligatie-Moskau-Kiev-Woronesch.jpg 2x" data-file-width="4809" data-file-height="2804" /></A>
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Railroad obligation of the Moscow-Kiev-Voronezh railroad company, printed in Russian, Dutch and German.</DIV>
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<P>The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond:</P>
<UL>
<LI><A href="/wiki/Fixed_rate_bond" title="Fixed rate bond">Fixed rate bonds</A> have a coupon that remains constant throughout the life of the bond. A variation are stepped-coupon bonds, whose coupon increases during the life of the bond.</LI>
<LI><A href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate notes</A> (FRNs, floaters) have a variable coupon that is linked to a <A href="/wiki/Reference_rate" title="Reference rate">reference rate</A> of interest, such as <A href="/wiki/Libor" title="Libor">Libor</A> or <A href="/wiki/Euribor" title="Euribor">Euribor</A>. 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.</LI>
<LI><A href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bonds</A> (zeros) pay no regular interest. They are issued at a substantial discount to <A href="/wiki/Par_value" title="Par value">par value</A>, 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. <A href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bonds</A> may be created from fixed rate bonds by a financial institution separating ("stripping off") the coupons from the principal. In other words, the separated coupons and the final principal payment of the bond may be traded separately. See IO (Interest Only) and PO (Principal Only).</LI>
<LI><A href="/wiki/High-yield_bond" class="mw-redirect" title="High-yield bond">High-yield bonds</A> (junk bonds) are bonds that are rated below investment grade by the <A href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agencies</A>. As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield.</LI>
<LI><A href="/wiki/Convertible_bond" title="Convertible bond">Convertible bonds</A> let a bondholder exchange a bond to a number of shares of the issuer's common stock. These are known as <A href="/wiki/Hybrid_security" title="Hybrid security">hybrid securities</A>, because they combine <A href="/wiki/Equity_(finance)" title="Equity (finance)">equity</A> and <A href="/wiki/Debt" title="Debt">debt</A> features.</LI>
<LI><A href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bonds</A> allows for exchange to shares of a corporation other than the issuer.</LI>
<LI><A href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bonds</A> (linkers) (US) or Index-linked bond (UK), in which the principal amount and the interest payments are indexed to inflation. The interest rate is normally lower than for fixed rate bonds with a comparable maturity (this position briefly reversed itself for short-term UK bonds in December 2008). However, as the principal amount grows, the payments increase with inflation. The <A href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</A> was the first sovereign issuer to issue inflation linked <A href="/wiki/Gilt-edged_securities" title="Gilt-edged securities">gilts</A> in the 1980s. <A href="/wiki/Treasury_Inflation-Protected_Securities" class="mw-redirect" title="Treasury Inflation-Protected Securities">Treasury Inflation-Protected Securities</A> (TIPS) and <A href="/wiki/Treasury_security#Series_I" class="mw-redirect" title="Treasury security">I-bonds</A> are examples of inflation linked bonds issued by the U.S. government.</LI>
</UL>
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<DIV class="thumbinner" style="width:252px;"><A href="/wiki/File:Receipt_for_temporary_bonds.jpg" class="image"><IMG alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Receipt_for_temporary_bonds.jpg/250px-Receipt_for_temporary_bonds.jpg" width="250" height="347" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Receipt_for_temporary_bonds.jpg/375px-Receipt_for_temporary_bonds.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Receipt_for_temporary_bonds.jpg/500px-Receipt_for_temporary_bonds.jpg 2x" data-file-width="1296" data-file-height="1797" /></A>
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Receipt for temporary bonds for the state of Kansas issued in 1922</DIV>
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<UL>
<LI>Other indexed bonds, for example <A href="/wiki/Equity-linked_note" title="Equity-linked note">equity-linked notes</A> and bonds indexed on a business indicator (income, added value) or on a country's <A href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</A>.</LI>
<LI><A href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed securities</A> are bonds whose interest and principal payments are backed by underlying cash flows from other assets. Examples of asset-backed securities are <A href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">mortgage-backed securities</A> (MBSs), <A href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">collateralized mortgage obligations</A> (CMOs) and <A href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralized debt obligations</A> (CDOs).</LI>
<LI><A href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated bonds</A> are those that have a lower priority than other bonds of the issuer in case of <A href="/wiki/Liquidation" title="Liquidation">liquidation</A>. In case of bankruptcy, there is a hierarchy of creditors. First the <A href="/wiki/Liquidator_(law)" title="Liquidator (law)">liquidator</A> is paid, then government taxes, etc. The first bond holders in line to be paid are those holding what is 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 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 <A href="/wiki/Tranche" title="Tranche">tranches</A>. The senior tranches get paid back first, the subordinated tranches later.</LI>
<LI><A href="/wiki/Covered_bond" title="Covered bond">Covered bonds</A> are backed by cash flows from mortgages or public sector assets. Contrary to <A href="/wiki/Asset-backed_security" title="Asset-backed security">asset-backed securities</A> the assets for such bonds remain on the issuers balance sheet.</LI>
<LI><A href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bonds</A> are also often called <A href="/wiki/Perpetuity" title="Perpetuity">perpetuities</A> or 'Perps'. They have no maturity date. The most famous of these are the UK Consols, which are also known as Treasury Annuities or Undated Treasuries. Some of these were issued back in 1888 and still trade today, although the amounts are now insignificant. 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.</LI>
<LI><A href="/wiki/Bearer_bond" title="Bearer bond">Bearer bond</A> 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 stolen. Especially after federal income tax began in the United States, bearer bonds were seen as an opportunity to conceal income or assets.<SUP id="cite_ref-13" class="reference"><A href="#cite_note-13">[13]</A></SUP> 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.<SUP id="cite_ref-14" class="reference"><A href="#cite_note-14">[14]</A></SUP></LI>
<LI>Registered bond is a bond whose ownership (and any subsequent purchaser) is recorded by the issuer, or by a transfer agent. It is the alternative to a <A href="/wiki/Bearer_bond" title="Bearer bond">Bearer bond</A>. Interest payments, and the principal upon maturity are sent to the registered owner.</LI>
<LI>A <A href="/wiki/Government_bond" title="Government bond">government bond</A>, also called Treasury bond, is issued by a national government and is not exposed to default risk. It is characterized as the safest bond, with the lowest interest rate. A treasury bond is backed by the “full faith and credit” of the relevant government. For that reason, for the major OECD countries this type of bond is often referred to as risk-free.</LI>
<LI>
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<DIV class="thumbinner" style="width:222px;"><A href="/wiki/File:San_Francisco_Pacific_Railroad_Bond_WPRR_1865.jpg" class="image"><IMG alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e8/San_Francisco_Pacific_Railroad_Bond_WPRR_1865.jpg/220px-San_Francisco_Pacific_Railroad_Bond_WPRR_1865.jpg" width="220" height="164" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e8/San_Francisco_Pacific_Railroad_Bond_WPRR_1865.jpg/330px-San_Francisco_Pacific_Railroad_Bond_WPRR_1865.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e8/San_Francisco_Pacific_Railroad_Bond_WPRR_1865.jpg/440px-San_Francisco_Pacific_Railroad_Bond_WPRR_1865.jpg 2x" data-file-width="800" data-file-height="598" /></A>
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<B>Pacific Railroad Bond</B> issued by City and County of San Francisco, CA. May 1, 1865</DIV>
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<A href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</A> is a bond issued by a state, U.S. Territory, city, local government, or their agencies. Interest income received by holders of municipal bonds is often <A href="/wiki/Tax_advantage" title="Tax advantage">exempt</A> from the federal <A href="/wiki/Income_tax" title="Income tax">income tax</A> and from the income tax of the state in which they are issued, although municipal bonds issued for certain purposes may not be tax exempt.</LI>
<LI>Build America Bonds (BABs) are a form of <A href="/wiki/Municipal_bond" title="Municipal bond">municipal bond</A> authorized by the <A href="/wiki/American_Recovery_and_Reinvestment_Act_of_2009" title="American Recovery and Reinvestment Act of 2009">American Recovery and Reinvestment Act of 2009</A>. 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 (over 7 percent) than standard municipal bonds.<SUP id="cite_ref-15" class="reference"><A href="#cite_note-15">[15]</A></SUP></LI>
