1219:
49:
1172:
1474:
1867:
893:
1454:
1466:
477:
1489:
1929:
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.
905:
3921:
3911:
1884:
stolen. In some countries they were historically popular because the owner could not be traced by the tax authorities. For example, after federal income tax began in the United States, bearer bonds were seen as an opportunity to conceal income or assets. U.S. corporations stopped issuing bearer bonds in the 1960s, the U.S. Treasury stopped in 1982, and state and local tax-exempt bearer bonds were prohibited in 1983.
2018:". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates, the length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.)
1196:
securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In the market for United States
Treasury securities, there are four categories of bond maturities:
1292:, as it is termed in the United Kingdom) is an estimate of the total rate of return anticipated to be earned by an investor who buys a bond at a given market price, holds it to maturity, and receives all interest payments and the capital redemption on schedule. It is a more useful measure of the return on a bond than current yield because it takes into account the
1888:
However, the bond is not easily transferable to other people. Registered bonds seldom appeared in the market for trading. The traceability of the bonds means it has a minor effect on bond prices. Once a new owner acquired the bond, the old bond must be sent to the corporation or agent for cancellation and for issuance of a new bond. It is the opposite of a
2261:. Under the laws of many countries (including the United States and Canada), bondholders are in line to receive the proceeds of the sale of the assets of a liquidated company ahead of some other creditors. Bank lenders, deposit holders (in the case of a deposit taking institution such as a bank) and trade creditors may take precedence.
1368:
federal and state securities and commercial laws apply to the enforcement of these agreements, which are construed by courts as contracts between issuers and bondholders. The terms may be changed only with great difficulty while the bonds are outstanding, with amendments to the governing document generally requiring approval by a
1680:
quantities of these outstanding for decades, and they have now been fully repaid. Some ultra-long-term bonds (sometimes a bond can last centuries: West Shore
Railroad issued a bond which matures in 2361 (i.e. 24th century)) are virtually perpetuities from a financial point of view, with the current value of principal near zero.
989:) over a specified amount of time). The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of
1564:. Unlike traditional US municipal bonds, which are usually tax exempt, interest received on BABs is subject to federal taxation. However, as with municipal bonds, the bond is tax-exempt within the US state where it is issued. Generally, BABs offer significantly higher yields than standard municipal bonds.
2029:
multiplied by the par value and divided by the price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between
2013:
Although bonds are not necessarily issued at par (100% of face value, corresponding to a price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond.
1928:
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
1921:
Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as the foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers
1895:
A book-entry bond is a bond that does not have a paper certificate. As physically processing paper bonds and interest coupons became more expensive, issuers (and banks that used to collect coupon interest for depositors) have tried to discourage their use. Some book-entry bond issues do not offer the
2076:
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
1668:
Most bonds are structured to mature on a stated date, when the principal is due to be repaid, and interest payments cease. Typically, a bond with term to maturity of under five years would be called a short bond; 5 to 15 years would be "medium", and over 15 years would be "long"; but the numbers may
1441:
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
2080:
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
1679:
or 'Perps'. They have no maturity date. Historically the most famous of these were the UK Consols (there were also some other perpetual UK government bonds, such as War Loan, Treasury
Annuities and undated Treasuries). Some of these were issued back in 1888 or earlier. There had been insignificant
1571:
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
1367:
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.,
1883:
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
1182:
Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at the end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular
2253:
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,
2159:
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
1970:
The bond's market price is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is
1647:
is paid, then government taxes, etc. The first bond holders in line to be paid are those holding what are called senior bonds. After they have been paid, the subordinated bond holders are paid. As a result, the risk is higher. Therefore, subordinated bonds usually have a lower credit rating than
1402:. With some bonds, the issuer has to pay a premium, the so-called call premium. This is mainly the case for high-yield bonds. These have very strict covenants, restricting the issuer in its operations. To be free from these covenants, the issuer can repay the bonds early, but only at a high cost.
1349:
The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that the issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a
2136:
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
1301:
have noted. The yield to maturity will be realized only under certain conditions, including 1) all interest payments are reinvested rather than spent, and 2) all interest payments are reinvested at the yield to maturity calculated at the time the bond is purchased. This distinction may not be a
2273:, in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds.
1887:
A registered bond is a bond whose ownership (and any subsequent purchaser) is recorded by the issuer, or by a transfer agent. Interest payments and the principal upon maturity are sent to the registered owner. The owner can continue to receive interest with a duplicated bond in case of a loss.
1195:
date. As long as all due payments have been made, the issuer has no further obligations to the bond holders after the maturity date. The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt
1559:
issued by a local authority or subdivision within a country, for example a city or a federal state. These will to varying degrees carry the backing of the national government. In the United States, such bonds are exempt from certain taxes. For example, Build
America Bonds (BABs) are a form of
1260:
Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid
1500:
Bonds can be categorised in several ways, such as the type of issuer, the currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond:
1432:
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
1334:
The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in the markets.
1141:
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
1825:
are issued by
European and other states. Interest is paid as on a traditional fixed rate bond, but the issuer will redeem randomly selected individual bonds within the issue according to a schedule. Some of these redemptions will be for a higher value than the face value of the
2121:. Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy the bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through
2006:. Hence, a deep discount US bond, selling at a price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the
1020:
stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind
1311:
The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors.
