954:
36:
1429:
647:, the measure of "cost of funding". The yield on government bonds in low risk countries such as the United States and Germany is thought to indicate a risk-free rate of default. Other bonds denominated in the same currencies (U.S. Dollars or Euros) will typically have higher yields, in large part because other borrowers are more likely than the U.S. or German Central Governments to default, and the losses to investors in the case of default are expected to be higher. The primary way to default is to not pay in full or not pay on time.
751:
601:. The global credit market in aggregate is about three times the size of the global equity market. Bank loans are not securities under the Securities and Exchange Act, but bonds typically are and are therefore more highly regulated. Bonds are typically not secured by collateral (although they can be), and are sold in relatively small denominations of around $ 1,000 to $ 10,000. Unlike bank loans, bonds may be held by retail investors. Bonds are more frequently traded than loans, although not as often as equity.
743:
775:(14%). As a proportion of global GDP, the bond market increased to over 140% in 2011 from 119% in 2008 and 80% a decade earlier. The considerable growth means that in March 2012 it was much larger than the global equity market which had a market capitalisation of around $ 53 trillion. Growth of the market since the start of the economic slowdown was largely a result of an increase in issuance by governments. In terms of number of bonds, there are over 500,000 unique corporate bonds in the US.
1005:
1031:
versus actual released data contribute to market volatility. A tight consensus is generally reflected in bond prices and there is little price movement in the market after the release of "in-line" data. If the economic release differs from the consensus view, the market usually undergoes rapid price
1187:
In these ancient times, loans were initially made in cattle or grain from which interest could be paid from growing the herd or crop and returning a portion to the lender. Silver became popular as it was less perishable and allowed large values to be transported more easily, but unlike cattle or
778:
The outstanding value of international bonds increased by 2% in 2011 to $ 30 trillion. The $ 1.2 trillion issued during the year was down by around a fifth on the previous year's total. The first half of 2012 was off to a strong start with issuance of over $ 800 billion. The United States was the
1019:
But participants who buy and sell bonds before maturity are exposed to many risks, most importantly changes in interest rates. When interest rates increase, the value of existing bonds falls, since new issues pay a higher yield. Likewise, when interest rates decrease, the value of existing bonds
941:
The total federal government debts recognized by SIFMA are significantly less than the total bills, notes and bonds issued by the U.S. Treasury
Department, of some $ 19.8 trillion at the time. This figure is likely to have excluded the inter-governmental debts such as those held by the
770:
Amounts outstanding on the global bond market increased by 2% in the twelve months to March 2012 to nearly $ 100 trillion. Domestic bonds accounted for 70% of the total and international bonds for the remainder. The United States was the largest market with 33% of the total followed by
582:, but it may include notes, bills, and so on for public and private expenditures. The bond market has largely been dominated by the United States, which accounts for about 39% of the market. As of 2021, the size of the bond market (total debt outstanding) is estimated to be at $ 119
1223:, perpetuities paying a fixed rate of 5% These were initially regarded with suspicion but the ability to buy and sell them became regarded as valuable. Securities of this late Medieval period were priced with techniques very similar to those used in modern-day
1211:
and the city-states of Italy found themselves - uniquely - at the intersection of international trade, finance and religion. The loans of the time were however not yet securitized in the form of bonds. That innovation came from further north:
1032:
movement as participants interpret the data. Uncertainty (as measured by a wide consensus) generally brings more volatility before and after a release. Economic releases vary in importance and impact depending on where the economy is in the
1020:
rises, since new issues pay a lower yield. This is the fundamental concept of bond market volatility—changes in bond prices are inverse to changes in interest rates. Fluctuating interest rates are part of a country's
1048:(100%). Many bonds have minimums imposed by the bond or the dealer. Typical sizes offered are increments of $ 10,000. For broker/dealers, however, anything smaller than a $ 100,000 trade is viewed as an "odd lot".
1730:
1254:
the
European economy and bond market were depleted even further. Venice banned its bankers from trading government debt but the idea of debt as a tradable instrument and thus the bond market endured.
1062:
Because most bonds have predictable income, they are typically purchased as part of a more conservative investment scheme. Nevertheless, investors have the ability to actively trade bonds, especially
1157:, temples functioned both as places of worship and as banks, under the oversight of the priests and the ruler. Loans were made at a customary fixed 20% interest rate; this custom was continued in
1103:(ETFs) are another alternative to trading or investing directly in a bond issue. These securities allow individual investors the ability to overcome large initial and incremental trading sizes.
1529:
1493:
1184:). It guaranteed the payment of grain by the principal. The surety bond guaranteed reimbursement if the principal failed to make payment. Corn was the currency of that time period.
1406:
1734:
722:
Because of the specificity of individual bond issues, and the lack of liquidity in many smaller issues, the majority of outstanding bonds are held by institutions like
1055:, for example, semi-annual pay. Bonds with floating rate coupons have set calculation schedules where the floating rate is calculated shortly before the next payment.
1494:"Research Quarterly: Fixed Income – Issuance and Trading, First Quarter 2021 - Research Quarterly: Fixed Income – Issuance and Trading, First Quarter 2021 - SIFMA"
1247:
2773:
656:
591:
1526:
1860:
1497:
1257:
With their origins in antiquity, bonds are much older than the equity market which appeared with the first ever joint-stock corporation the
1141:. Most indices are parts of families of broader indices that can be used to measure global bond portfolios, or may be further subdivided by
1081:
income, which receives favorable taxation rates. However many government and municipal bonds are exempt from one or more types of taxation.