<LI>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 option of a paper certificate, even to investors who prefer them.<SUP id="cite_ref-16" class="reference"><A href="#cite_note-16">[16]</A></SUP></LI>
<LI><A href="/wiki/Lottery_Bond" class="mw-redirect" title="Lottery Bond">Lottery bonds</A> 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 bond.</LI>
<LI><A href="/wiki/War_bond" title="War bond">War bond</A> is a bond issued by a government to fund military operations during wartime. This type of bond has low return rate.</LI>
<LI><A href="/wiki/Serial_bond" title="Serial bond">Serial bond</A> is a bond that matures in installments over a period of time. In effect, a $100,000, 5-year serial bond would mature in a $20,000 annuity over a 5-year interval.</LI>
<LI><A href="/wiki/Revenue_bond" title="Revenue bond">Revenue bond</A> 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 recourse to other governmental assets or revenues.</LI>
<LI><A href="/wiki/Climate_bond" title="Climate bond">Climate bond</A> 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.</LI>
<LI>Dual currency bonds <SUP id="cite_ref-17" class="reference"><A href="#cite_note-17">[17]</A></SUP></LI>
<LI>Retail bonds are a type of corporate bond mostly designed for ordinary investors.<SUP id="cite_ref-18" class="reference"><A href="#cite_note-18">[18]</A></SUP> They have become particularly attractive since the <A href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</A> (LSE) launched an <A href="/w/index.php?title=Order_book_for_retail_bonds&action=edit&redlink=1" class="new" title="Order book for retail bonds (page does not exist)">order book for retail bonds</A>.<SUP id="cite_ref-19" class="reference"><A href="#cite_note-19">[19]</A></SUP></LI>
<LI><A href="/wiki/Social_impact_bond" title="Social impact bond">Social impact bonds</A> 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.</LI>
</UL>
<H3><SPAN class="mw-headline" id="Foreign_currencies">Foreign currencies</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=12" title="Edit section: Foreign currencies">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as it may appear to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. 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 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.</P>
<UL>
<LI><A href="/wiki/Eurodollar" title="Eurodollar">Eurodollar</A> bond, a U.S. dollar-denominated bond issued by a non-<A href="/wiki/United_States_entity" title="United States entity">U.S. entity</A> outside the U.S<SUP id="cite_ref-20" class="reference"><A href="#cite_note-20">[20]</A></SUP></LI>
<LI><A href="/wiki/Baklava_bond" title="Baklava bond">Baklava bond</A>, a bond denominated in Turkish Lira and issued by a domestic or foreign entity in the Turkish market<SUP id="cite_ref-21" class="reference"><A href="#cite_note-21">[21]</A></SUP></LI>
<LI>Yankee bond, a US dollar-denominated bond issued by a non-US entity in the US market</LI>
<LI>Kangaroo bond, an Australian dollar-denominated bond issued by a non-Australian entity in the Australian market</LI>
<LI>Maple bond, a Canadian dollar-denominated bond issued by a non-Canadian entity in the Canadian market</LI>
<LI><A href="/wiki/Masala_bonds" title="Masala bonds">Masala bonds</A> an Indian rupee denominated bond issued outside India.</LI>
<LI><A href="/wiki/Samurai_bond" title="Samurai bond">Samurai bond</A>, a Japanese yen-denominated bond issued by a non-Japanese entity in the Japanese market</LI>
<LI><A href="/wiki/Uridashi_bonds" title="Uridashi bonds">Uridashi bond</A>, a non-yen-denominated bond sold to Japanese retail investors.</LI>
<LI>Shibosai Bond, a private placement bond in the Japanese market with distribution limited to institutions and banks.</LI>
<LI>Shogun bond, a non-yen-denominated bond issued in Japan by a non-Japanese institution or government<SUP id="cite_ref-22" class="reference"><A href="#cite_note-22">[22]</A></SUP></LI>
<LI>Bulldog bond, a pound sterling-denominated bond issued in London by a foreign institution or government.<SUP id="cite_ref-23" class="reference"><A href="#cite_note-23">[23]</A></SUP></LI>
<LI>Matryoshka bond, a Russian rouble-denominated bond issued in the Russian Federation by non-Russian entities. The name derives from the famous Russian wooden dolls, <A href="/wiki/Matrioshka" class="mw-redirect" title="Matrioshka">Matrioshka</A>, popular among foreign visitors to Russia</LI>
<LI><A href="/wiki/Arirang_bond" title="Arirang bond">Arirang bond</A>, a Korean won-denominated bond issued by a non-Korean entity in the Korean market<SUP id="cite_ref-24" class="reference"><A href="#cite_note-24">[24]</A></SUP></LI>
<LI><A href="/wiki/Kimchi_bond" title="Kimchi bond">Kimchi bond</A>, a non-Korean won-denominated bond issued by a non-Korean entity in the Korean market<SUP id="cite_ref-25" class="reference"><A href="#cite_note-25">[25]</A></SUP></LI>
<LI><A href="/wiki/Formosa_bond" title="Formosa bond">Formosa bond</A>, a non-New Taiwan Dollar-denominated bond issued by a non-Taiwan entity in the Taiwan market<SUP id="cite_ref-TaipeiTimes20070419_26-0" class="reference"><A href="#cite_note-TaipeiTimes20070419-26">[26]</A></SUP></LI>
<LI><A href="/wiki/Panda_bond" class="mw-redirect" title="Panda bond">Panda bond</A>, a Chinese renminbi-denominated bond issued by a non-China entity in the People's Republic of China market<SUP id="cite_ref-WSJ20051011_27-0" class="reference"><A href="#cite_note-WSJ20051011-27">[27]</A></SUP></LI>
<LI><A href="/wiki/Dim_sum_bond" title="Dim sum bond">Dim sum bond</A>, a Chinese renminbi-denominated bond issued by a Chinese entity in Hong Kong. Enables foreign investors forbidden from investing in Chinese corporate debt in mainland China to invest in and be exposed to Chinese currency in Hong Kong.<SUP id="cite_ref-28" class="reference"><A href="#cite_note-28">[28]</A></SUP></LI>
<LI><A href="/w/index.php?title=Huaso_bond&action=edit&redlink=1" class="new" title="Huaso bond (page does not exist)">Huaso bond</A>, a Chilean peso-denominated bond issued by a non-Chilean entity in the Chilean market.<SUP id="cite_ref-29" class="reference"><A href="#cite_note-29">[29]</A></SUP></LI>
<LI><A href="/w/index.php?title=Lion_City_bond&action=edit&redlink=1" class="new" title="Lion City bond (page does not exist)">Lion City bond</A> foreign currency denominated bond issued by foreign company in Singapore</LI>
<LI>Komodo bonds, rupiah-denominated global bonds issued in Indonesia, "The Komodo dragon is a very large species of lizards found in eastern Indonesia."</LI>
</UL>
<H2><SPAN class="mw-headline" id="Bond_valuation">Bond valuation</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=13" title="Edit section: Bond valuation">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<DIV role="note" class="hatnote navigation-not-searchable">See also: <A href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</A></DIV>
<P>At the time of issue of the bond, the interest rate 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.</P>
<P>These factors are likely to change over time, so the market price of a bond will vary after it is issued. The market price is expressed as a percentage of nominal value. Bonds are not necessarily issued at par (100% of face value, corresponding to a price of 100), but bond 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. This is referred to as "Pull to Par". At other times, 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 called trading at a discount. Most government bonds are denominated in units of $1000 in the <A href="/wiki/United_States" title="United States">United States</A>, or in units of £100 in the <A href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</A>. 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 <A href="/wiki/United_States_Treasury_security#Treasury_bill" title="United States Treasury security">U.S. Treasury bill</A>, are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond.</P>
<P>The market price of a bond is the <A href="/wiki/Present_value" title="Present value">present value</A> of all expected <A href="/wiki/Future_interest" title="Future interest">future interest</A> and principal payments of the bond discounted at the bond's <A href="/wiki/Yield_to_maturity" title="Yield to maturity">yield to maturity</A>, or <A href="/wiki/Rate_of_return" title="Rate of return">rate of return</A>. 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. (Otherwise there would be <A href="/wiki/Arbitrage" title="Arbitrage">arbitrage</A> opportunities.) The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa.</P>
<P>The <A href="/wiki/Market_price" title="Market price">market price</A> of a bond may be quoted including the <A href="/wiki/Accrued_interest" title="Accrued interest">accrued interest</A> 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 "<A href="/wiki/Dirty_price" title="Dirty price">dirty price</A>". (<I>See also</I> <A href="/wiki/Accrual_bond" title="Accrual bond">Accrual bond</A>.) The price excluding accrued interest is known as the "flat" or "<A href="/wiki/Clean_price" title="Clean price">clean price</A>".</P>
<P>The interest payment ("coupon payment") divided by the current price of the bond is called the <A href="/wiki/Current_yield" title="Current yield">current yield</A> (this is the <A href="/wiki/Nominal_yield" title="Nominal yield">nominal yield</A> 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.</P>