2155:, meaning that their market prices will decrease in value when the generally prevailing interest rates rise. Since the payments are fixed, a decrease in the market price of the bond means an increase in its yield. When the market interest rate rises, the
1769:, so that the interest is effectively rolled up to maturity (and usually taxed as such). The bondholder receives the full principal amount on the redemption date. An example of zero coupon bonds is Series E savings bonds issued by the U.S. government.
1601:, because they are uncertain that the issuer will be able or willing to pay the scheduled interest payments and/or redeem the bond at maturity. As these bonds are much riskier than investment grade bonds, investors expect to earn a much higher yield.
1296:
of future interest payments and principal repaid at maturity. The yield to maturity or redemption yield calculated at the time of purchase is not necessarily the return the investor will actually earn, as finance scholars Dr. Annette Thau and Dr.
1025:, in the event of bankruptcy. Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception is an irredeemable bond, which is a
1149:
Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called a
1125:
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
1524:
are the safest bonds, with the lowest interest rate. A Treasury bond is backed by the "full faith and credit" of the relevant government. However, in reality most or all government bonds do carry some residual risk. This is indicated by
2224:
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
1740:
Fixed rate bonds have interest payments ("coupon"), usually semi-annual, that remains constant throughout the life of the bond. Other variations include stepped-coupon bonds, whose coupon increases during the life of the
1608:
is a bond issued by a government or corporate entity in order to raise finance for climate change mitigation- or adaptation-related projects or programmes. For example, in 2021 the UK government started to issue "green
2277:
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
1979:
since the last coupon date. (Some bond markets include accrued interest in the trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or
1959:). That relationship is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be
2215:
falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately
1658:
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.
1130:
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.
2861:
1788:. The interest rate is normally lower than for fixed rate bonds with a comparable maturity (this relationship briefly reversed for short-term UK bonds in December 2008). Higher inflation rates increase the
1773:
may be created from fixed rate bonds by a financial institution separating ("stripping off") the coupons from the principal. This can create a "Principal Only" zero-coupon bond and an "Interest Only" (IO)
1346:. "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S.
2795:
2282:, meaning the investor is forced to find a new place for their money, and the investor might not be able to find as good a deal, especially because this usually happens when interest rates are falling.
2072:
markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the
1119:, buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by
2321:. Most indices are parts of families of broader indices that can be used to measure global bond portfolios, or may be further subdivided by maturity or sector for managing specialized portfolios.
1535:
bonds issued by different national governments, such as various member states of the
European Union, all denominated in Euros, offering different market yields reflecting their different risks.
1134:
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
1581:
is a bond issued by a government to fund military operations and other expenditure during wartime. It will often have a low return rate, and so can be bought due a lack of opportunities or
2132:, but this perception is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of
1520:
national government. Some countries have repeatedly defaulted on their government bonds, while some other treasury bonds have been treated as risk-free and not exposed to default risk.
3325:
2739:
1963:
opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see
1138:
on the bond depends on both the terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market.
2128:
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
1350:
premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high
1095:" relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay a sum to another" dates from at least the 1590s.
2697:
The Bond Book, Third
Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More
1633:
are backed by cash flows from mortgages or public sector assets. Unlike asset-backed securities, the assets for such bonds remain on the issuer's balance sheet.
3318:
2799:
3291:
1759:. For example, the coupon may be defined as three-month USD LIBOR + 0.20%. The coupon rate is recalculated periodically, typically every one or three months.
1509:
The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment.
1648:
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
3311:
2829:
1302:
concern to bond buyers who intend to spend rather than reinvest the coupon payments, such as those practicing asset/liability matching strategies.
1615:
are bonds whose interest and principal payments are backed by underlying cash flows from other assets. Examples of asset-backed securities are
1561:
1076:
2604:
2732:
2181:
1068:
on the secondary market. The price of a bond in the secondary market may differ substantially from the principal due to various factors in
3279:
2310:
2064:
Bond markets, unlike stock or share markets, sometimes do not have a centralized exchange or trading system. Rather, in most developed
1730:
is a bond that matures in installments over a period of time. For example, a $ 100,000, 5-year serial bond might pay $ 20,000 per year.
2575:
2160:
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.
2081:
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
1405:
Puttability—Some bonds give the holder the right to force the issuer to repay the bond before the maturity date on the put dates; see
1805:
3285:
2561:(c. 1596–1599), Act I, scene iii: "Three thousand ducats. I think I may take his bond". John Heminges and Henry Condell (eds.),
1801:
2554:
2058:
2007:
1320:. As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called
2505:
2010:, are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond.
2892:
2030:
yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the
1789:
936:
2711:
2481:
2145:), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks:
2265:
There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and a
562:
557:
439:
331:
3215:
326:
1218:
48:
3210:
1620:
351:
1925:
A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency.
2705:
2673:
2634:
2475:
2137:
attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes
2201:
3792:
2054:
1390:
Callability—Some bonds give the issuer the right to repay the bond before the maturity date on the call dates; see
1261:
electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual.