835:
According to the
Securities Industry and Financial Markets Association (SIFMA), as of Q1 2017, the U.S. bond market size is (in billions):
1401:
533:
1286:
Each maturity of bond (one-year, two-year, five-year and so on) was thought of as a separate market until the mid-1970s when traders at
2761:
1842:
1691:
2767:
617:
1546:
Wigglesworth, Robin; Fletcher, Laurence (December 7, 2021). "The next quant revolution: shaking up the corporate bond market".
2374:
1130:
1051:
Bonds typically pay interest at set intervals. Bonds with fixed coupons divide the stated coupon into parts defined by their
982:
621:
400:
1572:
1317:
1626:
2697:
1643:
643:
and interest rates (or yields), the bond market is often used to indicate changes in interest rates or the shape of the
2692:
1716:
1602:
1291:
1261:
in 1602 (although some scholars argue that something similar to the joint-stock corporation existed in
Ancient Rome).
1188:
grain could not naturally produce interest. Taxation derived from human labor evolved as a solution to this problem.
1472:
1450:
1443:
2810:
1892:
1117:
A number of bond indices exist for the purposes of managing portfolios and measuring performance, similar to the
992:
526:
1878:
1517:
Tuckman, B., & Serrat, A. (2022). Fixed income securities: tools for today's markets. John Wiley & Sons.
2687:
2563:
2121:
1971:
1313:
680:
375:
1796:
1748:
1138:
502:
324:
1923:
1099:. In 2006 total bond fund net inflows increased 97% from $ 30.8 billion in 2005 to $ 60.8 billion in 2006.
1810:
698:
and are essentially either buyers (debt issuer) of funds or sellers (institution) of funds and often both.
1657:
2503:
50:
1305:
Starting in the late 1970s, non-investment grade public companies were allowed to issue corporate debt.
2805:
2543:
2254:
1767:
1658:"The 5,000-year history of interest rates shows just how historically low US rates still are right now"
1276:
947:
609:
519:
276:
1762:
2367:
1070:
with the market and can make or lose money depending on economic, interest rate, and issuer factors.
385:
1677:
2702:
1560:
1437:
1354:
1258:
953:
676:
2290:
2201:
205:
2636:
2538:
2105:
1824:
1454:
705:
587:
583:
350:
1940:
2800:
2682:
2646:
2483:
2442:
2295:
1231:
1096:
1059:
do not pay interest. They are issued at a deep discount to account for the implied interest.
482:
395:
2795:
2360:
2116:
2096:
1299:
1224:
1100:
1024:
and bond market volatility is a response to expected monetary policy and economic changes.
1016:
is irrelevant; principal and interest are received according to a pre-determined schedule.
1013:
1012:
For market participants who own a bond, collect the coupon and hold it to maturity, market
779:
leading center in terms of value outstanding with 24% of the total followed by the UK 13%.
329:
232:
1695:
8:
2452:
2229:
507:
612:(OTC) market. However, a small number of bonds, primarily corporate ones, are listed on
2528:
2176:
2111:
2091:
1964:
1782:
1364:
1321:
1309:
1200:
1142:
1084:
1028:
571:
497:
455:
440:
410:
334:
262:
179:
57:
45:
1242:
defaulted on very large debts to
Venetian bankers causing a collapse of the system of
16:
Financial market where participants can issue new debt or buy and sell debt securities
2735:
2661:
2513:
2435:
2321:
2196:
2056:
1909:
1339:
1219:
In 12th
Century Venice, the city-state's government began issuing war-bonds known as
1166:
1112:
430:
425:
415:
360:
186:
154:
604:
Nearly all of the average daily trading in the U.S. bond market takes place between
2725:
2596:
2568:
2508:
2493:
1662:
1384:
1374:
1287:
1056:
1052:
713:
695:
632:
575:
559:
477:
472:
445:
315:
291:
286:
247:
227:
191:
139:
27:
1087:
allow individual investors the ability to participate in the bond markets through
2740:
2730:
2533:
2523:
2518:
2447:
2341:
2259:
2234:
2166:
2161:
2136:
2013:
1630:
1533:
1379:
1359:
1265:
1243:
1122:
1092:
1067:
1063:
1021:
943:
628:
435:
420:
380:
196:
134:
95:
90:
1576:
750:
35:
2641:
2626:
2591:
2578:
2553:
2457:
2425:
2394:
2274:
2244:
2224:
2126:
2066:
2018:
2003:
1995:
1623:
1598:
1369:
1349:
1344:
1334:
1033:
742:
671:
663:
640:
613:
579:
567:
450:
355:
305:
267:
159:
106:
100:
80:
75:
1298:- transformed the way bonds were both priced and traded and paved the way for
1044:
Bonds typically trade in $ 1,000 increments and are priced as a percentage of
2789:
2745:
2720:
2631:
2616:
2606:
2558:
2498:
2488:
2336:
2304:
2300:
2219:
2036:
1957:
1411:
1196:
1134:
967:
958:
731:
723:
605:
390:
365:
217:
164:
659:(SIFMA) classifies the broader bond market into five specific bond markets.