<P>The relationship between yield and term to maturity (or alternatively between yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds is called a <A href="/wiki/Yield_curve" title="Yield curve">yield curve</A>. The yield curve is a graph plotting this relationship.</P>
<P>Bond markets, unlike stock or share markets, sometimes do not have a centralized exchange or trading system. Rather, in most developed <A href="/wiki/Bond_market" title="Bond market">bond markets</A> such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based <A href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</A> markets. In such a market, <A href="/wiki/Market_liquidity" title="Market liquidity">market liquidity</A> 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 <A href="/wiki/Counterparty" title="Counterparty">counterparty</A> 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 immediately resells the bond to another investor.</P>
<P>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 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 <A href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">bid/offer spread</A> represents the total <A href="/wiki/Transaction_cost" title="Transaction cost">transaction cost</A> associated with transferring a bond from one investor to another.</P>
<H2><SPAN class="mw-headline" id="Investing_in_bonds">Investing in bonds</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=14" title="Edit section: Investing in bonds">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Bonds are bought and traded mostly by institutions like <A href="/wiki/Central_bank" title="Central bank">central banks</A>, <A href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">sovereign wealth funds</A>, <A href="/wiki/Pension_fund" title="Pension fund">pension funds</A>, <A href="/wiki/Insurance_companies" class="mw-redirect" title="Insurance companies">insurance companies</A>, <A href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</A>, and <A href="/wiki/Bank" title="Bank">banks</A>. 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 <A href="/wiki/Bond_fund" title="Bond fund">bond funds</A>. Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households.</P>
<P>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 <A href="/wiki/Stock" title="Stock">stocks</A>, 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 <A href="/wiki/Dividend" title="Dividend">dividend</A> 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 attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes <A href="/wiki/Bankruptcy" title="Bankruptcy">bankrupt</A>, its bondholders will often receive some money back (the <A href="/wiki/Recovery_amount" class="mw-redirect" title="Recovery amount">recovery amount</A>), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks:</P>
<UL>
<LI>Fixed rate bonds are subject to <I><A href="/wiki/Interest_rate_risk" title="Interest rate risk">interest rate risk</A></I>, 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 <A href="/wiki/Market_price" title="Market price">market price</A> 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 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.</LI>
</UL>
<P>Bonds are also subject to various other risks such as call and <A href="/wiki/Prepayment_of_loan" title="Prepayment of loan">prepayment</A> risk, <A href="/wiki/Credit_risk" title="Credit risk">credit risk</A>, <A href="/wiki/Reinvestment_risk" title="Reinvestment risk">reinvestment risk</A>, <A href="/wiki/Liquidity_risk" title="Liquidity risk">liquidity risk</A>, <A href="/w/index.php?title=Event_risk&action=edit&redlink=1" class="new" title="Event risk (page does not exist)">event risk</A>, <A href="/wiki/Foreign_exchange_risk" title="Foreign exchange risk">exchange rate risk</A>, <A href="/wiki/Volatility_risk" title="Volatility risk">volatility risk</A>, <A href="/wiki/Inflation_risk" class="mw-redirect" title="Inflation risk">inflation risk</A>, <A href="/wiki/Credit_risk#Sovereign_risk" title="Credit risk">sovereign risk</A> and <A href="/wiki/Interest_rate_risk#Banks_and_interest_rate_risk" title="Interest rate risk">yield curve risk</A>. Again, some of these will only affect certain classes of investors.</P>
<P>Price changes in a bond will immediately affect <A href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</A> that hold these bonds. If the value of the bonds in their trading <A href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">portfolio</A> 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 "<A href="/wiki/Mark-to-market_accounting" title="Mark-to-market accounting">marked to market</A>" or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out", <A href="/wiki/Interest_rate_risk" title="Interest rate risk">interest rate risk</A> 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 <A href="/wiki/Macaulay_Duration" class="mw-redirect" title="Macaulay Duration">duration</A>. Efforts to control this risk are called <A href="/wiki/Immunization_(finance)" title="Immunization (finance)">immunization</A> or <A href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedging</A>.</P>
<UL>
<LI>Bond prices can become volatile depending on the credit rating of the issuer – for instance if the <A href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agencies</A> like <A href="/wiki/Standard_%26_Poor%27s" title="Standard & Poor's">Standard & Poor's</A> and <A href="/wiki/Moody%27s" class="mw-redirect" title="Moody's">Moody's</A> 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, which affects mutual funds holding these bonds, and holders of individual bonds who may have to sell them.</LI>
<LI>A company's bondholders may lose much or all their money if the company goes <A href="/wiki/Bankrupt" class="mw-redirect" title="Bankrupt">bankrupt</A>. 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.</LI>
</UL>
<P>There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and a <A href="/wiki/Chapter_11" class="mw-redirect" title="Chapter 11">Chapter 11</A> bankruptcy at the giant telecommunications company <A href="/wiki/MCI_Inc." title="MCI Inc.">Worldcom</A>, in 2004 its bondholders ended up being paid 35.7 cents on the dollar<SUP id="cite_ref-30" class="reference"><A href="#cite_note-30">[30]</A></SUP>. 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.</P>
<UL>
<LI>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 <A href="/wiki/Reinvestment_risk" title="Reinvestment risk">reinvestment risk</A>, 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.</LI>
</UL>
<H3><SPAN class="mw-headline" id="Bond_indices">Bond indices</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=15" title="Edit section: Bond indices">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<DIV role="note" class="hatnote navigation-not-searchable">See also: <A href="/wiki/Bond_market_index" title="Bond market index">Bond market index</A></DIV>
<P>A number of bond indices exist for the purposes of managing portfolios and measuring performance, similar to the <A href="/wiki/S%26P_500" class="mw-redirect" title="S&P 500">S&P 500</A> or <A href="/wiki/Russell_Indexes" title="Russell Indexes">Russell Indexes</A> for <A href="/wiki/Stock" title="Stock">stocks</A>. The most common American benchmarks are the <A href="/wiki/Barclays_Capital_Aggregate_Bond_Index" class="mw-redirect" title="Barclays Capital Aggregate Bond Index">Barclays Capital Aggregate</A> (ex Lehman Aggregate), <A href="/wiki/Citigroup_BIG" class="mw-redirect" title="Citigroup BIG">Citigroup BIG</A> and <A href="/wiki/Merrill_Lynch_Domestic_Master" title="Merrill Lynch Domestic Master">Merrill Lynch Domestic Master</A>. 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.</P>
<H2><SPAN class="mw-headline" id="See_also">See also</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=16" title="Edit section: See also">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<DIV class="div-col columns column-count column-count-2" style="-moz-column-count: 2; -webkit-column-count: 2; column-count: 2;">
<UL>
<LI><A href="/wiki/Bond_credit_rating" title="Bond credit rating">Bond credit rating</A></LI>
<LI><A href="/wiki/Bond_fund" title="Bond fund">Bond fund</A></LI>
<LI><A href="/wiki/Bond_market" title="Bond market">Bond market</A></LI>
<LI><A href="/wiki/Bond_market_index" title="Bond market index">Bond market index</A></LI>
<LI><A href="/wiki/Collective_action_clause" title="Collective action clause">Collective action clause</A></LI>
<LI><A href="/wiki/Debenture" title="Debenture">Debenture</A></LI>
<LI><A href="/wiki/Deferred_financing_costs" class="mw-redirect" title="Deferred financing costs">Deferred financing costs</A></LI>
<LI><A href="/wiki/GDP-linked_bond" title="GDP-linked bond">GDP-linked bond</A></LI>
<LI><A href="/wiki/Government_bond" title="Government bond">Government bond</A>/<A href="/wiki/Sovereign_bonds" class="mw-redirect" title="Sovereign bonds">Sovereign bonds</A></LI>
<LI><A href="/wiki/Immunization_(finance)" title="Immunization (finance)">Immunization (finance)</A></LI>
<LI><A href="/wiki/Promissory_note" title="Promissory note">Promissory note</A></LI>
<LI><A href="/wiki/Short-rate_model" title="Short-rate model">Short-rate model</A></LI>
<LI><A href="/wiki/Penal_bond" title="Penal bond">Penal bond</A></LI>
<LI><A href="/wiki/Structured_note" title="Structured note">Structured note</A></LI>
</UL>
<P><B>Market specific</B></P>
<UL>
<LI><A href="/wiki/Brady_Bonds" title="Brady Bonds">Brady Bonds</A></LI>
<LI><A href="/wiki/Build_America_Bonds" title="Build America Bonds">Build America Bonds</A></LI>
<LI><A href="/wiki/Eurobond" title="Eurobond">Eurobond</A></LI>
</UL>
<P><B>General</B></P>
<UL>
<LI><A href="/wiki/Criticism_of_debt" title="Criticism of debt">Criticism of debt</A></LI>