1784:(linkers) (US) or index-linked bonds (UK), in which the principal amount and the interest payments are indexed to
2297:
A number of bond indices exist for the purposes of managing portfolios and measuring performance, similar to the
1269:
The yield is the rate of return received from investing in the bond. It usually refers to one of the following:
4107:
3957:
3705:
3205:
3081:
1916:
1624:
567:
535:
346:
341:
3851:
2318:
1695:. The issuance of Methuselahs has been increasing in recent years due to demand for longer-dated assets from
627:
586:
552:
542:
2220:" or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out",
3645:
2049:
as calculated is either added to or subtracted from the price of the "straight" portion. See further under
1277:, or running yield: the annual interest payment divided by the current market price of the bond (often the
696:
3369:
2254:
which affects mutual funds holding these bonds, and holders of individual bonds who may have to sell them.
3762:
3021:
2821:
2528:
721:
654:
605:
547:
1839:
let a bondholder exchange a bond to a number of shares of the issuer's common stock. These are known as
1056:. Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the
4240:
3725:
3061:
2069:
125:
17:
1469:
Railroad obligation of the Moscow-Kiev-Voronezh railroad company, printed in
Russian, Dutch and German
3896:
3881:
3871:
3710:
3525:
2885:
2429:
2217:
1871:
997:. Bonds provide the borrower with external funds to finance long-term investments or, in the case of
929:
689:
669:
2733:
Anne Padieu "Quand les États sont tentés par la dette «Mathusalem» " Agence France-Presse à Paris /
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Bond prices can become volatile depending on the credit rating of the issuer – for instance if the
1616:
1223:
432:
321:
4276:
4187:
3625:
3615:
3585:
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in the issue, or, alternatively, purchase bonds in the open market, then return them to trustees.
1127:
649:
486:
236:
115:
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1473:
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3767:
3630:
3468:
3438:
3154:
3056:
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The interest payment ("coupon payment") divided by the current price of the bond is called the
1781:
1775:
1351:
1171:
1030:
816:
158:
4281:
3782:
3200:
3164:
3001:
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2102:
1797:
1612:
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659:
316:
28:
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instruments and not bonds: the main difference is the length of the term of the instrument.
4102:
4082:
3804:
3799:
3303:
2878:
2242:
2125:. Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households.
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1598:
1420:
on which callable and putable bonds can be redeemed early. There are four main categories:
1317:
922:
456:
374:
271:
80:
2050:
1426:
A European callable has only one call date. This is a special case of a
Bermudan callable.
8:
4215:
3754:
2970:
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2110:
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3463:
3338:
3046:
2390:
2331:
2221:
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2151:
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such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based
1812:
1744:
1655:
1541:
1239:
1192:
1075:
Bonds are often identified by their international securities identification number, or
1009:
978:
958:
897:
785:
598:
523:
356:
299:
153:
58:
40:
3861:
1242:, the coupon varies throughout the life of the bond and is based on the movement of a
1115:. When a bond issue is underwritten, one or more securities firms or banks, forming a
4307:
4182:
4042:
3856:
3841:
3772:
3715:
3660:
3635:
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3346:
3334:
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3179:
3031:
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2701:
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2550:
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2173:
1952:
1854:
1716:
1636:
1285:
1135:
674:
644:
634:
516:
406:
401:
1687:
is a type of bond with a maturity of 50 years or longer. The term is a reference to
1552:. They have a very good credit rating, similar to that on national government bonds.
1453:
977:
to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the
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3809:
3720:
3675:
3575:
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3394:
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3011:
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1976:
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619:
391:
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219:
173:
168:
120:
110:
98:
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and bonds indexed on a business indicator (income, added value) or on a country's
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1079:, which is a 12-digit alphanumeric code that uniquely identifies debt securities.
4327:
4245:
4220:
4152:
4147:
4122:
3999:
3876:
3787:
3740:
3730:
3665:
3590:
3560:
3510:
3458:
3430:
3374:
3258:
3248:
3051:
3041:
3036:
2965:
2743:
2695:
2558:
2509:
2465:
2385:
2370:
2360:
2356:
2351:
2302:
2234:
2189:
2142:
2038:
1948:
1906:
Retail bonds are a type of corporate bond mostly designed for ordinary investors.
1840:
1594:
1529:
1513:
1423:
A Bermudan callable has several call dates, usually coinciding with coupon dates.
1380:
1321:
1313:
1235:
1061:
1053:
998:
773:
716:
411:
311:
286:
266:
254:
241:
231:
196:
148:
1719:
with maturities beyond 30 years, which would serve as a reference level for any
476:
4260:
4230:
4210:
4112:
4052:
4004:
3989:
3824:
3735:
3159:
3144:
3109:
3096:
3071:
2975:
2943:
2193:
2177:
2046:
2042:
2003:
1964:
1956:
1938:
1793:
1748:
1720:
1704:
1672:
1639:
are those that have a lower priority than other bonds of the issuer in case of
1588:
1556:
1521:
1458:
1246:
1108:
1069:
1049:
1045:
748:
731:
726:
679:
574:
396:
361:
306:
201:
191:
163:
1765:(zeros) pay no regular interest. They are issued at a substantial discount to
1488:
4342:
4322:
4290:
4286:
4205:
4022:
3943:
3443:
3263:
3238:
3149:
3134:
3124:
3076:
3016:
3006:
2314:
2257:
A company's bondholders may lose much or all their money if the company goes
2026:
2022:
1999:
1944:
1712:
1708:
1481:
1395:
1373:
1298:
1293:
1274:
1253:, but with its discontinuation the market reference rate has transitioned to
1231:
1176:
986:
581:
4255:
4250:
4235:
4225:
4177:
4157:
4129:
3682:
3530:
3515:
3389:
3174:
3119:
3066:
2996:
2922:
2424:
2156:
2106:
2098:
2073:
1988:
1972:
1822:
1692:
1652:. The senior tranches get paid back first, the subordinated tranches later.
