47:
752:. Bonds rated AAA, AA, A, and BBB are High Grade, while bonds rated BB and below are High Yield. This is a significant distinction as High Grade and High Yield bonds are traded by different trading desks and held by different investors. For example, many pension funds and insurance companies are prohibited from holding more than a token amount of High Yield bonds (by internal rules or government regulation). The distinction between High Grade and High Yield is also common to most corporate bond markets.
1103:, as the yields of Switzerland's government bonds went negative. Taking advantage of the very low borrowing costs, the computer maker intended to sell CHF-denominated bonds for the first time. The California-based company did sell positive-yield and Swiss franc-denominated bonds on 10 February 2015, borrowing CHF 1.25 billion (nearly equivalent to US$ 1.35 billion). It was thought that the company aimed to expand its
563:
2587:
933:. This risk depends on the particular corporation issuing the bond, the current market conditions and governments to which the bond issuer is being compared and the rating of the company. Corporate bond holders are compensated for this risk by receiving a higher yield than government bonds. The difference in yield - called
1082:
Frankly, I find it surprising that there has been so little attention to pre-trade transparency in the design of the U.S. bond markets. While some might argue that this is a consequence of the degree of fragmentation in the bond market, I would point to options markets and
European bond markets-which
987:
to compensate investors for taking default risk), which is inherent in the fixed coupon, becomes insufficient compensation for default risk that has later deteriorated. As the coupon is fixed the only way the credit spread can readjust to new circumstances is by the market price of the bond falling
790:
that allows investors to put the bond back to the issuer before its maturity date. These are called putable bonds. Both of these features are common to the High Yield market. High Grade bonds rarely have embedded options. A straight bond that is neither callable nor putable is called a bullet bond.
888:(CDS) which are contracts between two parties that provide a synthetic exposure with similar risks to owning the bond. The bond that the CDS is based on is called the Reference Entity and the difference between the credit spread of the bond and the spread of the CDS is called the Bond-CDS basis.
779:, is sold at a discount (i.e. a $ 100 face value bond sold initially for $ 80). The investor benefits by paying $ 80, but collecting $ 100 at maturity. The $ 20 gain (ignoring time value of money) is in lieu of the regular coupon. However, this is rare for corporate bonds.
1069:
include the
Barclays Corporate Bond Index, S&P U.S. Issued Investment Grade Corporate Bond Index (SPUSCIG), the Citigroup US Broad Investment Grade Credit Index, the JPMorgan US Liquid Index (JULI), and the Dow Jones Corporate Bond Index.
848:). It is essentially the extra yield an investor earns over a risk free instrument as a compensation for the extra risk: thus, the better the quality of the bond, the smaller the spread between its required return and the
679:
indicating that a corporation has borrowed a certain amount of money and promises to repay it in the future under specific terms. Corporate debt instruments with maturity shorter than one year are referred to as
772:
for the investor. It is tax deductible for the corporation paying it. For US dollar corporates, the coupon is almost always semiannual, while Euro denominated corporates pay coupon quarterly.
957:
Additional to default risk, as outlined, there are other risks for which corporate bondholders expect to be compensated through an increased credit spread. This explains, for example, the
1002:
level of Yields generally in a bond market, as expressed by
Government Bond Yields, may change and thus bring about changes in the market value of Fixed-Coupon bonds so that their
3023:
1602:
709:
2130:
1705:
544:
3011:
1656:
3017:
1024:: There may not be a continuous secondary market for a bond, thus leaving an investor with difficulty in selling at, or even near to, a fair price.
2470:
2160:
1044:
Inflation reduces the real value of future fixed cash flows. An anticipation of inflation, or higher inflation, may depress prices immediately.
1376:
2624:
1396:
1190:
411:
1087:
A combination of mathematical and regulatory initiatives are aimed at addressing pre-trade transparency in the U.S. corporate bond markets.
786:
that allows the issuer to redeem the debt before its maturity date. These are called callable bonds. A less common feature is an embedded
2947:
2292:
728:
markets. In over-the-counter trading dealers act as intermediaries between buyers and sellers. Corporate bonds are sometimes listed on
2942:
1425:
2028:
1165:
1078:
Speaking in 2005, SEC Chief
Economist Chester S. Spatt offered the following opinion on the transparency of corporate bond markets:
1050:
Unanticipated changes in taxation may adversely impact the value of a bond to investors and consequently its immediate market value.