<LI><A href="/wiki/Fixed_income" title="Fixed income">Fixed income</A></LI>
<LI><A href="/wiki/List_of_accounting_topics" class="mw-redirect" title="List of accounting topics">List of accounting topics</A></LI>
<LI><A href="/wiki/List_of_economics_topics" class="mw-redirect" title="List of economics topics">List of economics topics</A></LI>
<LI><A href="/wiki/List_of_finance_topics" class="mw-redirect" title="List of finance topics">List of finance topics</A></LI>
</UL>
</DIV>
<H2><SPAN class="mw-headline" id="References">References</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=Bond_(finance)&action=edit&section=17" title="Edit section: References">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<DIV class="reflist columns references-column-width" style="-moz-column-width: 30em; -webkit-column-width: 30em; column-width: 30em; list-style-type: decimal;">
<OL class="references">
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<LI id="cite_note-6"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-6"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.housingfinance.com/ahf/articles/2005/march/bond1.html">"Affordable Housing Finance"</A>. Housingfinance.com<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2012-03-22</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Affordable+Housing+Finance&rft.pub=Housingfinance.com&rft_id=http%3A%2F%2Fwww.housingfinance.com%2Fahf%2Farticles%2F2005%2Fmarch%2Fbond1.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-7"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-7"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.investopedia.com/terms/t/tap_issue.asp">Tap issue</A> at <I><A href="/wiki/Investopedia" title="Investopedia">Investopedia</A></I></SPAN></LI>
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<LI id="cite_note-nbtc20150615-9"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-nbtc20150615_9-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-nbtc20150615_9-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><CITE class="citation news">Jenn, Sarah (2015-06-15). <A rel="nofollow" class="external text" href="http://www.newsbtc.com/2015/06/15/ubs-bank-to-launch-cryptosecurites-also/">"UBS Bank to Launch Cryptosecurites Also?"</A>. <I>NewsBTC</I><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2016-05-27</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=NewsBTC&rft.atitle=UBS+Bank+to+Launch+Cryptosecurites+Also%3F&rft.date=2015-06-15&rft.aulast=Jenn&rft.aufirst=Sarah&rft_id=http%3A%2F%2Fwww.newsbtc.com%2F2015%2F06%2F15%2Fubs-bank-to-launch-cryptosecurites-also%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-tapscott2016-10"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-tapscott2016_10-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation book"><A href="/wiki/Don_Tapscott" title="Don Tapscott">Tapscott, Don</A>; Tapscott, Alex (May 2016). <I>The Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World</I>. pp. 72, 83, 101, 127. <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/978-0670069972" title="Special:BookSources/978-0670069972">978-0670069972</A>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Blockchain+Revolution%3A+How+the+Technology+Behind+Bitcoin+is+Changing+Money%2C+Business%2C+and+the+World&rft.pages=72%2C+83%2C+101%2C+127&rft.date=2016-05&rft.isbn=978-0670069972&rft.aulast=Tapscott&rft.aufirst=Don&rft.au=Tapscott%2C+Alex&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-newsweek20150912-11"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-newsweek20150912_11-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Ross, Rory (2015-09-12). <A rel="nofollow" class="external text" href="http://europe.newsweek.com/smart-money-blockchains-are-future-internet-329278">"Smart Money: Blockchains Are the Future of the Internet"</A>. <I><A href="/wiki/Newsweek" title="Newsweek">Newsweek</A></I><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2016-05-27</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Newsweek&rft.atitle=Smart+Money%3A+Blockchains+Are+the+Future+of+the+Internet&rft.date=2015-09-12&rft.aulast=Ross&rft.aufirst=Rory&rft_id=http%3A%2F%2Feurope.newsweek.com%2Fsmart-money-blockchains-are-future-internet-329278&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-IFRasia20150611-12"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-IFRasia20150611_12-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Wigan, David (2015-06-11). <A rel="nofollow" class="external text" href="http://www.ifrasia.com/bitcoin-technology-will-disrupt-derivatives-says-banker/21202956.article">"Bitcoin technology will disrupt derivatives, says banker"</A>. <I>IFR Asia</I><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2016-05-27</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=IFR+Asia&rft.atitle=Bitcoin+technology+will+disrupt+derivatives%2C+says+banker&rft.date=2015-06-11&rft.aulast=Wigan&rft.aufirst=David&rft_id=http%3A%2F%2Fwww.ifrasia.com%2Fbitcoin-technology-will-disrupt-derivatives-says-banker%2F21202956.article&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-13"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-13"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text">Eason, Yla (June 6, 1983). "Final Surge in Bearer Bonds" <I>New York Times</I>.</SPAN></LI>
<LI id="cite_note-14"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-14"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text">Quint, Michael (August 14, 1984). "Elements in Bearer Bond Issue". <I>New York Times</I>.</SPAN></LI>
<LI id="cite_note-15"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-15"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web">Benjamin Shepherd. <A rel="nofollow" class="external text" href="http://www.investingdaily.com/ruk/18220/a-slice-of-the-pie.html">"A Slice of the Pie"</A>. InvestingDaily.com<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2010-01-19</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+Slice+of+the+Pie&rft.pub=InvestingDaily.com&rft.au=Benjamin+Shepherd&rft_id=http%3A%2F%2Fwww.investingdaily.com%2Fruk%2F18220%2Fa-slice-of-the-pie.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-16"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-16"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text">no byline (July 18, 1984). "Book Entry Bonds Popular". <I>New York Times</I>.</SPAN></LI>
<LI id="cite_note-17"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-17"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.investopedia.com/terms/d/dual-currency-bond.asp">Dual currency bond</A>, accessed 2012-06-08.</SPAN></LI>
<LI id="cite_note-18"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-18"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20130209161432/http://www.cfo-insight.com/financing-liquidity/loans-and-bonds/enquest-cfo-swinney-on-issuing-first-industrial-retail-bond/">https://web.archive.org/web/20130209161432/http://www.cfo-insight.com/financing-liquidity/loans-and-bonds/enquest-cfo-swinney-on-issuing-first-industrial-retail-bond/</A>. Archived from <A rel="nofollow" class="external text" href="http://www.cfo-insight.com/financing-liquidity/loans-and-bonds/enquest-cfo-swinney-on-issuing-first-industrial-retail-bond/">the original</A> on February 9, 2013<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">February 6,</SPAN> 2013</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft_id=http%3A%2F%2Fwww.cfo-insight.com%2Ffinancing-liquidity%2Floans-and-bonds%2Fenquest-cfo-swinney-on-issuing-first-industrial-retail-bond%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN> <SPAN style="font-size:100%" class="error citation-comment">Missing or empty <CODE style="color:inherit; border:inherit; padding:inherit;">|title=</CODE> (<A href="/wiki/Help:CS1_errors#citation_missing_title" title="Help:CS1 errors">help</A>)</SPAN></SPAN></LI>
<LI id="cite_note-19"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-19"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external free" href="http://www.hedgefundonline.com/">http://www.hedgefundonline.com/</A></SPAN></LI>
<LI id="cite_note-20"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-20"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20081226012306/http://www.riskglossary.com/link/eurodollar_deposit.htm">"Eurodollar deposit"</A>. Archived from <A rel="nofollow" class="external text" href="http://www.riskglossary.com/link/eurodollar_deposit.htm">the original</A> on 2008-12-26<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2009-01-05</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Eurodollar+deposit&rft_id=http%3A%2F%2Fwww.riskglossary.com%2Flink%2Feurodollar_deposit.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-21"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-21"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation book">Memili, Ümit (2012). <I>Baklava Bonds: Sweet Margins in Turkey. Evaluating Turkish Corporate Bonds in Local Currency</I>. p. 117.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Baklava+Bonds%3A+Sweet+Margins+in+Turkey.+Evaluating+Turkish+Corporate+Bonds+in+Local+Currency&rft.pages=117&rft.date=2012&rft.aulast=Memili&rft.aufirst=%C3%9Cmit&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-22"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-22"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">no byline (2005-12-05). <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070929070333/http://www.thestandard.hk/news_detail.asp?we_cat=10&art_id=7106&sid=5769214&con_type=1&d_str=20051205">"Ninja loans may yet overtake samurais"</A>. The Standard. Archived from <A rel="nofollow" class="external text" href="http://www.thestandard.hk/news_detail.asp?we_cat=10&art_id=7106&sid=5769214&con_type=1&d_str=20051205">the original</A> on 2007-09-29<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2008-12-09</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Ninja+loans+may+yet+overtake+samurais&rft.date=2005-12-05&rft.au=no+byline&rft_id=http%3A%2F%2Fwww.thestandard.hk%2Fnews_detail.asp%3Fwe_cat%3D10%26art_id%3D7106%26sid%3D5769214%26con_type%3D1%26d_str%3D20051205&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-23"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-23"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news"><A rel="nofollow" class="external text" href="http://lexicon.ft.com/Term?term=bulldog-bond&mhq5j=e2">http://lexicon.ft.com/Term?term=bulldog-bond&mhq5j=e2</A>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft_id=http%3A%2F%2Flexicon.ft.com%2FTerm%3Fterm%3Dbulldog-bond%26mhq5j%3De2&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN> <SPAN style="font-size:100%" class="error citation-comment">Missing or empty <CODE style="color:inherit; border:inherit; padding:inherit;">|title=</CODE> (<A href="/wiki/Help:CS1_errors#citation_missing_title" title="Help:CS1 errors">help</A>)</SPAN></SPAN></LI>