2656:
2601:
2548:
2478:
2404:
2269:
2264:
2249:
2239:
2191:
2171:
2143:
1283:
efforts and issued in 1917 shortly after the U.S. declared war on
Germany.
727:
492:
467:
237:
129:
124:
115:
85:
1203:
in
Tuscany. These trade links were based on loans, similar to modern-day
2712:
2651:
2611:
2586:
2462:
2430:
2420:
2308:
2186:
2101:
2051:
1295:
1280:
1251:
1192:
1177:
1162:
644:
636:
487:
300:
257:
252:
242:
149:
1536:
SIFMA 1996 - 2016 Average Daily
Trading Volume. Accessed April 15, 2016.
2326:
2156:
2086:
2046:
1118:
1199:
had long-standing links with
Italian financiers and merchants such as
2399:
2181:
2008:
1264:
The first-ever Sovereign bond was issued in 1693 by the newly formed
1204:
1088:
1045:
635:. Government bonds are often used to compare other bonds to measure
2666:
2621:
2331:
2151:
1879:"How Venice Rigged The First, and Worst, Global Financial Collapse"
1389:
1208:
1078:
1074:
212:
1279:. Sovereign debt ("Liberty Bonds") was again used to finance its
734:, approximately 10% of the market is held by private individuals.
1235:
1158:
462:
405:
1275:
The U.S.A. first issued sovereign Treasury bonds to finance the
1250:- including clothing, food and hygiene - and during the ensuing
2041:
1269:
1239:
1213:
1173:
2352:
2061:
1644:"A Brief History of Loans: Business Lending Through the Ages"
1154:
1126:
772:
694:
Bond market participants are similar to participants in most
144:
1004:
2028:
1980:
1407:
Foreign exchange reserves of the People's Republic of China
1181:
1172:
The first known bond in history dates from circa 2400BC in
563:
370:
1861:"Bonds Part VI: An Overview of Medieval Venetian Finance"
1949:
1520:
1554:
2774:
Securities Industry and Financial Markets Association
1783:"An Incredibly Detailed Map Of Medieval Trade Routes"
1207:; other loans were linked to the need to finance the
657:
Securities Industry and Financial Markets Association
592:
Securities Industry and Financial Markets Association
1717:"Medieval Banking- Twelfth and Thirteenth Centuries"
1545:
1312:
in the 1980s and onwards, which saw the creation of
616:. Bond trading prices and volumes are reported on
2787:
1591:
1829:The Tontine Coffee House - a history of finance
1565:
1145:or sector for managing specialized portfolios.
597:Bonds and bank loans form what is known as the
1617:
1129:. The most common American benchmarks are the
639:. Because of the inverse relationship between
2368:
1965:
1272:. Other European governments followed suit.
957:US bond market compared to stock market cap (
527:
1268:. This bond was used to fund conflict with
1077:is taxed as ordinary income, in contrast to
627:An important part of the bond market is the
2762:Commercial Mortgage Securities Association
2375:
2361:
1972:
1958:
608:and large institutions in a decentralized
534:
520:
1573:"Statistics | Research | SIFMA"
1473:Learn how and when to remove this message
2768:International Capital Market Association
1599:"The Treasury Bulletin Pages Have Moved"
1436:This article includes a list of general
1003:
952:
782:
749:
741:
618:Financial Industry Regulatory Authority
2788:
1318:Residential mortgage-backed securities
1308:The next innovation was the advent of
2356:
1953:
1910:"A Brief History of the Stock Market"
1131:Barclays Capital Aggregate Bond Index
622:Trade Reporting And Compliance Engine
2122:Debtor-in-possession (DIP) financing
1422:
1292:drawing a curve through their yields
590:for the US market, according to the
562:in which participants can issue new
2698:Commercial mortgage-backed security
1678:"A Brief History of Bond Investing"
1039:
13:
2693:Collateralized mortgage obligation
1442:it lacks sufficient corresponding
14:
2822:
1811:"The Earliest Securities Markets"
1246:in 1345. This economic set-back
578:. This is usually in the form of
1893:"The History of Italian Banking"
1427:
631:market, because of its size and
34:
2382:
1933:
1916:
1902:
1885:
1871:
1853:
1835:
1817:
1803:
1789:
1775:
1755:
1741:
1723:
1709:
1692:"Taxation in the Ancient World"
1684:
1670:
1650:
1633:SIFMA. Accessed April 30, 2007.
1605:from the original on 2016-11-18
1314:Collateralized debt obligations
1248:hit every part of economic life
1106:
823: Agency Securities (4.99%)
805: Mortgage Related (22.60%)
689:
681:collateralized debt obligations
277:Over-the-counter (off-exchange)
2688:Collateralized debt obligation
2564:Reverse convertible securities
1941:"The Bond Market: A Look Back"
1636:
1539:
1511:
1486:
1:
1418:
1227:. The bond market had begun.