646:
2530:
1698:
1153:
733:
1569:
1131:
969:
845:
580:
537:
3207:
3057:
2937:
2813:
2465:
2110:
627:
584:
386:
599:
1627:
513:
335:
2753:
2505:
2043:
1897:
1691:
606:
61:
2124:
1669:
3340:
2793:
2302:
725:
530:
287:
708:, or to expand business. The term sometimes also encompasses bonds issued by supranational organizations (such as
573:
3448:
2617:
2406:
2217:
1126:
907:
745:
396:
832:
High grade corporate bonds usually trade at market interest rate but low grade corporate bonds usually trade on
712:). Strictly speaking, however, it only applies to those issued by corporations. The bonds of local authorities (
613:
2952:
2525:
2520:
1104:
965:
705:
672:
2175:
2120:
3376:
3287:
2475:
2145:
2135:
2003:
1844:
1776:
1674:
857:
216:
595:
3191:
2886:
2788:
2424:
2272:
2257:
2222:
2165:
1558:
958:
938:
361:
3381:
2932:
2896:
2733:
2692:
2485:
2336:
2252:
1829:
1621:
1121:
911:
493:
406:
2150:
1256:
3202:
3182:
2610:
2439:
2396:
2386:
2376:
2097:
2038:
1973:
1927:
1922:
1796:
1756:
1723:
980:
934:
881:
833:
676:
340:
243:
2155:
3315:
2702:
2444:
2232:
1978:
885:
744:
Corporate bonds are divided into two main categories High Grade (also called
Investment Grade) and
518:
3197:
3177:
3050:
2778:
2495:
2480:
2449:
2434:
2401:
2267:
2058:
2023:
1786:
1751:
1714:
1583:
1237:
999:
942:
941:, the expected loss in the event of default, and may also reflect liquidity and risk premia; see
897:
749:
508:
466:
451:
421:
345:
273:
190:
68:
56:
3262:
46:
3407:
3282:
3142:
2985:
2911:
2763:
2685:
2500:
2490:
2429:
2416:
2391:
2277:
2063:
1859:
1539:
1500:
1461:
1392:
1354:
1315:
1276:
1229:
1186:
1161:
1060:
1003:
930:
849:
815:
811:
441:
436:
426:
371:
197:
165:
1441:
1388:
1334:
1295:
2975:
2846:
2818:
2758:
2743:
2381:
2371:
2361:
2320:
2315:
2297:
2227:
1993:
1988:
1960:
1912:
1791:
1731:
1573:
1531:
1492:
1453:
1384:
1346:
1307:
1268:
1219:
795:
776:
681:
620:
488:
483:
456:
326:
302:
297:
258:
238:
202:
150:
38:
1207:
3427:
3345:
3320:
3252:
3247:
3222:
3099:
2990:
2980:
2783:
2773:
2768:
2697:
2591:
2561:
2556:
2510:
2346:
2341:
2287:
2197:
2105:
2078:
2018:
2013:
1983:
1932:
1917:
1834:
1814:
984:
946:
926:
837:
446:
431:
391:
207:
145:
106:
101:
988:
and the yield rising to such a level that an appropriate credit spread is offered. (See
748:(also called Non-Investment Grade, Speculative Grade, or Junk Bonds) according to their
3360:
3330:
3212:
3152:
3104:
3081:
2891:
2876:
2841:
2828:
2803:
2707:
2644:
2566:
2351:
2262:
2212:
2189:
2170:
1998:
1940:
1907:
1902:
1882:
1806:
1616:(1). Institute of Public Enterprises: 1–47. Archived from the original on Jan 13, 2015.
1480:
1025:
1015:
901:
869:
865:
861:
827:
803:
729:
713:
697:
664:
461:
366:
316:
278:
170:
117:
111:
86:
3442:
3422:
3390:
3386:
3305:
3122:
3043:
2995:
2970:
2881:
2866:
2856:
2808:
2748:
2738:
2546:
2515:
2356:
2282:
2242:
2237:
2073:
1945:
1892:
1887:
1869:
1766:
1746:
1587:
1241:
1011:
841:
761:
401:
376:
228:
175:
1642:
704:
in order to raise financing for a variety of reasons such as to ongoing operations,
671:
in order to raise financing for a variety of reasons such as to ongoing operations,
3355:
3350:
3335:
3325:
3277:
3257:
3229:
2906:
2851:
2798:
2728:
2654:
2366:
2140:
2068:
2048:
2008:
1877:
1849:
1839:
1781:
1100:
915:
799:
503:
478:
248:
140:
135:
126:
96:
1417:
1272:
3394:
3297:
3272:
3187:
3137:
2962:
2901:
2861:
2836:
2712:
2680:
2670:
2633:
2247:
2115:
2086:
2082:
2033:
1824:
1819:
807:
783:
701:
668:
562:
498:
311:
268:
263:
253:
160:
77:
1038:: Heavy issuance of new bonds similar to the one held may depress their prices.
17:
3412:
3242:
3172:
3132:
2571:
2207:
2202:
1968:
1854:
1096:
1066:
962:
787:
1543:
1504:
1465:
1358:
1319:
1280:
1233:
3267:
3094:
2649:
1761:
1116:
1029:
836:. Credit spread is the difference in yield between the corporate bond and a
2586:
1566:
Econometrics: Applied
Econometric Modeling in Financial Economics eJournal
1457:
1350:
1311:
3417:
3237:
2916:
2871:
2331:
2053:
1950:
1771:
1578:
1224:
1083:
are similarly fragmented, but much more transparent on a pre-trade basis.
765:
736:. However, the vast majority of trading volume happens over-the-counter.
223:
1028:
could become more severe in developing markets, where a large amount of
1519:
473:
416:
3127:
1683:
1535:
798:, allow investors to convert the bond into equity. They can also be
1496:
3147:
155:
3114:
3066:
1160:. Upper Saddle River, N.J.: Pearson Prentice Hall. p. 281.
1007:
989:
381:
3039:
2606:
1687:
1255:
O’ Hara, Maureen; Wang, Yihui; (Alex) Zhou, Xing (2018-11-01).
2602:
1603:"Vietnam's Corporate Bond Market, 1990-2010: Some Reflections"
769:
556:
1559:"On the Nature and Predictability of Corporate Bond Returns"
860:
is then used to discount the bond's cash flows, using the
1296:"The Price-Rating Structure of the Municipal Bond Market"
1185:(13th ed.). Pearson Education Limited. p. 283.
1657:"Apple said to hire banks for sale of Swiss franc bonds"
3035:
1206:
Bessembinder, Hendrik; Maxwell, William (2008-03-01).
724:
Corporate bonds trade in decentralized, dealer-based,
3024:
Securities
Industry and Financial Markets Association
1381:
Oxford
Research Encyclopedia of Economics and Finance
1208:"Markets: Transparency and the Corporate Bond Market"
814:, and issued out of different parts of the company's
3369:
3296:
3221:
3165:
3113:
3080:
3073:
3004:
2961:
2925:
2827:
2721:
2663:
2539:
2458:
2415:
2311:
2188:
2096:
1959:
1868:
1805:
1739:
1730:
587:. Unsourced material may be challenged and removed.
1524:The Journal of Financial and Quantitative Analysis
1518:Brennan, Michael J.; Schwartz, Eduardo S. (1980).
1335:"The Implications of Corporate Bond Ratings Drift"
929:, corporate bonds generally have a higher risk of
775:The coupon can be zero. In this case the bond, a
710:European Bank for Reconstruction and Development
1032:belong, such as India, Vietnam, Indonesia, etc.