<LI id="cite_note-24"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-24"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation journal">Batten, Jonathan A.; Peter G. Szilagyi (2006-04-19). <A rel="nofollow" class="external text" href="http://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp138.pdf">"Developing Foreign Bond Markets: The Arirang Bond Experience in Korea"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. <I>IIS Discussion Papers</I> (138)<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2007-07-06</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=IIS+Discussion+Papers&rft.atitle=Developing+Foreign+Bond+Markets%3A+The+Arirang+Bond+Experience+in+Korea&rft.issue=138&rft.date=2006-04-19&rft.aulast=Batten&rft.aufirst=Jonathan+A.&rft.au=Peter+G.+Szilagyi&rft_id=http%3A%2F%2Fwww.tcd.ie%2Fiiis%2Fdocuments%2Fdiscussion%2Fpdfs%2Fiiisdp138.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-25"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-25"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Gwon, Yeong-seok (2006-05-24). <A rel="nofollow" class="external text" href="http://www.hani.co.kr/arti/economy/stock/126171.html">"<SPAN style="padding-left:0.2em;">'</SPAN>김치본드' 내달 처음으로 선보인다 (Announcement: first 'Kimchi Bonds' next month)"</A>. The Hankyoreh<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2007-07-06</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=%E2%80%98%EA%B9%80%EC%B9%98%EB%B3%B8%EB%93%9C%E2%80%99+%EB%82%B4%EB%8B%AC+%EC%B2%98%EC%9D%8C%EC%9C%BC%EB%A1%9C+%EC%84%A0%EB%B3%B4%EC%9D%B8%EB%8B%A4+%28Announcement%3A+first+%27Kimchi+Bonds%27+next+month%29&rft.date=2006-05-24&rft.aulast=Gwon&rft.aufirst=Yeong-seok&rft_id=http%3A%2F%2Fwww.hani.co.kr%2Farti%2Feconomy%2Fstock%2F126171.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-TaipeiTimes20070419-26"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-TaipeiTimes20070419_26-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Chung, Amber (2007-04-19). <A rel="nofollow" class="external text" href="http://www.taipeitimes.com/News/biz/archives/2007/04/19/2003357355">"BNP Paribas mulls second bond issue on offshore market"</A>. Taipei Times<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2007-07-04</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=BNP+Paribas+mulls+second+bond+issue+on+offshore+market&rft.date=2007-04-19&rft.aulast=Chung&rft.aufirst=Amber&rft_id=http%3A%2F%2Fwww.taipeitimes.com%2FNews%2Fbiz%2Farchives%2F2007%2F04%2F19%2F2003357355&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-WSJ20051011-27"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-WSJ20051011_27-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Areddy, James T. (2005-10-11). <A rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB112893305062664267?mod=article-outset-box">"Chinese Markets Take New Step With Panda Bond"</A>. The Wall Street Journal<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2007-07-06</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Chinese+Markets+Take+New+Step+With+Panda+Bond&rft.date=2005-10-11&rft.aulast=Areddy&rft.aufirst=James+T.&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB112893305062664267%3Fmod%3Darticle-outset-box&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-28"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-28"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Stein, Peter (2010-11-01). <A rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052702304354104575568180321350908">"<I>Dim Sum Bonds' on the Menu for Foreign Investors"</I></A>. The Wall Street Journal<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2010-11-01</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=%E2%80%98%27Dim+Sum+Bonds%27+on+the+Menu+for+Foreign+Investors&rft.date=2010-11-01&rft.aulast=Stein&rft.aufirst=Peter&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052702304354104575568180321350908&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-29"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-29"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Moura, Fabiola (2011-03-26). <A rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2011-03-27/chile-expects-more-huaso-bond-sales-in-coming-months-larrain-says.html">"Chile Expects More 'Huaso' Bond Sales in Coming Months, Larrain Says"</A>. <I>Bloomberg</I>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg&rft.atitle=Chile+Expects+More+%E2%80%98Huaso%27+Bond+Sales+in+Coming+Months%2C+Larrain+Says&rft.date=2011-03-26&rft.aulast=Moura&rft.aufirst=Fabiola&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2011-03-27%2Fchile-expects-more-huaso-bond-sales-in-coming-months-larrain-says.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-30"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-30"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://www.bizjournals.com/washington/stories/2003/06/16/daily13.html">"https://www.bizjournals.com/washington/stories/2003/06/16/daily13.html"</A>. <I>www.bizjournals.com</I><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2018-02-09</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bizjournals.com&rft.atitle=https%3A%2F%2Fwww.bizjournals.com%2Fwashington%2Fstories%2F2003%2F06%2F16%2Fdaily13.html&rft_id=https%3A%2F%2Fwww.bizjournals.com%2Fwashington%2Fstories%2F2003%2F06%2F16%2Fdaily13.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+%28finance%29" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN> <SPAN style="font-size:100%" class="error citation-comment">External link in <CODE style="color:inherit; border:inherit; padding:inherit;">|title=</CODE> (<A href="/wiki/Help:CS1_errors#param_has_ext_link" title="Help:CS1 errors">help</A>)</SPAN></SPAN></LI>
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<TH scope="row" class="navbox-group" style="width:1%">Types of bonds by payout</TH>
<TD class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Accrual_bond" title="Accrual bond">Accrual bond</A></LI>
<LI><A href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate security</A></LI>
<LI><A href="/wiki/Callable_bond" title="Callable bond">Callable bond</A></LI>
<LI><A href="/wiki/Commercial_paper" title="Commercial paper">Commercial paper</A></LI>
<LI><A href="/wiki/Contingent_convertible_bond" title="Contingent convertible bond">Contingent convertible bond</A></LI>
<LI><A href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</A></LI>
<LI><A href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</A></LI>
<LI><A href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</A></LI>
<LI><A href="/wiki/Fixed_rate_bond" title="Fixed rate bond">Fixed rate bond</A></LI>
<LI><A href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate note</A></LI>
<LI><A href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</A></LI>
<LI><A href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bond</A></LI>
<LI><A href="/wiki/Inverse_floating_rate_note" title="Inverse floating rate note">Inverse floating rate note</A></LI>
<LI><A href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bond</A></LI>
<LI><A href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</A></LI>
<LI><A href="/wiki/Reverse_convertible_securities" title="Reverse convertible securities">Reverse convertible securities</A></LI>
<LI><A href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</A></LI>
</UL>
</DIV>
</TD>
</TR>
<TR style="display: none;">
<TH scope="row" class="navbox-group" style="width:1%"><A href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</A></TH>
<TD class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Clean_price" title="Clean price">Clean price</A></LI>
<LI><A href="/wiki/Bond_convexity" title="Bond convexity">Convexity</A></LI>
<LI><A href="/wiki/Coupon_(bond)" title="Coupon (bond)">Coupon</A></LI>
<LI><A href="/wiki/Credit_spread_(bond)" class="mw-redirect" title="Credit spread (bond)">Credit spread</A></LI>
<LI><A href="/wiki/Current_yield" title="Current yield">Current yield</A></LI>
<LI><A href="/wiki/Dirty_price" title="Dirty price">Dirty price</A></LI>
<LI><A href="/wiki/Bond_duration" title="Bond duration">Duration</A></LI>
<LI><A href="/wiki/I-spread" title="I-spread">I-spread</A></LI>
<LI><A href="/wiki/Mortgage_yield" title="Mortgage yield">Mortgage yield</A></LI>
<LI><A href="/wiki/Nominal_yield" title="Nominal yield">Nominal yield</A></LI>
<LI><A href="/wiki/Option-adjusted_spread" title="Option-adjusted spread">Option-adjusted spread</A></LI>