1139:Merrill Lynch Domestic Master
999:
799: Corporate Debt (21.75%)
754:World bond market by country
503:Sustainable development goals
1731:"Banking in the Middle Ages"
7:
2504:Contingent convertible bond
1865:Financial Modelling History
1847:Financial Modelling History
1825:"The First Sovereign Bonds"
1327:
817: Money Markets (2.36%)
746:World bond market level map
10:
2827:
2544:Inverse floating rate note
1843:"Modeling Medieval Venice"
1768:World History Encyclopedia
1763:"Trade in Medieval Europe"
1277:American Revolutionary War
1148:
1110:
948:Social Security Trust Fund
829: Asset-backed (3.51%)
2754:
2711:
2675:
2577:
2471:
2413:
2390:
2317:
2283:
2210:
2135:
2079:
2027:
1994:
1987:
1294:. This innovation - the
386:Diversification (finance)
2703:Mortgage-backed security
2472:Types of bonds by payout
2414:Types of bonds by issuer
1979:
1562:Bond Markets 2012 report
1527:Avg Daily Trading Volume
1355:Deferred financing costs
1259:Dutch East India Company
650:
2811:Foreign exchange market
2291:Consumer leverage ratio
2202:Tax refund interception
1629:August 7, 2011, at the
1457:more precise citations.
811: Municipal (9.63%)
793: Treasury (35.16%)
737:
706:Institutional investors
570:, or buy and sell debt
2637:Option-adjusted spread
2539:Inflation-indexed bond
1320:and the advent of the
1097:unit-investment trusts
1009:
996:
767:
747:
701:Participants include:
351:Alternative investment
2683:Asset-backed security
2647:Weighted-average life
2484:Auction rate security
2296:Debt levels and flows
1532:May 19, 2016, at the
1165:and written into the
1101:Exchange-traded funds
1027:Economists' views of
1007:
975: Corporate bonds
956:
783:U.S. bond market size
753:
745:
668:Government and agency
483:Investment management
396:Environmental finance
2676:Securitized products
2117:Debt snowball method
1749:"History of Banking"
1300:quantitative finance
1225:Quantitative finance
1085:Investment companies
679:, asset-backed, and
2453:Infrastructure bond
1912:. 3 September 2014.
1867:. 8 September 2013.
1849:. 20 December 2013.
1831:. 17 December 2018.
1785:. 17 November 2022.
1322:Structured products
1029:economic indicators
1008:Bond market prices.
765: International
586:worldwide and $ 46
508:Sustainable finance
22:Part of a series on
2529:Floating rate note
1797:"History of Trade"
1646:. 23 October 2018.
1365:Interest rate risk
1232:Hundred Years' War
1201:Ricciardi of Lucca
1010:
997:
907:Agency Securities
768:
748:
498:Speculative attack
263:Structured product
2806:Financial markets
2783:
2782:
2736:Exchangeable bond
2662:Yield to maturity
2514:Exchangeable bond
2436:Subordinated debt
2350:
2349:
2197:Strategic default
2162:Collection agency
2075:
2074:
2057:Predatory lending
1614:Treasury Bulletin
1483:
1482:
1475:
1340:Bond market index
1167:Code of Hammurabi
1113:Bond market index
1057:Zero-coupon bonds
939:
938:
874:Mortgage Related
696:financial markets
544:
543:
371:Banks and banking
361:Asset (economics)
187:Credit derivative
155:Stock certificate
28:Financial markets
2818:
2726:Convertible bond
2569:Zero-coupon bond
2509:Convertible bond
2494:Commercial paper
2377:
2370:
2363:
2354:
2353:
2042:Consumer lending
1992:
1991:
1974:
1967:
1960:
1951:
1950:
1945:
1944:
1937:
1931:
1930:
1928:
1920:
1914:
1913:
1906:
1900:
1899:
1897:
1889:
1883:
1882:
1875:
1869:
1868:
1857:
1851:
1850:
1839:
1833:
1832:
1821:
1815:
1814:
1807:
1801:
1800:
1793:
1787:
1786:
1779:
1773:
1772:
1759:
1753:
1752:
1745:
1739:
1738:
1733:. Archived from
1727:
1721:
1720:
1713:
1707:
1706:
1704:
1703:
1694:. Archived from
1688:
1682:
1681:
1674:
1668:
1667:
1663:Business Insider
1654:
1648:
1647:
1640:
1634:
1621:
1615:
1613:
1611:
1610:
1595:
1589:
1588:SIFMA Statistics
1587:
1585:
1584:
1575:. Archived from
1569:
1563:
1558:
1552:
1551:
1543:
1537:
1524:
1518:
1515:
1509:
1508:
1506:
1505:
1496:. Archived from
1490:
1478:
1471:
1467:
1464:
1458:
1453:this article by
1444:inline citations
1431:
1430:
1423:
1402:US Savings Bonds
1385:Barbell strategy
1375:Secondary market
1288:Salomon Brothers
1093:closed-end funds
1053:payment schedule
1040:Bond investments
990:
980:
974:
965:
838:
837:
828:
822:
816:
810:
804:
798:
792:
764:
758:
610:over-the-counter
576:secondary market
560:financial market
536:
529:
522:
478:Impact investing
473:Growth investing
206:Foreign exchange
192:Futures exchange
140:Registered share
38:
19:
18:
2826:
2825:
2821:
2820:
2819:
2817:
2816:
2815:
2786:
2785:
2784:
2779:
2750:
2741:Extendible bond
2731:Embedded option
2707:
2671:
2573:
2534:High-yield debt
2524:Fixed rate bond
2519:Extendible bond
2467:
2448:Government bond
2443:Distressed debt
2409:
2386:
2381:
2351:
2346:
2342:Promissory note
2313:
2279:
2260:Deposit account
2206:
2177:Debtors' prison
2131:
2097:Management plan
2071:
2023:
1983:
1978:
1948:
1939:
1938:
1934:
1926:
1922:
1921:
1917:
1908:
1907:
1903:
1895:
1891:
1890:
1886:
1877:
1876:
1872:
1859:
1858:
1854:
1841:
1840:
1836:
1823:
1822:
1818:
1809:
1808:
1804:
1795:
1794:
1790:
1781:
1780:
1776:
1761:
1760:
1756:
1747:
1746:
1742:
1729:
1728:
1724:
1715:
1714:
1710:
1701:
1699:
1690:
1689:
1685:
1676:
1675:
1671:
1656:
1655:
1651:
1642:
1641:
1637:
1631:Wayback Machine
1624:Bond fund flows
1622:
1618:
1608:
1606:
1597:
1596:
1592:
1582:
1580:
1571:
1570:
1566:
1559:
1555:
1548:Financial Times
1544:
1540:
1534:Wayback Machine
1525:
1521:
1516:
1512:
1503:
1501:
1492:
1491:
1487:
1479:
1468:
1462:
1459:
1449:Please help to
1448:
1432:
1428:
1421:
1416:
1380:Bullet strategy
1360:Government bond
1330:
1266:Bank of England
1244:Lombard banking
1151:
1123:Russell Indexes
1115:
1109:
1068:municipal bonds
1064:corporate bonds
1042:
1022:monetary policy
1002:
995:
988:
986:
978:
976:
972:
970:
963:
944:Federal Reserve
863:Corporate Debt
833:
832:
831:
830:
826:
824:
820:
818:
814:
812:
808:
806:
802:
800:
796:
794:
790:
785:
766:
762:
760:
756:
740:
692:
677:Mortgage-backed
653:
629:government bond
574:, known as the
566:, known as the
540:
381:Climate finance
310:
296:
224:
223:
203:
202:
197:Hybrid security
135:Preferred stock
105:
96:High-yield debt
91:Government bond
17:
12:
11:
5:
2824:
2814:
2813:
2808:
2803:
2798:
2781:
2780:
2778:
2777:
2771:
2765:
2758:
2756:
2752:
2751:
2749:
2748:
2743:
2738:
2733:
2728:
2723:
2717:
2715:
2709:
2708:
2706:
2705:
2700:
2695:
2690:
2685:
2679:
2677:
2673:
2672:
2670:
2669:
2664:
2659:
2654:
2649:
2644:
2642:Risk-free bond
2639:
2634:
2629:
2627:Mortgage yield
2624:
2619:
2614:
2609:
2604:
2599:
2594:
2589:
2583:
2581:
2579:Bond valuation
2575:
2574:
2572:
2571:
2566:
2561:
2556:
2554:Perpetual bond
2551:
2546:
2541:
2536:
2531:
2526:
2521:
2516:
2511:
2506:
2501:
2496:
2491:
2486:
2481:
2475:
2473:
2469:
2468:
2466:
2465:
2460:
2458:Municipal bond
2455:
2450:
2445:
2440:
2439:
2438:
2433:
2426:Corporate bond
2423:
2417:
2415:
2411:
2410:
2408:
2407:
2402:
2397:
2391:
2388:
2387:
2380:
2379:
2372:
2365:
2357:
2348:
2347:
2345:
2344:
2339:
2334:
2329:
2324:
2318:
2315:
2314:
2312:
2311:
2298:
2293:
2287:
2285:
2281:
2280:
2278:
2277:
2275:Securitization
2272:
2267:
2262:
2257:
2252:
2247:
2242:
2237:
2232:
2227:
2222:
2216:
2214:
2208:
2207:
2205:
2204:
2199:
2194:
2189:
2184:
2179:
2174:
2169:
2164:
2159:
2154:
2148:
2146:
2133:
2132:
2130:
2129:
2127:Loan guarantee
2124:
2119:
2114:
2109:
2099:
2094:
2089:
2083:
2081:
2077:
2076:
2073:
2072:
2070:
2069:
2067:Vendor finance
2064:
2059:
2054:
2049:
2044:
2039:
2033:
2031:
2025:
2024:
2022:
2021:
2016:
2011:
2006:
2000:
1998:
1989:
1985:
1984:
1977:
1976:
1969:
1962:
1954:
1947:
1946:
1932:
1924:"Roman Shares"
1915:
1901:
1884:
1870:
1852:
1834:
1816:
1802:
1788:
1774:
1754:
1740:
1737:on 2019-02-08.