3051:
2618:
1699:
538:
8:
1610:The Journal of Economic Policy and Research
1375:Livingston, Miles; Zhou, Lei (2020-08-27),
3077:
3058:
3044:
3036:
3012:Commercial Mortgage Securities Association
2625:
2611:
2603:
1736:
1706:
1692:
1684:
1601:Vuong, Quan Hoang; Tran, Tri Dung (2010).
1257:"The execution quality of corporate bonds"
1006:adjusts to newly appropriate levels. (See
545:
531:
29:
1577:
1223:
916:Yield spread § Yield spread analysis
647:Learn how and when to remove this message
3018:International Capital Market Association
1481:"The Value of the Call Option on a Bond"
1333:Altman, Edward I.; Kao, Duen Li (1992).
908:Financial risk management § Banking
2531:Power reverse dual-currency note (PRDC)
2471:Constant proportion portfolio insurance
1670:"Apple Sells Two-Part Swiss Franc Bond"
1643:"Broad Themes in Market Microstructure"
1142:
902:Bond valuation § Price sensitivity
353:
325:
286:
183:
125:
76:
37:
1619:
1389:10.1093/acrefore/9780190625979.013.605
1095:In February 2015 it was expected that
782:Some corporate bonds have an embedded
732:(these are called "listed" bonds) and
912:Fixed income analysis § Analysis
7:
3208:Debtor-in-possession (DIP) financing
2466:Collateralized debt obligation (CDO)
1442:"The Problem with Redemption Yields"
1377:"Credit Ratings and Rating Agencies"
1370:
1368:
1148:
1146:
866:Bond (finance) § Bond valuation
585:adding citations to reliable sources
2948:Commercial mortgage-backed security
1099:would issue its corporate bonds in
2943:Collateralized mortgage obligation
1426:Securities and Exchange Commission
1091:Foreign-currency denominated bonds
1074:Corporate bond market transparency
868:for discussion, and for the math,
864:, to obtain the bond's price. See
853:
25:
675:, or to expand business. It is a
2585:
1212:Journal of Economic Perspectives
1183:Principles of Managerial Finance
844:(e.g. for US Dollar corporates,
561:
45:
1668:B. Edwards (10 February 2015).
1655:S. Bakewell (9 February 2015).
1570:Social Science Research Network
1158:Economics: Principles in Action
1132:List of most indebted companies
898:Interest rate swap § Risks
862:present value formula for bonds
572:needs additional citations for
288:Over-the-counter (off-exchange)
2938:Collateralized debt obligation
2814:Reverse convertible securities
2293:Year-on-year inflation-indexed
1261:Journal of Financial Economics
1156:; Sheffrin, Steven M. (2003).
884:on corporate bonds are called
1:
2303:Zero-coupon inflation-indexed
1557:Haesen, Daniel (2011-08-23).
1520:"Analyzing Convertible Bonds"
1440:Schaefer, Stephen M. (1977).
1273:10.1016/j.jfineco.2018.06.009
514:Sustainable development goals
1485:Journal of Political Economy
1181:Gitman & Zutter (2013).
852:(YTM) of the benchmark; see
740:High grade versus high yield
27:Bond issued by a corporation
2754:Contingent convertible bond
2506:Foreign exchange derivative
1898:Callable bull/bear contract
1418:"What Are Corporate Bonds?"
1294:Hoffland, David L. (1972).
1107:more in 2015 than in 2014.
677:longer-term debt instrument
3465:
2794:Inverse floating rate note
1446:Financial Analysts Journal
1339:Financial Analysts Journal
1300:Financial Analysts Journal
1058:
905:
895:
825:
706:mergers & acquisitions
673:mergers & acquisitions
3403:
2640:
2580:
2407:Stock market index future
1721:
1626:: CS1 maint: unfit URL (
1127:Corporate debt by country
397:Diversification (finance)
2953:Mortgage-backed security
2722:Types of bonds by payout
2664:Types of bonds by issuer
2526:Mortgage-backed security
2521:Interest rate derivative
2496:Equity-linked note (ELN)
2481:Credit-linked note (CLN)
1105:total shareholder return
3377:Consumer leverage ratio
3288:Tax refund interception
2476:Contract for difference
1777:Risk-free interest rate
1675:The Wall Street Journal
981:credit spread of a bond
840:of similar maturity or
2887:Option-adjusted spread
2789:Inflation-indexed bond
2258:Forward Rate Agreement
1085:
1055:Corporate bond indices
959:Option Adjusted Spread
939:probability of default
937:- reflects the higher
794:Other bonds, known as
362:Alternative investment
3382:Debt levels and flows
2933:Asset-backed security
2897:Weighted-average life
2734:Auction rate security
2486:Credit default option
1830:Employee stock option
1659:. Bloomberg Business.
1458:10.2469/faj.v33.n4.59
1351:10.2469/faj.v48.n3.64
1312:10.2469/faj.v28.n2.65
1122:Corporate debt bubble
1080:
906:Further information:
856:below.This increased
826:Further information:
494:Investment management
407:Environmental finance
3203:Debt snowball method
2926:Securitized products
2440:Inflation derivative
2425:Commodity derivative
2397:Single-stock futures
2387:Normal backwardation
2377:Interest rate future
2218:Conditional variance
1724:Derivative (finance)
1579:10.2139/ssrn.1914680
1479:Pye, Gordon (1966).
1225:10.1257/jep.22.2.217
1026:This particular risk
979:: The risk that the
886:credit default swaps
768:payment) is usually
716:) are not included.