1630:
1605:
1568:
1438:
1417:
1410:
1243:
1112:
1103:
Bonds are issued by public authorities, credit institutions, companies and
1038:
909:
797:
792:
743:
105:
4294:
4197:
4172:
4087:
4037:
3640:
3610:
3453:
3384:
3230:
3169:
3129:
3104:
2980:
2948:
2938:
2901:
2402:
2208:
2169:
2065:
2031:
2015:
1992:
1981:
1889:
1880:
1727:
1640:
1517:
1391:
1343:
1339:
1278:
1143:
1013:
864:
830:
464:
261:
130:
2523:
4312:
4142:
4072:
4032:
3886:
3846:
3650:
3600:
3570:
3448:
2796:"EnQuest CFO Swinney Issues First Industrial Retail Bond - CFO Insight"
2380:
2298:
2266:
2250:
2138:
2114:
1922:
the ability to access investment capital available in foreign markets.
1688:
1676:
1582:
1549:
1429:
An American callable can be called at any time until the maturity date.
1406:
1121:
1026:
847:
281:
276:
206:
2204:. Again, some of these will only affect certain classes of investors.
1643:. In case of bankruptcy, there is a hierarchy of creditors. First the
4167:
3994:
3620:
3483:
2917:
2668:(third ed.). Upper Saddle River, NJ: Prentice Hall. p. 44.
2341:
2122:
1960:
1857:
allows for exchange to shares of a corporation other than the issuer.
1808:
are examples of inflation-linked bonds issued by the U.S. government.
1766:
1399:
1364:
1116:
974:
804:
75:
1597:(junk bonds) are bonds that are rated below investment grade by the
1504:
1092:
4317:
4137:
3670:
3565:
3550:
3184:
3139:
2768:
Quint, Michael (August 14, 1984). "Elements in Bearer Bond Issue".
2270:
2258:
2133:
1991:.) The price excluding accrued interest is known as the "flat" or "
1578:
1369:
982:
966:
823:
811:
528:
511:
498:
65:
2211:
that hold these bonds. If the value of the bonds in their trading
2089:
associated with transferring a bond from one investor to another.
1951:
and principal payments of the bond, here discounted at the bond's
3500:
1896:
option of a paper certificate, even to investors who prefer them.
1756:
1696:
1649:
950:
336:
1998:
Most government bonds are denominated in units of $ 1000 in the
4027:
2856:
2164:
Bonds are also subject to various other risks such as call and
2053:. This total is then the value of the bond. More sophisticated
1700:
1493:
962:
852:
2870:
2563:
Mr. William Shakespeare's Comedies, Histories, & Tragedies
4047:
3399:
2306:
2129:
1830:
1752:
1250:
1234:
is the interest rate that the issuer pays to the holder. For
1012:, but the major difference between the two is that (capital)
1005:
871:
857:
840:
835:
226:
85:
3333:
1747:(FRNs, floaters) have a variable coupon that is linked to a
1398:. Most callable bonds allow the issuer to repay the bond at
4014:
3966:
2118:
1848:
1254:
1238:, the coupon is fixed throughout the life of the bond. For
1206:
long term (bonds): maturities between ten and thirty years;
1191:
The issuer is obligated to repay the nominal amount on the
990:
970:
780:
506:
2141:, its bondholders will often receive some money back (the
1203:
medium term (notes): maturities between one and ten years;
2865:
2755:
Eason, Yla (June 6, 1983). "Final Surge in Bearer Bonds"
1816:
1796:
was the first sovereign issuer to issue inflation-linked
994:
2097:
Bonds are bought and traded mostly by institutions like
3935:
2781:
no byline (July 18, 1984). "Book Entry Bonds Popular".
2700:(Third ed.). McGraw Hill Professional. p. 5.
2629:(Revised ed.). New York: McGraw-Hill. p. 56.
2045:
with discounting. Depending on the type of option, the
1316:
are bonds that are rated below investment grade by the
1111:. The most common process for issuing bonds is through
1060:. This means that once the transfer agents at the bank
973:, and is obliged – depending on the terms – to provide
2467:
The management of bond investments and trading of debt
1861:
1792:
principal and coupon amounts paid on these bonds. The
1734:
3292:
Securities Industry and Financial Markets Association
2746:: discussion of 100-year maturity bonds (in French).
1516:, often also called treasury bonds, are issued by a
2269:bankruptcy at the giant telecommunications company
1492:Receipt for temporary bonds issued by the state of
2470:. Elsevier Butterworth-Heinemann. pp. 49–50.
2077:immediately resells the bond to another investor.
1872:New York Central and Hudson River Railroad Company
1691:, the oldest person whose age is mentioned in the
1572:recourse to other governmental assets or revenues.