1722:
1708:
1683:
1669:
1649:
1635:
1616:
1590:
1564:
1553:
1538:
1519:
1510:
1484:
1481:
1480:
1435:
1433:
1426:
1420:
1417:
1415:
1414:
1409:
1404:
1393:
1392:
1387:
1382:
1377:
1372:
1370:Primary market
1367:
1362:
1357:
1352:
1350:Corporate bond
1347:
1345:Bond valuation
1342:
1337:
1331:
1329:
1326:
1234:, monarchs of
1230:Following the
1150:
1147:
1111:Main article:
1108:
1105:
1041:
1038:
1034:business cycle
1001:
998:
987:
977:
971:
962:
937:
936:
933:
930:
926:
925:
922:
919:
915:
914:
911:
908:
904:
903:
900:
897:
896:Money Markets
893:
892:
889:
886:
882:
881:
878:
875:
871:
870:
867:
864:
860:
859:
856:
853:
849:
848:
845:
842:
825:
819:
813:
807:
801:
795:
789:
788:
787:
786:
784:
781:
761:
759: Domestic
755:
739:
736:
720:
719:
716:
711:
708:
691:
688:
687:
686:
683:
674:
669:
666:
652:
649:
641:bond valuation
606:broker-dealers
568:primary market
542:
541:
539:
538:
531:
524:
516:
513:
512:
511:
510:
505:
500:
495:
490:
485:
480:
475:
470:
465:
460:
459:
458:
453:
448:
443:
438:
433:
428:
423:
418:
413:
403:
398:
393:
388:
383:
378:
373:
368:
363:
358:
356:Angel investor
353:
345:
344:
340:
339:
338:
337:
332:
327:
319:
318:
312:
311:
309:
308:
303:
297:
295:
294:
289:
283:
280:
279:
273:
272:
271:
270:
268:Swap (finance)
265:
260:
255:
250:
245:
240:
235:
230:
222:
221:
215:
208:
204:
201:
200:
194:
189:
182:
178:
175:
174:
170:
169:
168:
167:
162:
160:Stock exchange
157:
152:
147:
142:
137:
132:
127:
119:
118:
112:
111:
110:
109:
107:Securitization
103:
101:Municipal bond
98:
93:
88:
83:
81:Corporate bond
78:
76:Bond valuation
70:
69:
63:
62:
61:
60:
48:
40:
39:
31:
30:
24:
23:
15:
9:
6:
4:
3:
2:
2823:
2812:
2809:
2807:
2804:
2802:
2799:
2797:
2794:
2793:
2791:
2775:
2772:
2769:
2766:
2763:
2760:
2759:
2757:
2753:
2747:
2746:Puttable bond
2744:
2742:
2739:
2737:
2734:
2732:
2729:
2727:
2724:
2722:
2721:Callable bond
2719:
2718:
2716:
2714:
2710:
2704:
2701:
2699:
2696:
2694:
2691:
2689:
2686:
2684:
2681:
2680:
2678:
2674:
2668:
2665:
2663:
2660:
2658:
2655:
2653:
2650:
2648:
2645:
2643:
2640:
2638:
2635:
2633:
2632:Nominal yield
2630:
2628:
2625:
2623:
2620:
2618:
2615:
2613:
2610:
2608:
2607:Current yield
2605:
2603:
2602:Credit spread
2600:
2598:
2595:
2593:
2590:
2588:
2585:
2584:
2582:
2580:
2576:
2570:
2567:
2565:
2562:
2560:
2559:Puttable bond
2557:
2555:
2552:
2550:
2547:
2545:
2542:
2540:
2537:
2535:
2532:
2530:
2527:
2525:
2522:
2520:
2517:
2515:
2512:
2510:
2507:
2505:
2502:
2500:
2497:
2495:
2492:
2490:
2489:Callable bond
2487:
2485:
2482:
2480:
2477:
2476:
2474:
2470:
2464:
2461:
2459:
2456:
2454:
2451:
2449:
2446:
2444:
2441:
2437:
2434:
2432:
2429:
2428:
2427:
2424:
2422:
2419:
2418:
2416:
2412:
2406:
2403:
2401:
2398:
2396:
2393:
2392:
2389:
2385:
2378:
2373:
2371:
2366:
2364:
2359:
2358:
2355:
2343:
2340:
2338:
2337:Interest rate
2335:
2333:
2330:
2328:
2325:
2323:
2320:
2319:
2316:
2310:
2306:
2302:
2299:
2297:
2294:
2292:
2289:
2288:
2286:
2282:
2276:
2273:
2271:
2268:
2266:
2263:
2261:
2258:
2256:
2253:
2251:
2248:
2246:
2243:
2241:
2238:
2236:
2233:
2231:
2228:
2226:
2223:
2221:
2218:
2217:
2215:
2213:
2209:
2203:
2200:
2198:
2195:
2193:
2190:
2188:
2185:
2183:
2180:
2178:
2175:
2173:
2170:
2168:
2165:
2163:
2160:
2158:
2155:
2153:
2150:
2149:
2147:
2145:
2142:
2138:
2134:
2128:
2125:
2123:
2120:
2118:
2115:
2113:
2112:Restructuring
2110:
2107:
2103:
2100:
2098:
2095:
2093:
2092:Consolidation
2090:
2088:
2085:
2084:
2082:
2078:
2068:
2065:
2063:
2060:
2058:
2055:
2053:
2050:
2048:
2045:
2043:
2040:
2038:
2037:Business loan
2035:
2034:
2032:
2030:
2026:
2020:
2017:
2015:
2012:
2010:
2007:
2005:
2002:
2001:
1999:
1997:
1993:
1990:
1986:
1982:
1975:
1970:
1968:
1963:
1961:
1956:
1955:
1952:
1942:
1936:
1925:
1919:
1911:
1905:
1894:
1888:
1880:
1874:
1866:
1862:
1856:
1848:
1844:
1838:
1830:
1826:
1820:
1812:
1806:
1798:
1792:
1784:
1778:
1770:
1769:
1764:
1758:
1750:
1744:
1736:
1732:
1726:
1718:
1712:
1698:on 2021-05-18
1697:
1693:
1687:
1679:
1673:
1665:
1664:
1659:
1653:
1645:
1639:
1632:
1628:
1625:
1620:
1604:
1600:
1594:
1579:on 2016-11-21
1578:
1574:
1568:
1561:
1557:
1549:
1542:
1535:
1531:
1528:
1523:
1514:
1500:on 2021-05-13
1499:
1495:
1489:
1485:
1477:
1474:
1466:
1456:
1452:
1446:
1445:
1439:
1434:
1425:
1424:
1413:
1412:Bill H. Gross
1410:
1408:
1405:
1403:
1400:
1399:
1398:
1397:
1391:
1388:
1386:
1383:
1381:
1378:
1376:
1373:
1371:
1368:
1366:
1363:
1361:
1358:
1356:
1353:
1351:
1348:
1346:
1343:
1341:
1338:
1336:
1333:
1332:
1325:
1323:
1319:
1315:
1311:
1306:
1303:
1302:to flourish.