581:improve this article
2703:Infrastructure bond
2592:Business portal
2445:Property derivative
519:Sustainable finance
33:Part of a series on
2779:Floating rate note
2450:Weather derivative
2435:Freight derivative
2417:Exotic derivatives
2337:Commodities future
2024:Intermarket spread
1787:Synthetic position
1715:Derivatives market
1154:O'Sullivan, Arthur
996:Interest Rate Risk
977:Credit Spread Risk
943:Bond credit rating
509:Speculative attack
274:Structured product
3436:
3435:
3283:Strategic default
3248:Collection agency
3161:
3160:
3143:Predatory lending
3033:
3032:
2986:Exchangeable bond
2912:Yield to maturity
2764:Exchangeable bond
2686:Subordinated debt
2600:
2599:
2501:Equity derivative
2491:Credit derivative
2459:Other derivatives
2430:Energy derivative
2392:Perpetual futures
2273:Overnight indexed
2223:Constant maturity
2184:
2183:
2131:Finite difference
2064:Protective option
1398:978-0-19-062597-9
1192:978-0-273-77986-5
1061:bond market index
1004:Yield to Maturity
850:yield to maturity
846:US Treasury bonds
816:capital structure
796:convertible bonds
657:
656:
649:
631:
555:
554:
382:Banks and banking
372:Asset (economics)
198:Credit derivative
166:Stock certificate
39:Financial markets
16:(Redirected from
3456:
3449:Commercial bonds
3128:Consumer lending
3078:
3060:
3053:
3046:
3037:
2976:Convertible bond
2819:Zero-coupon bond
2759:Convertible bond
2744:Commercial paper
2627:
2620:
2613:
2604:
2590:
2589:
2362:Forwards pricing
2136:Garman–Kohlhagen
1737:
1708:
1701:
1694:
1685:
1679:
1666:
1660:
1653:
1647:
1646:
1641:Spatt, Chester.
1638:
1632:
1631:
1625:
1617:
1607:
1598:
1592:
1591:
1581:
1563:
1554:
1548:
1547:
1515:
1509:
1508:
1476:
1470:
1469:
1437:
1431:
1430:
1422:
1414:
1408:
1407:
1406:
1405:
1372:
1363:
1362:
1330:
1324:
1323:
1291:
1285:
1284:
1252:
1246:
1245:
1227:
1203:
1197:
1196:
1178:
1172:
1171:
1150:
1048:Tax Change Risk:
968:relative to the
927:government bonds
880:The most common
777:zero-coupon bond
726:over-the-counter
682:commercial paper
652:
645:
641:
638:
632:
630:
596:"Corporate bond"
589:
565:
557:
547:
540:
533:
489:Impact investing
484:Growth investing
217:Foreign exchange
203:Futures exchange
151:Registered share
49:
30:
21:
3464:
3463:
3459:
3458:
3457:
3455:
3454:
3453:
3439:
3438:
3437:
3432:
3428:Promissory note
3399:
3365:
3346:Deposit account
3292:
3263:Debtors' prison
3217:
3183:Management plan
3157:
3109:
3069:
3064:
3034:
3029:
3000:
2991:Extendible bond
2981:Embedded option
2957:
2921:
2823:
2784:High-yield debt
2774:Fixed rate bond
2769:Extendible bond
2717:
2698:Government bond
2693:Distressed debt
2659:
2636:
2631:
2601:
2596:
2584:
2576:
2562:Great Recession
2557:Government debt
2535:
2511:Fund derivative
2454:
2411:
2372:Futures pricing
2347:Dividend future
2342:Currency future
2325:
2307:
2180:
2156:Put–call parity
2092:
2079:Vertical spread
2014:Diagonal spread
1984:Calendar spread
1955:
1864:
1801:
1726:
1717:
1712:
1682:
1667:
1663:
1654:
1650:
1640:
1639:
1635:
1618:
1605:
1600:
1599:
1595:
1561:
1556:
1555:
1551:
1536:10.2307/2330567
1517:
1516:
1512:
1478:
1477:
1473:
1439:
1438:
1434:
1420:
1416:
1415:
1411:
1403:
1401:
1399:
1374:
1373:
1366:
1332:
1331:
1327:
1293:
1292:
1288:
1254:
1253:
1249:
1205:
1204:
1200:
1193:
1180:
1179:
1175:
1168:
1152:
1151:
1144:
1140:
1113:
1093:
1076:
1063:
1057:
1042:Inflation Risk:
955:
947:High-yield debt
923:
918:
904:
894:
878:
858:required return
854:§ Risk analysis
838:Government bond
830:
824:
758:
742:
722:
714:municipal bonds
690:
653:
642:
636:
633:
590:
588:
578:
566:
551:
392:Climate finance
321:
307:
235:
234:
214:
213:
208:Hybrid security
146:Preferred stock
116:
107:High-yield debt
102:Government bond
28:
23:
22:
18:Corporate bonds
15:
12:
11:
5:
3462:
3460:
3452:
3451:
3441:
3440:
3434:
3433:
3431:
3430:
3425:
3420:
3415:
3410:
3404:
3401:
3400:
3398:
3397:
3384:
3379:
3373:
3371:
3367:
3366:
3364:
3363:
3361:Securitization
3358:
3353:
3348:
3343:
3338:
3333:
3328:
3323:
3318:
3313:
3308:
3302:
3300:
3294:
3293:
3291:
3290:
3285:
3280:
3275:
3270:
3265:
3260:
3255:
3250:
3245:
3240:
3234:
3232:
3219:
3218:
3216:
3215:
3213:Loan guarantee
3210:
3205:
3200:
3195:
3185:
3180:
3175:
3169:
3167:
3163:
3162:
3159:
3158:
3156:
3155:
3153:Vendor finance