1461:issued in 1873 under the state's Consolidation Act
1505:The nature of the issuer and the security offered
4340:
2207:Price changes in a bond will immediately affect
1379:Optionality: Occasionally a bond may contain an
2459:
2457:
2455:
2041:, the valuation is more difficult and combines
2309:. The most common American benchmarks are the
1562:American Recovery and Reinvestment Act of 2009
1200:short term (bills): maturities under one year;
3951:
3319:
2886:
930:
433:
2689:
2687:
2685:
2452:
3958:
3944:
3920:
3910:
3326:
3312:
3280:Commercial Mortgage Securities Association
2893:
2879:
2229:. Efforts to control this risk are called
1831:Bonds with embedded options for the holder
1544:, also known as a "supra", is issued by a
1409:. These are referred to as retractable or
937:
923:
440:
426:
2682:
3286:International Capital Market Association
2862:Estate planner victimized terminally ill
2463:
1865:
1487:
1472:
1464:
1452:
1217:
1170:
2663:
1802:Treasury Inflation-Protected Securities
1662:
14:
4341:
2034:, a graph plotting this relationship.
1975:of a bond may be quoted including the
1387:features to the holder or the issuer:
3939:
3307:
2874:
2666:Bond Markets, Analysis and Strategies
2092:
1910:
4108:Debtor-in-possession (DIP) financing
2693:
2624:
2565:(London: Blount and Jaggard, 1623).
1778:from the original fixed income bond.
1029:, that is, a bond with no maturity.
332:Residential mortgage-backed security
3216:Commercial mortgage-backed security
2051:Bond option § Embedded options
1862:Documentation and evidence of title
1735:The conditions applying to the bond
1621:collateralized mortgage obligations
327:Commercial mortgage-backed security
24:
3211:Collateralized mortgage obligation
2714:from the original on 26 April 2023
2521:
2484:from the original on 26 April 2023
1971:called trading at a discount. The
1943:The market price of a bond is the
1480:bond issued by City and County of
1457:Bond certificate for the state of
1001:, to finance current expenditure.
352:Collateralized mortgage obligation
25:
4360:
2846:
1932:
1811:Other indexed bonds, for example
1707:. Issuance of Methuselahs in the
1560:municipal bond authorized by the
1532:of a rating below the top rating,
1394:. These bonds are referred to as
1306:
1249:(historically this was generally
3919:
3909:
2149:Fixed rate bonds are subject to
903:
891:
475:
47:
2900:
2832:from the original on 2020-09-24
2822:"More worthless WorldCom stock"
2814:
2788:
2775:
2762:
2749:
2726:
2607:from the original on 2012-03-12
2311:Bloomberg Barclays US Aggregate
2286:
1900:
1711:has been limited, however: the
1625:collateralized debt obligations
1329:
3706:Debtor-in-possession financing
3206:Collateralized debt obligation
3082:Reverse convertible securities
2657:
2643:
2618:
2593:
2568:
2542:
2515:
2496:
1917:List of foreign currency bonds
1209:perpetual: no maturity period.
1044:The most common forms include
347:Collateralized fund obligation
342:Collateralized debt obligation
13:
1:
2464:Chorafas, Dimitris N (2005).
2446:
2319:Merrill Lynch Domestic Master
2002:, or in units of ÂŁ100 in the
1416:Call dates and put dates—the
237:Initial public offering (IPO)
126:Over-the-counter market (OTC)
3646:Staggered board of directors
2601:"Affordable Housing Finance"
2578:. Dmo.gov.uk. Archived from
1786:the level of consumer prices
1363:Indentures and Covenants—An
1166:
1082:
7:
3763:Accretion/dilution analysis
3022:Contingent convertible bond
2576:"UK Debt Management Office"
2529:Online Etymology Dictionary
2324:
2059:simulation-based techniques
1591:are issued by corporations.
1338:The price can be quoted as
1186:
1161:
1098:
10:
4365:
3726:Leveraged recapitalization
3062:Inverse floating rate note
2664:Fabozzi, Frank J. (1996).
2290:
1936:
1914:
1669:vary in different markets.
1617:mortgage-backed securities
1546:supranational organisation
1376:) vote of the bondholders.
272:Exchange-traded fund (ETF)
34:Instrument of indebtedness
26:
4303:
4269:
4196:
4121:
4065:
4013:
3980:
3973:
3905:
3897:Valuation using multiples
3882:Sum-of-the-parts analysis
3852:Modigliani–Miller theorem
3753:
3711:Dividend recapitalization
3691:
3539:
3526:Secondary market offering
3429:
3418:
3345:
3272:
3229:
3193:
3095:
2989:
2931:
2908:
2430:List of accounting topics
1715:does not currently issue
1484:, California, May 1, 1865
1357:
1213:
3965:
3915:List of investment banks
3830:Free cash flow to equity
3656:Super-majority amendment
3581:Management due diligence
3521:Seasoned equity offering
3221:Mortgage-backed security
2990:Types of bonds by payout
2932:Types of bonds by issuer
2435:List of economics topics
2347:Deferred financing costs
2337:Collective action clause
2061:may (also) be employed.