1301:
1297:
1293:
1289:
1284:
1282:
1278:
1273:
1271:
1267:
1262:
1260:
1255:
1253:
1249:
1245:
1241:
1237:
1233:
1228:
1226:
1222:
1217:
1215:
1210:
1206:
1202:
1198:
1197:English Crown
1194:
1189:
1185:
1183:
1179:
1175:
1170:
1168:
1164:
1160:
1156:
1146:
1144:
1140:
1136:
1135:Citigroup BIG
1132:
1128:
1124:
1120:
1114:
1104:
1102:
1098:
1094:
1090:
1086:
1082:
1080:
1076:
1071:
1069:
1065:
1060:
1058:
1054:
1049:
1047:
1037:
1035:
1030:
1025:
1023:
1017:
1015:
1006:
994:
993:US Treasuries
984:
969:
968:Wilshire 5000
960:
959:Wilshire 5000
955:
951:
949:
945:
934:
931:
928:
927:
923:
920:
918:Asset-Backed
917:
916:
912:
909:
906:
905:
901:
898:
895:
894:
890:
887:
884:
883:
879:
876:
873:
872:
868:
865:
862:
861:
857:
854:
851:
850:
846:
843:
840:
839:
836:
780:
776:
774:
752:
744:
735:
733:
732:United States
729:
725:
724:pension funds
717:
715:
712:
709:
707:
704:
703:
702:
699:
697:
684:
682:
678:
675:
673:
670:
667:
665:
662:
661:
660:
658:
648:
646:
642:
638:
634:
630:
625:
623:
619:
615:
611:
607:
602:
600:
599:credit market
595:
593:
589:
585:
581:
577:
573:
569:
565:
561:
557:
556:credit market
553:
549:
537:
532:
530:
525:
523:
518:
517:
515:
514:
509:
506:
504:
501:
499:
496:
494:
491:
489:
486:
484:
481:
479:
476:
474:
471:
469:
466:
464:
461:
457:
454:
452:
449:
447:
444:
442:
439:
437:
434:
432:
429:
427:
424:
422:
419:
417:
414:
412:
409:
408:
407:
404:
402:
399:
397:
394:
392:
391:Eco-investing
389:
387:
384:
382:
379:
377:
374:
372:
369:
367:
366:Asset pricing
364:
362:
359:
357:
354:
352:
349:
348:
347:
346:
343:Related areas
342:
341:
336:
333:
331:
328:
326:
323:
322:
321:
320:
317:
314:
313:
307:
304:
302:
299:
298:
293:
290:
288:
285:
284:
282:
281:
278:
275:
274:
269:
266:
264:
261:
259:
256:
254:
251:
249:
246:
244:
241:
239:
236:
234:
231:
229:
226:
225:
219:
218:Exchange rate
216:
214:
210:
209:
207:
198:
195:
193:
190:
188:
184:
183:
181:
177:
176:
173:Other markets
172:
171:
166:
165:Watered stock
163:
161:
158:
156:
153:
151:
148:
146:
143:
141:
138:
136:
133:
131:
128:
126:
123:
122:
121:
120:
117:
114:
113:
108:
104:
102:
99:
97:
94:
92:
89:
87:
84:
82:
79:
77:
74:
73:
72:
71:
68:
65:
64:
59:
56:
52:
49:
47:
46:Public market
44:
43:
42:
41:
37:
33:
32:
29:
26:
25:
21:
20:
2801:Fixed income
2755:Institutions
2713:Bond options
2657:Yield spread
2549:Lottery bond
2479:Accrual bond
2405:Fixed income
2383:
2307: /
2303: /
2270:Money market
2265:Fixed income
2211:
2192:Phantom debt
2172:Debt bondage
2140:
1935:
1918:
1904:
1887:
1873:
1864:
1855:
1846:
1837:
1828:
1819:
1805:
1791:
1777:
1766:
1757:
1743:
1735:the original
1725:
1711:
1700:. Retrieved
1696:the original
1686:
1672:
1661:
1652:
1638:
1619:
1607:. Retrieved
1593:
1581:. Retrieved
1577:the original
1567:
1556:
1547:
1541:
1522:
1513:
1502:. Retrieved
1498:the original
1488:
1469:
1460:
1441:
1395:
1394:
1307:
1304:
1285:
1274:
1263:
1256:
1229:
1220:
1218:
1190:
1186:
1180:(modern-day
1171:
1152:
1116:
1107:Bond indices
1083:
1072:
1061:
1050:
1043:
1026:
1018:
1011:
940:
834:
777:
769:
728:mutual funds
726:, banks and
721:
700:
693:
690:Participants
654:
626:
624:, or TRACE.