3150:
3145:
3140:
3135:
3130:
3125:
3119:
3117:
3111:
3110:
3108:
3107:
3102:
3097:
3092:
3086:
3084:
3075:
3071:
3070:
3065:
3063:
3062:
3055:
3048:
3040:
3031:
3030:
3028:
3027:
3021:
3015:
3008:
3006:
3002:
3001:
2999:
2998:
2993:
2988:
2983:
2978:
2973:
2967:
2965:
2959:
2958:
2956:
2955:
2950:
2945:
2940:
2935:
2929:
2927:
2923:
2922:
2920:
2919:
2914:
2909:
2904:
2899:
2894:
2892:Risk-free bond
2889:
2884:
2879:
2877:Mortgage yield
2874:
2869:
2864:
2859:
2854:
2849:
2844:
2839:
2833:
2831:
2829:Bond valuation
2825:
2824:
2822:
2821:
2816:
2811:
2806:
2804:Perpetual bond
2801:
2796:
2791:
2786:
2781:
2776:
2771:
2766:
2761:
2756:
2751:
2746:
2741:
2736:
2731:
2725:
2723:
2719:
2718:
2716:
2715:
2710:
2708:Municipal bond
2705:
2700:
2695:
2690:
2689:
2688:
2683:
2676:Corporate bond
2673:
2667:
2665:
2661:
2660:
2658:
2657:
2652:
2647:
2641:
2638:
2637:
2632:
2630:
2629:
2622:
2615:
2607:
2598:
2597:
2595:
2594:
2581:
2578:
2577:
2575:
2574:
2569:
2567:Municipal debt
2564:
2559:
2554:
2552:Corporate debt
2549:
2543:
2541:
2537:
2536:
2534:
2533:
2528:
2523:
2518:
2513:
2508:
2503:
2498:
2493:
2488:
2483:
2478:
2473:
2468:
2462:
2460:
2456:
2455:
2453:
2452:
2447:
2442:
2437:
2432:
2427:
2421:
2419:
2413:
2412:
2410:
2409:
2404:
2399:
2394:
2389:
2384:
2379:
2374:
2369:
2364:
2359:
2354:
2352:Forward market
2349:
2344:
2339:
2334:
2328:
2326:
2324:
2323:
2318:
2312:
2309:
2308:
2306:
2305:
2300:
2295:
2290:
2285:
2280:
2275:
2270:
2265:
2260:
2255:
2250:
2245:
2240:
2235:
2233:Credit default
2230:
2225:
2220:
2215:
2210:
2205:
2200:
2194:
2192:
2186:
2185:
2182:
2181:
2179:
2178:
2173:
2168:
2163:
2158:
2153:
2148:
2143:
2138:
2133:
2128:
2118:
2113:
2108:
2102:
2100:
2094:
2093:
2091:
2090:
2076:
2071:
2066:
2061:
2056:
2051:
2046:
2041:
2036:
2031:
2029:Iron butterfly
2026:
2021:
2016:
2011:
2006:
2001:
1999:Covered option
1996:
1991:
1986:
1981:
1976:
1971:
1965:
1963:
1957:
1956:
1954:
1953:
1948:
1943:
1938:
1937:Mountain range
1935:
1930:
1925:
1920:
1915:
1910:
1905:
1900:
1895:
1890:
1885:
1880:
1874:
1872:
1866:
1865:
1863:
1862:
1857:
1852:
1847:
1842:
1837:
1832:
1827:
1822:
1817:
1811:
1809:
1803:
1802:
1800:
1799:
1794:
1789:
1784:
1779:
1774:
1769:
1764:
1759:
1754:
1749:
1743:
1741:
1734:
1728:
1727:
1722:
1719:
1718:
1713:
1711:
1710:
1703:
1696:
1688:
1681:
1680:
1661:
1648:
1633:
1593:
1549:
1530:(4): 907–929.
1510:
1497:10.1086/259137
1491:(2): 200–205.
1471:
1432:
1409:
1397:
1364:
1325:
1286:
1267:(2): 308–326.
1247:
1218:(2): 217–234.
1198:
1191:
1173:
1166:
1141:
1139:
1136:
1135:
1134:
1129:
1124:
1119:
1112:
1109:
1092:
1089:
1075:
1072:
1056:
1053:
1052:
1051:
1045:
1039:
1033:
1022:Liquidity Risk
1019:
1016:Bond convexity
993:
970:Treasury curve
954:
951:
922:
919:
893:
890:
877:
874:
870:Bond valuation
828:Bond valuation
823:
820:
757:
754:
741:
738:
721:
718:
694:corporate bond
689:
686:
661:corporate bond
655:
654:
569:
567:
560:
553:
552:
550:
549:
542:
535:
527:
524:
523:
522:
521:
516:
511:
506:
501:
496:
491:
486:
481:
476:
471:
470:
469:
464:
459:
454:
449:
444:
439:
434:
429:
424:
414:
409:
404:
399:
394:
389:
384:
379:
374:
369:
367:Angel investor
364:
356:
355:
351:
350:
349:
348:
343:
338:
330:
329:
323:
322:
320:
319:
314:
308:
306:
305:
300:
294:
291:
290:
284:
283:
282:
281:
279:Swap (finance)
276:
271:
266:
261:
256:
251:
246:
241:
233:
232:
226:
219:
215:
212:
211:
205:
200:
193:
189:
186:
185:
181:
180:
179:
178:
173:
171:Stock exchange
168:
163:
158:
153:
148:
143:
138:
130:
129:
123:
122:
121:
120:
118:Securitization
114:
112:Municipal bond
109:
104:
99:
94:
92:Corporate bond
89:
87:Bond valuation
81:
80:
74:
73:
72:
71:
59:
51:
50:
42:
41:
35:
34:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
3461:
3450:
3447:
3446:
3444:
3429:
3426:
3424:
3423:Interest rate
3421:
3419:
3416:
3414:
3411:
3409:
3406:
3405:
3402:
3396:
3392:
3388:
3385:
3383:
3380:
3378:
3375:
3374:
3372:
3368:
3362:
3359:
3357:
3354:
3352:
3349:
3347:
3344:
3342:
3339:
3337:
3334:
3332:
3329:
3327:
3324:
3322:
3319:
3317:
3314:
3312:
3309:
3307:
3304:
3303:
3301:
3299:
3295:
3289:
3286:
3284:
3281:
3279:
3276:
3274:
3271:
3269:
3266:
3264:
3261:
3259:
3256:
3254:
3251:
3249:
3246:
3244:
3241:
3239:
3236:
3235:
3233:
3231:
3228:
3224:
3220:
3214:
3211:
3209:
3206:
3204:
3201:
3199:
3198:Restructuring
3196:
3193:
3189:
3186:
3184:
3181:
3179:
3178:Consolidation
3176:
3174:
3171:
3170:
3168:
3164:
3154:
3151:
3149:
3146:
3144:
3141:
3139:
3136:
3134:
3131:
3129:
3126:
3124:
3123:Business loan
3121:
3120:
3118:
3116:
3112:
3106:
3103:
3101:
3098:
3096:
3093:
3091:
3088:
3087:
3085:
3083:
3079:
3076:
3072:
3068:
3061:
3056:
3054:
3049:
3047:
3042:
3041:
3038:
3025:
3022:
3019:
3016:
3013:
3010:
3009:
3007:
3003:
2997:
2996:Puttable bond
2994:
2992:
2989:
2987:
2984:
2982:
2979:
2977:
2974:
2972:
2971:Callable bond
2969:
2968:
2966:
2964:
2960:
2954:
2951:
2949:
2946:
2944:
2941:
2939:
2936:
2934:
2931:
2930:
2928:
2924:
2918:
2915:
2913:
2910:
2908:
2905:
2903:
2900:
2898:
2895:
2893:
2890:
2888:
2885:
2883:
2882:Nominal yield
2880:
2878:
2875:
2873:
2870:
2868:
2865:
2863:
2860:
2858:
2857:Current yield
2855:
2853:
2852:Credit spread
2850:
2848:
2845:
2843:
2840:
2838:
2835:
2834:
2832:
2830:
2826:
2820:
2817:
2815:
2812:
2810:
2809:Puttable bond
2807:
2805:
2802:
2800:
2797:
2795:
2792:
2790:
2787:
2785:
2782:
2780:
2777:
2775:
2772:
2770:
2767:
2765:
2762:
2760:
2757:
2755:
2752:
2750:
2747:
2745:
2742:
2740:
2739:Callable bond
2737:
2735:
2732:
2730:
2727:
2726:
2724:
2720:
2714:
2711:
2709:
2706:
2704:
2701:
2699:
2696:
2694:
2691:
2687:
2684:
2682:
2679:
2678:
2677:
2674:
2672:
2669:
2668:
2666:
2662:
2656:
2653:
2651:
2648:
2646:
2643:
2642:
2639:
2635:
2628:
2623:
2621:
2616:
2614:
2609:
2608:
2605:
2593:
2588:
2583:
2582:
2579:
2573:
2570:
2568:
2565:
2563:
2560:
2558:
2555:
2553:
2550:
2548:
2547:Consumer debt
2545:
2544:
2542:
2540:Market issues
2538:
2532:
2529:
2527:
2524:
2522:
2519:
2517:
2516:Fund of funds
2514:
2512:
2509:
2507:
2504:
2502:
2499:
2497:
2494:
2492:
2489:
2487:
2484:
2482:
2479:
2477:
2474:
2472:
2469:
2467:
2464:
2463:
2461:
2457:
2451:
2448:
2446:
2443:
2441:
2438:
2436:
2433:
2431:
2428:
2426:
2423:
2422:
2420:
2418:
2414:
2408:
2405:
2403:
2400:
2398:
2395:
2393:
2390:
2388:
2385:
2383:
2380:
2378:
2375:
2373:
2370:
2368:
2365:
2363:
2360:
2358:
2357:Forward price
2355:
2353:
2350:
2348:
2345:
2343:
2340:
2338:
2335:
2333:
2330:
2329:
2327:
2322:
2319:
2317:
2314:
2313:
2310:
2304:
2301:
2299:
2296:
2294:
2291:
2289:
2286:
2284:
2281:
2279:
2276:
2274:
2271:
2269:
2268:Interest rate
2266:
2264:
2261:
2259:
2256:
2254:
2251:
2249:
2246:
2244:
2241:
2239:
2236:
2234:
2231:
2229:
2226:
2224:
2221:
2219:
2216:
2214:
2211:
2209:
2206:
2204:
2201:
2199:
2196:
2195:
2193:
2191:
2187:
2177:
2174:
2172:
2169:
2167:
2164:
2162:
2161:MC Simulation
2159:
2157:
2154:
2152:
2149:
2147:
2144:
2142:
2139:
2137:
2134:
2132:
2129:
2126:
2122:
2121:Black–Scholes
2119:
2117:
2114:
2112:
2109:
2107:
2104:
2103:
2101:
2099:
2095:
2088:
2084:
2080:
2077:
2075:
2074:Risk reversal
2072:
2070:
2067:
2065:
2062:
2060:
2057:
2055:
2052:
2050:
2047:
2045:
2042:
2040:
2037:
2035:
2032:
2030:
2027:
2025:
2022:
2020:
2017:
2015:
2012:
2010:
2007:
2005:
2004:Credit spread
2002:
2000:
1997:
1995:
1992:
1990:
1987:
1985:
1982:
1980:
1977:
1975:
1972:
1970:
1967:
1966:
1964:
1962:
1958:
1952:
1949:
1947:
1944:
1942:
1939:
1936:
1934:
1931:
1929:
1928:Interest rate
1926:
1924:
1923:Forward start
1921:
1919:
1916:
1914:
1911:
1909:
1906:
1904:
1901:
1899:
1896:
1894:
1891:
1889:
1886:
1884:
1881:
1879:
1876:
1875:
1873:
1871:
1867:
1861:
1858:
1856:
1853:
1851:
1850:Option styles
1848:
1846:
1843:
1841:
1838:
1836:
1833:
1831:
1828:
1826:
1823:
1821:
1818:
1816:
1813:
1812:
1810:
1808:
1804:
1798:
1795:
1793:
1790:
1788:
1785:
1783:
1780:
1778:
1775:
1773:
1770:
1768:
1767:Open interest
1765:
1763:
1760:
1758:
1755:
1753:
1750:
1748:
1747:Delta neutral
1745:
1744:
1742:
1738:
1735:
1733:
1729:
1725:
1720:
1716:
1709:
1704:
1702:
1697:
1695:
1690:
1689:
1686:
1677:
1676:
1671:
1665:
1662:
1658:
1652:
1649:
1644:
1637:
1634:
1629:
1623:
1615:
1611:
1604:
1597:
1594:
1589:
1585:
1580:
1575:
1571:
1567:
1560:
1553:
1550:
1545:
1541:
1537:
1533:
1529:
1525:
1521:
1514:
1511:
1506:
1502:
1498:
1494:
1490:
1486:
1482:
1475:
1472:
1467:
1463:
1459:
1455:
1451:
1447:
1443:
1436:
1433:
1428:
1427:
1419:
1413:
1410:
1400:
1394:
1390:
1386:
1382:
1378:
1371:
1369:
1365:
1360:
1356:
1352:
1348:
1344:
1340:
1336:
1329:
1326:
1321:
1317:
1313:
1309:
1305:
1301:
1297:
1290:
1287:
1282:
1278:
1274:
1270:
1266:
1262:
1258:
1251:
1248:
1243:
1239:
1235:
1231:
1226:
1221:
1217:
1213:
1209:
1202:
1199:
1194:
1188:
1184:
1177:
1174:
1169:
1167:0-13-063085-3
1163:
1159:
1155:
1149:
1147:
1143:
1137:
1133:
1130:
1128:
1125:
1123:
1120:
1118:
1115:
1114:
1110:
1108:
1106:
1102:
1098:
1090:
1088:
1084:
1079:
1073:
1071:
1068:
1062:
1054:
1049:
1046:
1043:
1040:
1037:
1034:
1031:
1027:
1023:
1020:
1017:
1013:
1012:Bond duration
1009:
1005:
1001:
1000:The risk that
997:
994:
991:
986:
982:
978:
975:
974:
973:
971:
967:
964:
960:
952:
950:
948:
944:
940:
936:
935:credit spread
932:
928:
920:
917:
913:
909:
903:
899:
892:Risk analysis
891:
889:
887:
883:
875:
873:
871:
867:
863:
859:
855:
851:
847:
843:
839:
835:
834:credit spread
829:
821:
819:
817:
813:
809:
805:
801:
797:
792:
789:
785:
780:
778:
773:
771:
767:
763:
755:
753:
751:
750:credit rating
747:
739:
737:
735:
731:
727:
719:
717:
715:
711:
707:
703:
699:
695:
687:
685:
683:
678:
674:
670:
666:
662:
651:
648:
640:
629:
626:
622:
619:
615:
612:
608:
605:
601:
598: –
597:
593:
592:Find sources:
586:
582:
576:
575:
570:This article
568:
564:
559:
558:
548:
543:
541:
536:
534:
529:
528:
526:
525:
520:
517:
515:
512:
510:
507:
505:
502:
500:
497:
495:
492:
490:
487:
485:
482:
480:
477:
475:
472:
468:
465:
463:
460:
458:
455:
453:
450:
448:
445:
443:
440:
438:
435:
433:
430:
428:
425:
423:
420:
419:
418:
415:
413:
410:
408:
405:
403:
402:Eco-investing
400:
398:
395:
393:
390:
388:
385:
383:
380:
378:
377:Asset pricing
375:
373:
370:
368:
365:
363:
360:
359:
358:
357:
354:Related areas
352:
347:
344:
342:
339:
337:
334:
333:
332:
331:
328:
324:
318:
315:
313:
310:
309:
304:
301:
299:
296:
295:
293:
292:
289:
285:
280:
277:
275:
272:
270:
267:
265:
262:
260:
257:
255:
252:
250:
247:
245:
242:
240:
237:
236:
230:
229:Exchange rate
227:
225:
221:
220:
218:
209:
206:
204:
201:
199:
195:
194:
192:
188:
187:
184:Other markets
182:
177:
176:Watered stock
174:
172:
169:
167:
164:
162:
159:
157:
154:
152:
149:
147:
144:
142:
139:
137:
134:
133:
132:
131:
128:
124:
119:
115:
113:
110:
108:
105:
103:
100:
98:
95:
93:
90:
88:
85:
84:
83:
82:
79:
75:
70:
67:
63:
60:
58:
57:Public market
55:
54:
53:
52:
48:
44:
43:
40:
36:
32:
31:
19:
3393: /
3389: /
3356:Money market
3351:Fixed income
3310:
3278:Phantom debt
3258:Debt bondage
3226:
3089:
3005:Institutions
2963:Bond options
2907:Yield spread
2799:Lottery bond
2729:Accrual bond
2675:
2655:Fixed income
2551:
2367:Forward rate
2278:Total return
2166:Real options
2069:Ratio spread
2049:Naked option
2009:Debit spread
1840:Fixed income
1782:Strike price
1673:
1664:
1651:
1636:
1622:cite journal
1613:
1609:
1596:
1565:
1552:
1527:
1523:
1513:
1488:
1484:
1474:
1452:(4): 59–67.
1449:
1445:
1435:
1424:
1412:
1402:, retrieved
1380:
1345:(3): 64–75.
1342:
1338:
1328:
1306:(2): 65–70.
1303:
1299:
1289:
1264:
1260:
1250:
1215:
1211:
1201:
1182:
1176:
1157:
1101:Swiss francs
1094:
1086:
1081:
1077:
1067:bond indices
1064:
1047:
1041:
1035:
1021:
995:
976:
956:
925:Compared to
924:
921:Default risk
879:
831:
812:subordinated
793:
781:
774:
759:
743:
723:
700:issued by a
693:
691:
667:issued by a
660:
658:
643:
634:
624:
617:
610:
603:
591:
579:Please help
574:verification
571:
504:Market trend
479:Greenwashing
336:Participants
141:Growth stock
136:Common stock
127:Stock market
97:Fixed income
91:
65:
3395:Odious debt
3273:Garnishment
3138:Payday loan
3074:Instruments
2902:Yield curve
2862:Dirty price
2837:Clean price
2713:Global bond
2681:Senior debt
2671:Agency bond
2634:Bond market
2298:Zero Coupon
2228:Correlation
2176:Vanna–Volga
2034:Iron condor
1820:Bond option
1036:Supply Risk
953:Other risks
876:Derivatives
784:call option
702:corporation
669:corporation
499:Market risk
312:Spot market
269:Reinsurance
264:Real estate
254:Mutual fund
191:Derivatives
161:Stockbroker
78:Bond market
3413:Insolvency
3321:Government
3253:Compliance
3243:Charge-off
3223:Collection
3173:Bankruptcy
3166:Management
3133:Loan shark
3100:Government
2572:Tax policy
2288:Volatility
2198:Amortising
2039:Jelly roll
1974:Box spread
1969:Backspread
1961:Strategies
1797:Volatility
1792:the Greeks
1757:Expiration
1404:2023-11-06
1138:References
1097:Apple Inc.