2014:This is referred to as "
1448:
1264:
1224:Dutch East India Company
961:under which the issuer (
322:Mortgage-backed security
4277:Consumer leverage ratio
4188:Tax refund interception
3626:Shareholder rights plan
3616:Post-merger integration
3586:Managerial entrenchment
3556:Contingent value rights
3496:Initial public offering
2313:(ex Lehman Aggregate),
1870:Registered bond of the
1843:, because they combine
1782:Inflation-indexed bonds
1699:plans, particularly in
1613:Asset-backed securities
1064:the bond, it is highly
1031:Certificates of deposit
817:Commemorative banknotes
116:Foreign exchange market
3768:Adjusted present value
3631:Special-purpose entity
3469:Direct public offering
3439:At-the-market offering
3155:Option-adjusted spread
3057:Inflation-indexed bond
2694:Thau, Annette (2010).
2625:Thau, Annette (2001).
2603:. Housingfinance.com.
2551:The Merchant of Venice
2512:, accessed: 2012-06-08
2440:List of finance topics
2366:Immunization (finance)
2243:credit rating agencies
2103:sovereign wealth funds
1875:
1675:are also often called
1599:credit rating agencies
1497:
1485:
1470:
1462:
1352:probability of default
1318:credit rating agencies
1227:
1179:
1136:overall rate of return
898:Numismatics portal
536:Circulating currencies
159:Inflation-indexed bond
4282:Debt levels and flows
3783:Conglomerate discount
3201:Asset-backed security
3165:Weighted-average life
3002:Auction rate security
2548:William Shakespeare,
2247:Standard & Poor's
2085:represents the total
2037:If the bond includes
1874:issued April 10, 1917
1869:
1751:of interest, such as
1491:
1476:
1468:
1456:
1383:; that is, it grants
1221:
1174:
628:Historical currencies
469:the study of currency
317:Asset-backed security
4103:Debt snowball method
3805:Economic value added
3800:Discounted cash flow
3194:Securitized products
2651:Thau op cit p. 58-59
1663:The term of the bond
1107:institutions in the
1033:(CDs) or short-term
599:Fictional currencies
27:For other uses, see
3390:Senior secured debt
2971:Infrastructure bond
2802:on February 9, 2013
2408:Build America Bonds
2111:insurance companies
1813:equity-linked notes
1745:Floating rate notes
1656:Social impact bonds
1240:floating rate notes
1222:Bond issued by the
965:) owes the holder (
786:Commemorative coins
697:Medieval currencies
606:Proposed currencies
3925:Outline of finance
3837:Market value added
3820:Financial modeling
3778:Business valuation
3701:Debt restructuring
3479:Follow-on offering
3464:Corporate spin-off
3422:(terms/conditions)
3339:investment banking
3047:Floating rate note
2742:2019-08-29 at the
2557:2022-05-23 at the
2508:2012-07-18 at the
2391:Syndicated lending
2332:Bond credit rating
2222:interest rate risk
2186:exchange rate risk
2152:interest rate risk
2093:Investing in bonds
2008:U.S. Treasury bill
1911:Foreign currencies
1876:
1855:Exchangeable bonds
1637:Subordinated bonds
1542:supranational bond
1498:
1486:
1471:
1463:
1228:
1180:
1175:1978 $ 1,000 U.S.
1037:are classified as
357:Credit-linked note
300:Structured finance
154:Floating rate note
4336:
4335:
4183:Strategic default
4148:Collection agency
4061:
4060:
4043:Predatory lending
3933:
3932:
3857:Net present value
3842:Minority interest
3773:Associate company
3749:
3748:
3716:Financial sponsor
3636:Special situation
3606:Pre-emption right
3596:Minority discount
3506:Private placement
3405:Subordinated debt
3360:Exchangeable debt
3347:Capital structure
3335:Corporate finance
3301:
3300:
3254:Exchangeable bond
3180:Yield to maturity
3032:Exchangeable bond
2954:Subordinated debt
2522:Harper, Douglas.