603:
598:
596:
555:
551:
547:
545:
493:Market trend
468:Greenwashing
325:Participants
130:Growth stock
125:Common stock
116:Stock market
86:Fixed income
66:
54:
2796:Bond market
2652:Yield curve
2612:Dirty price
2587:Clean price
2463:Global bond
2431:Senior debt
2421:Agency bond
2384:Bond market
2309:Odious debt
2187:Garnishment
2052:Payday loan
1988:Instruments
1455:introducing
1310:Derivatives
1296:yield curve
1281:World War I
1252:Black Death
1193:Plantagenet
1178:Mesopotamia
1163:Mesopotamia
1153:In ancient
1119:S&P 500
932:$ 39,688.6
855:$ 13,953.6
847:Percentage
718:Individuals
710:Governments
645:yield curve
637:credit risk
620:'s (FINRA)
552:debt market
548:bond market
488:Market risk
301:Spot market
258:Reinsurance
253:Real estate
243:Mutual fund
180:Derivatives
150:Stockbroker
67:Bond market
2790:Categories
2327:Insolvency
2235:Government
2167:Compliance
2157:Charge-off
2137:Collection
2087:Bankruptcy
2080:Management
2047:Loan shark
2014:Government
1702:2020-03-02
1609:2011-09-29
1583:2013-07-10
1504:2021-04-29
1438:references
1419:References
1324:industry.
1205:Bank loans
1089:bond funds
1014:volatility
1000:Volatility
921:$ 1,393.3
910:$ 1,981.8
888:$ 3,823.3
885:Municipal
877:$ 8,968.8
866:$ 8,630.6
572:securities
330:Regulation
58:Securities
2592:Convexity
2400:Debenture
2284:Economics
2245:Municipal
2230:Diplomacy
2225:Corporate
2182:Distraint
2019:Municipal
2009:Debenture
2004:Corporate
1463:July 2008
1396:Specific:
1195:era, the
1046:par value
983:Municipal
852:Treasury
841:Category
730:. In the
672:Municipal
664:Corporate
633:liquidity
614:exchanges
594:(SIFMA).
431:corporate
406:Financial
228:Commodity
2667:Z-spread
2622:I-spread
2617:Duration
2332:Interest
2305:Internal
2301:External
2220:Consumer
2152:Bad debt
1627:Archived
1603:Archived
1550:. print.
1530:Archived
1390:War Bond
1328:See also
1221:prestiti
1209:Crusades
1143:maturity
1079:dividend
1075:interest
946:and the
899:$ 937.2
588:trillion
584:trillion
456:services
446:personal
441:forecast
411:analysis
335:Clearing
287:Forwards
213:Currency
51:Exchange
2776:(SIFMA)
2322:Default
2250:Venture
2240:Medical
2212:Markets
2144:Evasion
2106:history
1451:improve
1236:England
1191:By the
1159:Babylon
1149:History
880:22.60%
869:21.75%
858:35.16%
844:Amount
714:Traders
685:Funding
558:) is a
463:Fintech
426:betting
416:analyst
316:Trading
292:Options
2770:(ICMA)
2764:(CMSA)
2597:Coupon
2499:Consol
2139:
2102:Relief
1440:, but
1290:began
1270:France
1240:France
1214:Venice
1174:Nippur
1127:stocks
991:
989:
981:
979:
973:
966:
964:
929:Total
924:3.51%
913:4.99%
902:2.36%
891:9.63%
827:
821:
815:
809:
803:
797:
791:
763:
757:
550:(also
451:public
248:Option
53:
2255:Buyer
2062:Usury
2029:Loans
1996:Bonds
1927:(PDF)
1896:(PDF)
1155:Sumer
1073:Bond
985:bonds
935:100%
773:Japan
651:Types
580:bonds
436:crime
421:asset
306:Swaps
238:Money
145:Stock
2395:Bond
1981:Debt
1335:Bond
1238:and
1182:Iraq
1137:and
1125:for
1095:and
1066:and
738:Size
655:The
564:debt
546:The
376:Bull
1121:or
554:or
401:ESG
233:ETF
2792::
1863:.
1845:.
1827:.
1765:.
1660:.
1601:.
1316:,
1216:.
1176:,
1169:.
1161:,
1133:,
1091:,
1036:.
961:)
950:.
2376:e
2369:t
2362:v
2141:·
2108:)
2104:(
1973:e
1966:t
1959:v
1943:.
1929:.
1898:.
1881:.
1813:.
1799:.
1771:.
1751:.
1719:.
1705:.
1680:.
1666:.
1612:.
1586:.
1507:.
1476:)
1470:(
1465:)
1461:(
1447:.
535:e
528:t
521:v
220:)
211:(
199:)
185:(
55:·
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