<LI><A href="/wiki/Risk-free_bond" title="Risk-free bond">Risk-free bond</A></LI>
<LI><A href="/wiki/Weighted-average_life" title="Weighted-average life">Weighted-average life</A></LI>
<LI><A href="/wiki/Yield_curve" title="Yield curve">Yield curve</A></LI>
<LI><A href="/wiki/Yield_spread" title="Yield spread">Yield spread</A></LI>
<LI><A href="/wiki/Yield_to_maturity" title="Yield to maturity">Yield to maturity</A></LI>
<LI><A href="/wiki/Z-spread" title="Z-spread">Z-spread</A></LI>
</UL>
</DIV>
</TD>
</TR>
<TR style="display: none;">
<TH scope="row" class="navbox-group" style="width:1%">Securitized products</TH>
<TD class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed security</A></LI>
<LI><A href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</A></LI>
<LI><A href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</A></LI>
<LI><A href="/wiki/Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</A></LI>
<LI><A href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</A></LI>
</UL>
</DIV>
</TD>
</TR>
<TR style="display: none;">
<TH scope="row" class="navbox-group" style="width:1%"><A href="/wiki/Bond_option" title="Bond option">Bond options</A></TH>
<TD class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Callable_bond" title="Callable bond">Callable bond</A></LI>
<LI><A href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</A></LI>
<LI><A href="/wiki/Embedded_option" title="Embedded option">Embedded option</A></LI>
<LI><A href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</A></LI>
<LI><A href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</A></LI>
<LI><A href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</A></LI>
</UL>
</DIV>
</TD>
</TR>
<TR style="display: none;">
<TH scope="row" class="navbox-group" style="width:1%">Institutions</TH>
<TD class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Commercial_Mortgage_Securities_Association" title="Commercial Mortgage Securities Association">Commercial Mortgage Securities Association</A> (CMSA)</LI>
<LI><A href="/wiki/International_Capital_Market_Association" title="International Capital Market Association">International Capital Market Association</A> (ICMA)</LI>
<LI><A href="/wiki/Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</A> (SIFMA)</LI>
</UL>
</DIV>
</TD>
</TR>
</TBODY></TABLE>
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<DIV role="navigation" class="navbox" aria-labelledby="Corporate_finance_and_investment_banking" style="padding:3px">
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<DIV id="Corporate_finance_and_investment_banking" style="font-size:114%;margin:0 4em"><A href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</A> and <A href="/wiki/Investment_banking" title="Investment banking">investment banking</A></DIV>
</TH>
</TR>
<TR style="display: none;">
<TH scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><A href="/wiki/Capital_structure" title="Capital structure">Capital structure</A></TH>
<TD class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</A></LI>
<LI><A href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</A></LI>
<LI><A href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</A></LI>
<LI><A href="/wiki/Pari_passu" title="Pari passu">Pari passu</A></LI>
<LI><A href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</A></LI>
<LI><A href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</A></LI>
<LI><A href="/wiki/Senior_debt" title="Senior debt">Senior debt</A></LI>
<LI><A href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</A></LI>
<LI><A href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</A></LI>
<LI><A href="/wiki/Stock" title="Stock">Stock</A></LI>
<LI><A href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</A></LI>
<LI><A href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</A></LI>
</UL>
</DIV>
</TD>
<TD class="navbox-image" rowspan="3" style="width:1px;padding:0px 0px 0px 2px">
<DIV><A href="/wiki/File:Wall_Street_Sign_NYC.jpg" class="image"><IMG alt="Wall Street Sign NYC.jpg" src="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Wall_Street_Sign_NYC.jpg/90px-Wall_Street_Sign_NYC.jpg" width="90" height="68" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Wall_Street_Sign_NYC.jpg/135px-Wall_Street_Sign_NYC.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/65/Wall_Street_Sign_NYC.jpg/180px-Wall_Street_Sign_NYC.jpg 2x" data-file-width="4000" data-file-height="3000" /></A></DIV>
</TD>
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<TR style="display: none;">
<TH scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<BR />
<SPAN style="font-weight:normal;">(terms/conditions)</SPAN></TH>
<TD class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em"></DIV>
<TABLE class="nowraplinks navbox-subgroup" style="border-spacing:0">
<TBODY><TR>
<TH scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><A href="/wiki/Stock" title="Stock">Equity offerings</A></TH>
<TD class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</A></LI>
<LI><A href="/wiki/Book_building" title="Book building">Book building</A></LI>
<LI><A href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</A></LI>
<LI><A href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</A></LI>
<LI><A href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</A></LI>
<LI><A href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</A></LI>
<LI><A href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</A>
<UL>
<LI><A href="/wiki/Reverse_greenshoe" title="Reverse greenshoe">Reverse</A></LI>
</UL>
</LI>
<LI><A href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</A></LI>
<LI><A href="/wiki/Private_placement" title="Private placement">Private placement</A></LI>
<LI><A href="/wiki/Public_offering" title="Public offering">Public offering</A></LI>
<LI><A href="/wiki/Rights_issue" title="Rights issue">Rights issue</A></LI>
<LI><A href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</A></LI>
<LI><A href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</A></LI>
<LI><A href="/wiki/Underwriting" title="Underwriting">Underwriting</A></LI>
</UL>
</DIV>
</TD>
</TR>
<TR>
<TH scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><A href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<BR />
acquisitions</A></TH>
<TD class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Buy_side" title="Buy side">Buy side</A></LI>
<LI><A href="/wiki/Control_premium" title="Control premium">Control premium</A></LI>
<LI><A href="/wiki/Demerger" title="Demerger">Demerger</A></LI>
<LI><A href="/wiki/Divestment" title="Divestment">Divestment</A></LI>
<LI><A href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</A></LI>
<LI><A href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</A></LI>
<LI><A href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</A></LI>
<LI><A href="/wiki/Minority_discount" title="Minority discount">Minority discount</A></LI>
<LI><A href="/wiki/Pitch_book" title="Pitch book">Pitch book</A></LI>
<LI><A href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</A></LI>
<LI><A href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</A></LI>
<LI><A href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</A></LI>
<LI><A href="/wiki/Sell_side" title="Sell side">Sell side</A></LI>
<LI><A href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</A></LI>
<LI><A href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</A></LI>
<LI><A href="/wiki/Special_situation" title="Special situation">Special situation</A></LI>
<LI><A href="/wiki/Squeeze_out" class="mw-redirect" title="Squeeze out">Squeeze out</A></LI>
<LI><A href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</A></LI>
<LI><A href="/wiki/Stock_swap" title="Stock swap">Stock swap</A></LI>
<LI><A href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</A></LI>
<LI><A href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</A></LI>
<LI><A href="/wiki/Takeover" title="Takeover">Takeover</A>
<UL>
<LI><A href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</A></LI>
</UL>
</LI>
<LI><A href="/wiki/Tender_offer" title="Tender offer">Tender offer</A></LI>
</UL>
</DIV>
</TD>
</TR>
<TR>
<TH scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><A href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</A></TH>
<TD class="navbox-list navbox-even" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</A></LI>
<LI><A href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</A></LI>
<LI><A href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</A></LI>
<LI><A href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</A></LI>
<LI><A href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</A></LI>
<LI><A href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</A></LI>
<LI><A href="/wiki/Private_equity" title="Private equity">Private equity</A></LI>
<LI><A href="/wiki/Project_finance" title="Project finance">Project finance</A></LI>
</UL>
</DIV>
</TD>
</TR>
</TBODY></TABLE>
</TD>
</TR>
<TR style="display: none;">
<TH scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><A href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</A></TH>
<TD class="navbox-list navbox-odd" style="text-align:left;border-left-width:2px;border-left-style:solid;width:100%;padding:0px">
<DIV style="padding:0em 0.25em">
<UL>
<LI><A href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</A></LI>
<LI><A href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</A></LI>
<LI><A href="/wiki/Associate_company" title="Associate company">Associate company</A></LI>
<LI><A href="/wiki/Business_valuation" title="Business valuation">Business valuation</A></LI>
<LI><A href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</A></LI>