2293:Bond market index
2280:reinvestment risk
2174:reinvestment risk
1953:yield to maturity
1841:hybrid securities
1837:Convertible bonds
1771:Zero-coupon bonds
1763:Zero-coupon bonds
1286:yield to maturity
1023:secured creditors
947:
946:
450:
449:
407:Credit derivative
220:Equities (stocks)
16:(Redirected from
4356:
4028:Consumer lending
3978:
3977:
3960:
3953:
3946:
3937:
3936:
3923:
3922:
3913:
3912:
3815:Fairness opinion
3810:Enterprise value
3793:Weighted average
3721:Leveraged buyout
3576:Drag-along right
3474:Equity carve-out
3431:Equity offerings
3427:
3426:
3423:
3395:Shareholder loan
3380:Second lien debt
3375:Preferred equity
3355:Convertible debt
3328:
3321:
3314:
3305:
3304:
3244:Convertible bond
3087:Zero-coupon bond
3027:Convertible bond
3012:Commercial paper
2895:
2888:
2881:
2872:
2871:
2841:
2840:
2838:
2837:
2818:
2812:
2811:
2809:
2807:
2798:. Archived from
2792:
2786:
2779:
2773:
2766:
2760:
2753:
2747:
2730:
2724:
2723:
2721:
2719:
2691:
2680:
2679:
2661:
2655:
2654:
2647:
2641:
2640:
2622:
2616:
2615:
2613:
2612:
2597:
2591:
2590:
2588:
2587:
2572:
2566:
2546:
2540:
2539:
2537:
2536:
2519:
2513:
2500:
2494:
2493:
2491:
2489:
2461:
2376:Short-rate model
2218:marked to market
2202:yield curve risk
2087:transaction cost
2083:bid/offer spread
2070:over-the-counter
2039:embedded options
1977:accrued interest
1947:of all expected
1595:High-yield bonds
1514:Government bonds
1478:Pacific Railroad
1314:High-yield bonds
1290:redemption yield
1236:fixed rate bonds
1058:secondary market
1054:government bonds
1035:commercial paper
999:government bonds
939:
932:
925:
910:Money portal
908:
907:
906:
896:
895:
894:
620:History of money
575:Local currencies
479:
470:
452:
451:
442:
435:
428:
255:Investment funds
174:Commercial paper
169:Zero-coupon bond
121:Futures exchange
111:Commodity market
51:
37:
36:
21:
4364:
4363:
4359:
4358:
4357:
4355:
4354:
4353:
4349:Bonds (finance)
4339:
4338:
4337:
4332:
4328:Promissory note
4299:
4265:
4246:Deposit account
4192:
4163:Debtors' prison
4117:
4083:Management plan
4057:
4009:
3969:
3964:
3934:
3929:
3901:
3877:Stock valuation
3872:Residual income
3788:Cost of capital
3745:
3741:Project finance
3731:High-yield debt
3687:
3666:Tag-along right
3591:Mandatory offer
3561:Control premium
3542:
3535:
3511:Public offering
3459:Bought out deal
3421:
3420:
3414:
3341:
3332:
3302:
3297:
3268:
3259:Extendible bond
3249:Embedded option
3225:
3189:
3091:
3052:High-yield debt
3042:Fixed rate bond
3037:Extendible bond
2985:
2966:Government bond
2961:Distressed debt
2927:
2904:
2899:
2849:
2844:
2835:
2833:
2826:bizjournals.com
2820:
2819:
2815:
2805:
2803:
2794:
2793:
2789:
2780:
2776:
2767:
2763:
2754:
2750:
2744:Wayback Machine
2731:
2727:
2717:
2715:
2708:
2692:
2683:
2676:
2662:
2658:
2649:
2648:
2644:
2637:
2623:
2619:
2610:
2608:
2599:
2598:
2594:
2585:
2583:
2574:
2573:
2569:
2559:Wayback Machine
2547:
2543:
2534:
2532:
2520:
2516:
2510:Wayback Machine
2501:
2497:
2487:
2485:
2478:
2462:
2453:
2449:
2444:
2397:Market specific
2386:Structured note
2371:Promissory note
2361:Sovereign bonds
2357:Government bond
2352:GDP-linked bond
2327:
2303:Russell Indexes
2295:
2289:
2190:volatility risk
2143:recovery amount
2095:
1949:future interest
1941:
1935:
1919:
1913:
1903:
1864:
1833:
1737:
1673:Perpetual bonds
1665:
1589:Corporate bonds
1530:rating agencies
1522:Risk-free bonds
1507:
1451:
1381:embedded option
1360:
1332:
1309:
1267:
1216:
1189:
1169:
1164:
1109:primary markets
1101:
1085:
1062:medallion-stamp
943:
914:
904:
902:
892:
890:
882:
881:
774:Coin collecting
769:
768:
759:
758:
712:
711:
702:
701:
623:
622:
611:
610:
502:
501:
468:
467:
446:
417:
416:
412:Hybrid security
377:
367:
366:
312:Agency security
302:
292:
291:
287:Segregated fund
267:Closed-end fund
257:
247:
246:
222:
212:
211:
197:Government bond
187:
186:Bonds by issuer
179:
178:
149:Fixed rate bond
144:
143:Bonds by coupon
136:
135:
101:
91:
90:
61:
35:
32:
23:
22:
15:
12:
11:
5:
4362:
4352:
4351:
4334:
4333:
4331:
4330:
4325:
4320:
4315:
4310:
4304:
4301:
4300:
4298:
4297:
4284:
4279:
4273:
4271:
4267:
4266:
4264:
4263:
4261:Securitization