1065:Corporate
1059:See also:
1030:junk bonds
963:Ginnie Mae
896:See also:
882:derivative
788:put option
756:Bond types
746:High Yield
688:Definition
607:newspapers
341:Regulation
69:Securities
3370:Economics
3331:Municipal
3316:Diplomacy
3311:Corporate
3268:Distraint
3105:Municipal
3095:Debenture
3090:Corporate
2842:Convexity
2650:Debenture
2263:Inflation
2213:Commodity
2171:Trinomial
2106:Bachelier
2098:Valuation
1979:Butterfly
1913:Commodore
1762:Moneyness
1588:167055411
1544:0022-1090
1505:0022-3808
1466:0015-198X
1359:0015-198X
1320:0015-198X
1281:0304-405X
1242:153537797
1234:0895-3309
1117:Debenture
822:Valuation
804:unsecured
730:exchanges
637:July 2021
442:corporate
417:Financial
239:Commodity
3443:Category
3418:Interest
3391:Internal
3387:External
3306:Consumer
3238:Bad debt
2917:Z-spread
2872:I-spread
2867:Duration
2402:Slippage
2332:Contango
2316:Forwards
2283:Variance
2243:Dividend
2238:Currency
2151:Margrabe
2146:Lattices
2125:equation
2111:Binomial
2059:Strangle
2054:Straddle
1951:Swaption
1933:Lookback
1918:Compound
1860:Warrants
1835:European
1815:American
1807:Vanillas
1772:Pin risk
1752:Exercise
1111:See also
842:duration
766:interest
467:services
457:personal
452:forecast
422:analysis
346:Clearing
298:Forwards
224:Currency
62:Exchange
3408:Default
3336:Venture
3326:Medical
3298:Markets
3230:Evasion
3192:history
3026:(SIFMA)
2321:Futures
1941:Rainbow
1908:Cliquet
1903:Chooser
1883:Barrier
1870:Exotics
1732:Options
983:(extra
931:default
800:secured
770:taxable
720:Trading
621:scholar
474:Fintech
437:betting
427:analyst
327:Trading
303:Options
3225:
3188:Relief
3020:(ICMA)
3014:(CMSA)
2847:Coupon
2749:Consol
2382:Margin
2248:Equity
2141:Heston
2044:Ladder
1994:Condor
1989:Collar
1946:Spread
1893:Binary
1888:Basket
1586:
1542:
1503:
1464:
1395:
1357:
1318:
1279:
1240:
1232:
1189:
1164:
914:, and
900:, and
808:senior
764:(i.e.
762:coupon
623:
616:
609:
602:
594:
462:public
259:Option
64:
3341:Buyer
3148:Usury
3115:Loans
3082:Bonds
2253:Forex
2208:Basis
2203:Asset
2190:Swaps
2116:Black
2019:Fence
1878:Asian
1740:Terms
1606:(PDF)
1584:S2CID
1562:(PDF)
1421:(PDF)
1238:S2CID
985:yield
961:on a
696:is a
663:is a
628:JSTOR
614:books
447:crime
432:asset
317:Swaps
249:Money
156:Stock
3067:Debt
2645:Bond
2087:Bull
2083:Bear
1825:Call
1628:link
1540:ISSN
1501:ISSN
1462:ISSN
1393:ISBN
1355:ISSN
1316:ISSN
1277:ISSN
1230:ISSN
1187:ISBN
1162:ISBN
1014:and
1008:DV01
990:CS01
760:The
734:ECNs
698:bond
665:bond
600:news
387:Bull
1855:Put
1574:doi
1532:doi
1493:doi
1454:doi
1385:doi
1347:doi
1308:doi
1269:doi
1265:130
1220:doi
966:MBS
810:or
802:or
583:by
412:ESG
244:ETF
3445::
2085:,
1845:FX
1672:.
1624:}}
1620:{{
1612:.
1608:.
1582:.
1572:.
1568:.
1564:.
1538:.
1528:15
1526:.
1522:.
1499:.
1489:74
1487:.
1483:.
1460:.
1450:33
1448:.
1444:.
1423:.
1391:,
1383:,
1379:,
1367:^
1353:.
1343:48
1341:.
1337:.
1314:.
1304:28
1302:.
1298:.
1275:.
1263:.
1259:.
1236:.
1228:.
1216:22
1214:.
1210:.
1145:^
1018:.)
1010:,
998::
992:.)
972:.
949:.
945:,
910:,
872:.
818:.
806:,
692:A
684:.
659:A
3227:·
3194:)
3190:(
3059:e
3052:t
3045:v
2626:e
2619:t
2612:v
2127:)
2123:(
2089:)
2081:(
1707:e
1700:t
1693:v
1678:.
1645:.
1630:)
1614:6
1590:.
1576::
1546:.
1534::
1507:.
1495::
1468:.
1456::
1429:.
1387::
1361:.
1349::
1322:.
1310::
1283:.
1271::
1244:.
1222::
1195:.
1170:.
650:)
644:(
639:)
635:(
625:·
618:·
611:·
604:·
577:.
546:e
539:t
532:v
231:)
222:(
210:)
196:(
66:·
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