<LI><A href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</A>
<UL>
<LI><A href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</A></LI>
</UL>
</LI>
<LI><A href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</A></LI>
<LI><A href="/wiki/Economic_Value_Added" class="mw-redirect" title="Economic Value Added">Economic Value Added</A></LI>
<LI><A href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</A></LI>
<LI><A href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</A></LI>
<LI><A href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</A></LI>
<LI><A href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</A>
<UL>
<LI><A href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</A></LI>
</UL>
</LI>
<LI><A href="/wiki/Market_value_added" title="Market value added">Market value added</A></LI>
<LI><A href="/wiki/Minority_interest" title="Minority interest">Minority interest</A></LI>
<LI><A href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</A></LI>
<LI><A href="/wiki/Net_present_value" title="Net present value">Net present value</A></LI>
<LI><A href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</A></LI>
<LI><A href="/wiki/Real_options_valuation" title="Real options valuation">Real options</A></LI>
<LI><A href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</A></LI>
<LI><A href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</A></LI>
<LI><A href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</A></LI>
<LI><A href="/wiki/Tax_shield" title="Tax shield">Tax shield</A></LI>
<LI><A href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</A></LI>
<LI><A href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</A></LI>
</UL>
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<LI><IMG alt="List-Class article" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" title="List-Class article" width="16" height="16" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <A href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</A></LI>
<LI><IMG alt="List-Class article" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" title="List-Class article" width="16" height="16" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <A href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</A></LI>
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<TH scope="row" class="navbox-group" style="width:1%">Instruments</TH>
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<LI><A href="/wiki/Corporate_bond" title="Corporate bond">Corporate</A></LI>
<LI><A href="/wiki/Debenture" title="Debenture">Debenture</A></LI>
<LI><A href="/wiki/Government_bond" title="Government bond">Government</A></LI>
<LI><A href="/wiki/Municipal_bond" title="Municipal bond">Municipal</A></LI>
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<TH scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><A href="/wiki/Loan" title="Loan">Loans</A></TH>
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<LI><A href="/wiki/Debt-snowball_method" title="Debt-snowball method">Debt-snowball method</A></LI>
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<LI><A href="/wiki/External_debt" title="External debt">External</A> / <A href="/wiki/Internal_debt" title="Internal debt">Internal</A> / <A href="/wiki/Odious_debt" title="Odious debt">Odious debt</A></LI>
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(Taraškievica orthography)" lang="be-x-old" hreflang="be-x-old" class="interlanguage-link-target">Беларуская (тарашкевіца)</A></LI><LI class="interlanguage-link interwiki-bg" style="display: none;"><A href="https://bg.wikipedia.org/wiki/%D0%9E%D0%B1%D0%BB%D0%B8%D0%B3%D0%B0%D1%86%D0%B8%D1%8F" title="Облигация – Bulgarian" lang="bg" hreflang="bg" class="interlanguage-link-target">Български</A></LI><LI class="interlanguage-link interwiki-bs" style="display: none;"><A href="https://bs.wikipedia.org/wiki/Obveznica" title="Obveznica – Bosnian" lang="bs" hreflang="bs" class="interlanguage-link-target">Bosanski</A></LI><LI class="interlanguage-link interwiki-ca" style="display: none;"><A href="https://ca.wikipedia.org/wiki/Obligaci%C3%B3_(finances)" title="Obligació (finances) – Catalan" lang="ca" hreflang="ca" class="interlanguage-link-target">Català</A></LI><LI class="interlanguage-link interwiki-cs" style="display: none;"><A href="https://cs.wikipedia.org/wiki/Dluhopis" title="Dluhopis – Czech" lang="cs" hreflang="cs" class="interlanguage-link-target">Čeština</A></LI><LI class="interlanguage-link interwiki-da" style="display: none;"><A href="https://da.wikipedia.org/wiki/Obligation" title="Obligation – Danish" lang="da" hreflang="da" class="interlanguage-link-target">Dansk</A></LI><LI class="interlanguage-link interwiki-de"><A href="https://de.wikipedia.org/wiki/Anleihe" title="Anleihe – German" lang="de" hreflang="de" class="interlanguage-link-target">Deutsch</A></LI><LI class="interlanguage-link interwiki-et" style="display: none;"><A href="https://et.wikipedia.org/wiki/V%C3%B5lakiri" title="Võlakiri – Estonian" lang="et" hreflang="et" class="interlanguage-link-target">Eesti</A></LI><LI class="interlanguage-link interwiki-el" style="display: none;"><A href="https://el.wikipedia.org/wiki/%CE%9F%CE%BC%CF%8C%CE%BB%CE%BF%CE%B3%CE%BF" title="Ομόλογο – Greek" lang="el" hreflang="el" class="interlanguage-link-target">Ελληνικά</A></LI><LI class="interlanguage-link interwiki-es"><A href="https://es.wikipedia.org/wiki/Bono_(finanzas)" title="Bono (finanzas) – Spanish" lang="es" hreflang="es" class="interlanguage-link-target">Español</A></LI><LI class="interlanguage-link interwiki-eo" style="display: none;"><A href="https://eo.wikipedia.org/wiki/Obligacio" title="Obligacio – Esperanto" lang="eo" hreflang="eo" class="interlanguage-link-target">Esperanto</A></LI><LI class="interlanguage-link interwiki-eu" style="display: none;"><A href="https://eu.wikipedia.org/wiki/Bonu_(finantzak)" title="Bonu (finantzak) – Basque" lang="eu" hreflang="eu" class="interlanguage-link-target">Euskara</A></LI><LI class="interlanguage-link interwiki-fa" style="display: none;"><A href="https://fa.wikipedia.org/wiki/%D8%A7%D9%88%D8%B1%D8%A7%D9%82_%D9%82%D8%B1%D8%B6%D9%87" title="اوراق قرضه – Persian" lang="fa" hreflang="fa" class="interlanguage-link-target">فارسی</A></LI><LI class="interlanguage-link interwiki-fr"><A href="https://fr.wikipedia.org/wiki/Obligation_(finance)" title="Obligation (finance) – French" lang="fr" hreflang="fr" class="interlanguage-link-target">Français</A></LI><LI class="interlanguage-link interwiki-ko" style="display: none;"><A href="https://ko.wikipedia.org/wiki/%EC%B1%84%EA%B6%8C_(%EA%B8%88%EC%9C%B5)" title="채권 (금융) – Korean" lang="ko" hreflang="ko" class="interlanguage-link-target">한국어</A></LI><LI class="interlanguage-link interwiki-hy" style="display: none;"><A href="https://hy.wikipedia.org/wiki/%D5%8A%D5%A1%D6%80%D5%BF%D5%A1%D5%BF%D5%B8%D5%B4%D5%BD" title="Պարտատոմս – Armenian" lang="hy" hreflang="hy" class="interlanguage-link-target">Հայերեն</A></LI><LI class="interlanguage-link interwiki-hr" style="display: none;"><A href="https://hr.wikipedia.org/wiki/Obveznica" title="Obveznica – Croatian" lang="hr" hreflang="hr" class="interlanguage-link-target">Hrvatski</A></LI><LI class="interlanguage-link interwiki-io" style="display: none;"><A href="https://io.wikipedia.org/wiki/Obligaciono" title="Obligaciono – Ido" lang="io" hreflang="io" class="interlanguage-link-target">Ido</A></LI><LI class="interlanguage-link interwiki-id"><A href="https://id.wikipedia.org/wiki/Obligasi" title="Obligasi – Indonesian" lang="id" hreflang="id" class="interlanguage-link-target">Bahasa Indonesia</A></LI><LI class="interlanguage-link interwiki-is" style="display: none;"><A href="https://is.wikipedia.org/wiki/Skuldabr%C3%A9f" title="Skuldabréf – Icelandic" lang="is" hreflang="is" class="interlanguage-link-target">Íslenska</A></LI><LI class="interlanguage-link interwiki-it" style="display: none;"><A href="https://it.wikipedia.org/wiki/Obbligazione_(finanza)" title="Obbligazione (finanza) – Italian" lang="it" hreflang="it" class="interlanguage-link-target">Italiano</A></LI><LI class="interlanguage-link interwiki-he" style="display: none;"><A href="https://he.wikipedia.org/wiki/%D7%90%D7%99%D7%92%D7%A8%D7%AA_%D7%97%D7%95%D7%91" title="איגרת חוב – Hebrew" lang="he" hreflang="he" class="interlanguage-link-target">עברית</A></LI><LI class="interlanguage-link interwiki-kk" style="display: none;"><A href="https://kk.wikipedia.org/wiki/%D0%9E%D0%B1%D0%BB%D0%B8%D0%B3%D0%B0%D1%86%D0%B8%D1%8F" title="Облигация – Kazakh" lang="kk" hreflang="kk" class="interlanguage-link-target">Қазақша</A></LI><LI class="interlanguage-link interwiki-lv" style="display: none;"><A href="https://lv.wikipedia.org/wiki/Oblig%C4%81cija" title="Obligācija – Latvian" lang="lv" hreflang="lv" class="interlanguage-link-target">Latviešu</A></LI><LI class="interlanguage-link interwiki-lb" style="display: none;"><A href="https://lb.wikipedia.org/wiki/Obligatioun" title="Obligatioun – Luxembourgish" lang="lb" hreflang="lb" class="interlanguage-link-target">Lëtzebuergesch</A></LI><LI class="interlanguage-link interwiki-lt" style="display: none;"><A href="https://lt.wikipedia.org/wiki/Obligacija" title="Obligacija – Lithuanian" lang="lt" hreflang="lt" class="interlanguage-link-target">Lietuvių</A></LI><LI class="interlanguage-link interwiki-hu" style="display: none;"><A href="https://hu.wikipedia.org/wiki/K%C3%B6tv%C3%A9ny" title="Kötvény – Hungarian" lang="hu" hreflang="hu" class="interlanguage-link-target">Magyar</A></LI><LI class="interlanguage-link interwiki-mk" style="display: none;"><A href="https://mk.wikipedia.org/wiki/%D0%9E%D0%B1%D0%B2%D1%80%D0%B7%D0%BD%D0%B8%D1%86%D0%B0" title="Обврзница – Macedonian" lang="mk" hreflang="mk" class="interlanguage-link-target">Македонски</A></LI><LI class="interlanguage-link interwiki-mr" style="display: none;"><A href="https://mr.wikipedia.org/wiki/%E0%A4%95%E0%A4%B0%E0%A5%8D%E0%A4%9C%E0%A4%B0%E0%A5%8B%E0%A4%96%E0%A5%87" title="कर्जरोखे – Marathi" lang="mr" hreflang="mr" class="interlanguage-link-target">मराठी</A></LI><LI class="interlanguage-link interwiki-ms"><A href="https://ms.wikipedia.org/wiki/Bon" title="Bon – Malay" lang="ms" hreflang="ms" class="interlanguage-link-target">Bahasa Melayu</A></LI><LI class="interlanguage-link interwiki-mn" style="display: none;"><A href="https://mn.wikipedia.org/wiki/%D0%91%D0%BE%D0%BD%D0%B4" title="Бонд – Mongolian" lang="mn" hreflang="mn" class="interlanguage-link-target">Монгол</A></LI><LI class="interlanguage-link interwiki-my" style="display: none;"><A href="https://my.wikipedia.org/wiki/%E1%80%84%E1%80%BD%E1%80%B1%E1%80%81%E1%80%BB%E1%80%B1%E1%80%B8%E1%80%85%E1%80%AC%E1%80%81%E1%80%BB%E1%80%AF%E1%80%95%E1%80%BA" title="ငွေချေးစာချုပ် – Burmese" lang="my" hreflang="my" class="interlanguage-link-target">မြန်မာဘာသာ</A></LI><LI class="interlanguage-link interwiki-nl" style="display: none;"><A href="https://nl.wikipedia.org/wiki/Obligatie" title="Obligatie – Dutch" lang="nl" hreflang="nl" class="interlanguage-link-target">Nederlands</A></LI><LI class="interlanguage-link interwiki-ne" style="display: none;"><A href="https://ne.wikipedia.org/wiki/%E0%A4%8B%E0%A4%A3%E0%A4%AA%E0%A4%A4%E0%A5%8D%E0%A4%B0" title="ऋणपत्र – Nepali" lang="ne" hreflang="ne" class="interlanguage-link-target">नेपाली</A></LI><LI class="interlanguage-link interwiki-ja" style="display: none;"><A href="https://ja.wikipedia.org/wiki/%E5%82%B5%E5%88%B8" title="債券 – Japanese" lang="ja" hreflang="ja" class="interlanguage-link-target">日本語</A></LI><LI class="interlanguage-link interwiki-no" style="display: none;"><A href="https://no.wikipedia.org/wiki/Obligasjon" title="Obligasjon – Norwegian" lang="no" hreflang="no" class="interlanguage-link-target">Norsk</A></LI><LI class="interlanguage-link interwiki-nn" style="display: none;"><A href="https://nn.wikipedia.org/wiki/Obligasjon" title="Obligasjon – Norwegian Nynorsk" lang="nn" hreflang="nn" class="interlanguage-link-target">Norsk nynorsk</A></LI><LI class="interlanguage-link interwiki-pl" style="display: none;"><A href="https://pl.wikipedia.org/wiki/Obligacja" title="Obligacja – Polish" lang="pl" hreflang="pl" class="interlanguage-link-target">Polski</A></LI><LI class="interlanguage-link interwiki-pt"><A href="https://pt.wikipedia.org/wiki/Obriga%C3%A7%C3%A3o_(economia)" title="Obrigação (economia) – Portuguese" lang="pt" hreflang="pt" class="interlanguage-link-target">Português</A></LI><LI class="interlanguage-link interwiki-kaa" style="display: none;"><A href="https://kaa.wikipedia.org/wiki/Obligatsiya" title="Obligatsiya – Kara-Kalpak" lang="kaa" hreflang="kaa" class="interlanguage-link-target">Qaraqalpaqsha</A></LI><LI class="interlanguage-link interwiki-ro" style="display: none;"><A href="https://ro.wikipedia.org/wiki/Obliga%C8%9Biune" title="Obligațiune – Romanian" lang="ro" hreflang="ro" class="interlanguage-link-target">Română</A></LI><LI class="interlanguage-link interwiki-ru"><A href="https://ru.wikipedia.org/wiki/%D0%9E%D0%B1%D0%BB%D0%B8%D0%B3%D0%B0%D1%86%D0%B8%D1%8F" title="Облигация – Russian" lang="ru" hreflang="ru" class="interlanguage-link-target">Русский</A></LI><LI class="interlanguage-link interwiki-sah" style="display: none;"><A href="https://sah.wikipedia.org/wiki/%D0%9E%D0%B1%D0%BB%D0%B8%D0%B3%D0%B0%D1%86%D0%B8%D1%8F" title="Облигация – Sakha" lang="sah" hreflang="sah" class="interlanguage-link-target">Саха тыла</A></LI><LI class="interlanguage-link interwiki-sco" style="display: none;"><A href="https://sco.wikipedia.org/wiki/Bond_(finance)" title="Bond (finance) – Scots" lang="sco" hreflang="sco" class="interlanguage-link-target">Scots</A></LI><LI class="interlanguage-link interwiki-scn" style="display: none;"><A href="https://scn.wikipedia.org/wiki/Ubbligazzioni" title="Ubbligazzioni – Sicilian" lang="scn" hreflang="scn" class="interlanguage-link-target">Sicilianu</A></LI><LI class="interlanguage-link interwiki-simple" style="display: none;"><A href="https://simple.wikipedia.org/wiki/Bond_(finance)" title="Bond (finance) – Simple English" lang="simple" hreflang="simple" class="interlanguage-link-target">Simple English</A></LI><LI class="interlanguage-link interwiki-sk" style="display: none;"><A href="https://sk.wikipedia.org/wiki/Dlhopis_(cenn%C3%BD_papier)" title="Dlhopis (cenný papier) – Slovak" lang="sk" hreflang="sk" class="interlanguage-link-target">Slovenčina</A></LI><LI class="interlanguage-link interwiki-sl" style="display: none;"><A href="https://sl.wikipedia.org/wiki/Obveznica" title="Obveznica – Slovenian" lang="sl" hreflang="sl" class="interlanguage-link-target">Slovenščina</A></LI><LI class="interlanguage-link interwiki-sr" style="display: none;"><A href="https://sr.wikipedia.org/wiki/%D0%9E%D0%B1%D0%B2%D0%B5%D0%B7%D0%BD%D0%B8%D1%86%D0%B0" title="Обвезница – Serbian" lang="sr" hreflang="sr" class="interlanguage-link-target">Српски / srpski</A></LI><LI class="interlanguage-link interwiki-sh" style="display: none;"><A href="https://sh.wikipedia.org/wiki/Obveznica" title="Obveznica – Serbo-Croatian" lang="sh" hreflang="sh" class="interlanguage-link-target">Srpskohrvatski / српскохрватски</A></LI><LI class="interlanguage-link interwiki-fi" style="display: none;"><A href="https://fi.wikipedia.org/wiki/Joukkovelkakirja" title="Joukkovelkakirja – Finnish" lang="fi" hreflang="fi" class="interlanguage-link-target">Suomi</A></LI><LI class="interlanguage-link interwiki-sv" style="display: none;"><A href="https://sv.wikipedia.org/wiki/Obligation" title="Obligation – Swedish" lang="sv" hreflang="sv" class="interlanguage-link-target">Svenska</A></LI><LI class="interlanguage-link interwiki-tl" style="display: none;"><A href="https://tl.wikipedia.org/wiki/Bono_(pananalapi)" title="Bono (pananalapi) – Tagalog" lang="tl" hreflang="tl" class="interlanguage-link-target">Tagalog</A></LI><LI class="interlanguage-link interwiki-ta" style="display: none;"><A href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AE%BF%E0%AE%A3%E0%AF%88%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AE%A4%E0%AF%8D%E0%AE%A4%E0%AE%BF%E0%AE%B0%E0%AE%AE%E0%AF%8D_(%E0%AE%A8%E0%AE%BF%E0%AE%A4%E0%AE%BF)" title="பிணைப்பத்திரம் (நிதி) – Tamil" lang="ta" hreflang="ta" class="interlanguage-link-target">தமிழ்</A></LI><LI class="interlanguage-link interwiki-te" style="display: none;"><A href="https://te.wikipedia.org/wiki/%E0%B0%B8%E0%B1%8D%E0%B0%A5%E0%B0%BF%E0%B0%B0_%E0%B0%86%E0%B0%A6%E0%B0%BE%E0%B0%AF%E0%B0%82" title="స్థిర ఆదాయం – Telugu" lang="te" hreflang="te" class="interlanguage-link-target">తెలుగు</A></LI><LI class="interlanguage-link interwiki-th" style="display: none;"><A href="https://th.wikipedia.org/wiki/%E0%B8%95%E0%B8%A3%E0%B8%B2%E0%B8%AA%E0%B8%B2%E0%B8%A3%E0%B8%AB%E0%B8%99%E0%B8%B5%E0%B9%89" title="ตราสารหนี้ – Thai" lang="th" hreflang="th" class="interlanguage-link-target">ไทย</A></LI><LI class="interlanguage-link interwiki-tr" style="display: none;"><A href="https://tr.wikipedia.org/wiki/Tahvil" title="Tahvil – Turkish" lang="tr" hreflang="tr" class="interlanguage-link-target">Türkçe</A></LI><LI class="interlanguage-link interwiki-uk" style="display: none;"><A href="https://uk.wikipedia.org/wiki/%D0%9E%D0%B1%D0%BB%D1%96%D0%B3%D0%B0%D1%86%D1%96%D1%8F" title="Облігація – Ukrainian" lang="uk" hreflang="uk" class="interlanguage-link-target">Українська</A></LI><LI class="interlanguage-link interwiki-vi" style="display: none;"><A href="https://vi.wikipedia.org/wiki/Tr%C3%A1i_phi%E1%BA%BFu" title="Trái phiếu – Vietnamese" lang="vi" hreflang="vi" class="interlanguage-link-target">Tiếng Việt</A></LI><LI class="interlanguage-link interwiki-wa" style="display: none;"><A href="https://wa.wikipedia.org/wiki/Oblig%C3%A5cion_(finance)" title="Obligåcion (finance) – Walloon" lang="wa" hreflang="wa" class="interlanguage-link-target">Walon</A></LI><LI class="interlanguage-link interwiki-zh-yue" style="display: none;"><A href="https://zh-yue.wikipedia.org/wiki/%E5%82%B5%E5%88%B8" title="債券 – Cantonese" lang="zh-yue" hreflang="zh-yue" class="interlanguage-link-target">粵語</A></LI><LI class="interlanguage-link interwiki-zh"><A href="https://zh.wikipedia.org/wiki/%E5%80%BA%E5%88%B8" title="债券 – Chinese" lang="zh" hreflang="zh" class="interlanguage-link-target">中文</A></LI>				<BUTTON class="mw-interlanguage-selector mw-ui-button" title="All languages (initial selection from common choices by you and others)">56 more</BUTTON></UL>
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document_title: Bond (finance)

token: Bond

token: finance

token: wikipedia

token: Jump

token: to

token: navigation

token: search

token: This

token: article

token: is

token: about

token: the

token: financial

token: instrument

token: For

token: other

token: uses

token: see

token: disambiguation

token: <Table>

token: <Tr>

token: <Th>

token: Securities

token: <Td>

token: show

token: <Ul>

token: <Li>

token: Banknote

token: Debenture

token: Derivative

token: Stock

token: Markets

token: market

token: Commodity

token: Foreign

token: exchange

token: Futures

token: Over-the

token: counter

token: OTC

token: Spot

token: Bonds

token: by

token: coupon

token: Fixed

token: rate

token: bond

token: Floating

token: note

token: Inflation

token: indexed

token: Perpetual

token: Zero

token: Commercial

token: paper

token: српскохрватски

question_text: a bond that the issuer has the right to pay off before its maturity date