4258:
4253:
4248:
4243:
4238:
4233:
4228:
4223:
4218:
4213:
4208:
4202:
4200:
4194:
4193:
4191:
4190:
4185:
4180:
4175:
4170:
4165:
4160:
4155:
4150:
4145:
4140:
4134:
4132:
4119:
4118:
4116:
4115:
4113:Loan guarantee
4110:
4105:
4100:
4095:
4085:
4080:
4075:
4069:
4067:
4063:
4062:
4059:
4058:
4056:
4055:
4053:Vendor finance
4050:
4045:
4040:
4035:
4030:
4025:
4019:
4017:
4011:
4010:
4008:
4007:
4002:
3997:
3992:
3986:
3984:
3975:
3971:
3970:
3963:
3962:
3955:
3948:
3940:
3931:
3930:
3928:
3927:
3917:
3906:
3903:
3902:
3900:
3899:
3894:
3892:Terminal value
3889:
3884:
3879:
3874:
3869:
3864:
3859:
3854:
3849:
3844:
3839:
3834:
3833:
3832:
3825:Free cash flow
3822:
3817:
3812:
3807:
3802:
3797:
3796:
3795:
3785:
3780:
3775:
3770:
3765:
3759:
3757:
3751:
3750:
3747:
3746:
3744:
3743:
3738:
3736:Private equity
3733:
3728:
3723:
3718:
3713:
3708:
3703:
3697:
3695:
3689:
3688:
3686:
3685:
3680:
3679:
3678:
3668:
3663:
3658:
3653:
3648:
3643:
3638:
3633:
3628:
3623:
3618:
3613:
3608:
3603:
3598:
3593:
3588:
3583:
3578:
3573:
3568:
3563:
3558:
3553:
3547:
3545:
3537:
3536:
3534:
3533:
3528:
3523:
3518:
3513:
3508:
3503:
3498:
3493:
3492:
3491:
3481:
3476:
3471:
3466:
3461:
3456:
3451:
3446:
3441:
3435:
3433:
3424:
3416:
3415:
3413:
3412:
3407:
3402:
3397:
3392:
3387:
3382:
3377:
3372:
3367:
3365:Mezzanine debt
3362:
3357:
3351:
3349:
3343:
3342:
3331:
3330:
3323:
3316:
3308:
3299:
3298:
3296:
3295:
3289:
3283:
3276:
3274:
3270:
3269:
3267:
3266:
3261:
3256:
3251:
3246:
3241:
3235:
3233:
3227:
3226:
3224:
3223:
3218:
3213:
3208:
3203:
3197:
3195:
3191:
3190:
3188:
3187:
3182:
3177:
3172:
3167:
3162:
3160:Risk-free bond
3157:
3152:
3147:
3145:Mortgage yield
3142:
3137:
3132:
3127:
3122:
3117:
3112:
3107:
3101:
3099:
3097:Bond valuation
3093:
3092:
3090:
3089:
3084:
3079:
3074:
3072:Perpetual bond
3069:
3064:
3059:
3054:
3049:
3044:
3039:
3034:
3029:
3024:
3019:
3014:
3009:
3004:
2999:
2993:
2991:
2987:
2986:
2984:
2983:
2978:
2976:Municipal bond
2973:
2968:
2963:
2958:
2957:
2956:
2951:
2944:Corporate bond
2941:
2935:
2933:
2929:
2928:
2926:
2925:
2920:
2915:
2909:
2906:
2905:
2898:
2897:
2890:
2883:
2875:
2869:
2868:
2859:
2848:
2847:External links
2845:
2843:
2842:
2813:
2787:
2783:New York Times
2774:
2770:New York Times
2761:
2757:New York Times
2748:
2737:, 23 août 2019
2725:
2706:
2681:
2674:
2656:
2642:
2635:
2617:
2592:
2567:
2541:
2514:
2495:
2476:
2450:
2448:
2445:
2443:
2442:
2437:
2432:
2427:
2416:
2415:
2410:
2405:
2394:
2393:
2388:
2383:
2378:
2373:
2368:
2363:
2354:
2349:
2344:
2339:
2334:
2328:
2326:
2323:
2288:
2285:
2284:
2283:
2263:
2262:
2255:
2198:sovereign risk
2194:inflation risk
2178:liquidity risk
2162:
2161:
2094:
2091:
2043:option pricing
2004:United Kingdom
1965:Bond valuation
1957:rate of return
1939:Bond valuation
1937:Main article:
1934:
1933:Bond valuation
1931:
1912:
1909:
1908:
1907:
1902:
1899:
1898:
1897:
1893:
1885:
1863:
1860:
1859:
1858:
1852:
1832:
1829:
1828:
1827:
1820:
1809:
1800:in the 1980s.
1794:United Kingdom
1779:
1760:
1749:reference rate
1742:
1736:
1733:
1732:
1731:
1724:
1705:United Kingdom
1681:
1670:
1664:
1661:
1660:
1659:
1653:
1634:
1628:
1610:
1602:
1592:
1586:
1575:
1574:
1573:
1557:municipal bond
1553:
1538:
1537:
1536:
1533:
1506:
1503:
1459:South Carolina
1450:
1447:
1446:
1445:
1444:
1443:
1436:
1435:
1434:
1430:
1427:
1424:
1414:
1403:
1396:callable bonds
1377:
1374:super-majority
1359:
1356:
1354:on the bond).
1331:
1328:
1308:
1307:Credit quality
1305:
1304:
1303:
1282:
1266:
1263:
1247:reference rate
1215:
1212:
1211:
1210:
1207:
1204:
1201:
1188:
1185:
1168:
1165:
1163:
1160:
1100:
1097:
1084:
1081:
1070:bond valuation
945:
944:
942:
941:
934:
927:
919:
916:
915:
913:
912:
900:
887:
884:
883:
880:
879:
874:
868:
867:
861:
860:
855:
850:
844:
843:
838:
833:
827:
826:
820:
819:
814:
808:
807:
801:
800:
795:
789:
788:
783:
777:
776:
770:
766:
765:
764:
761:
760:
757:
756:
751:
746:
741:
735:
734:
729:
724:
719:
713:
709:
708:
707:
704:
703:
700:
699:
693:
692:
687:
682:
677:
672:
667:
662:
657:
652:
647:
642:
637:
631:
630:
624:
618:
617:
616:
613:
612:
609:
608:
602:
601:
595:
594:
589:
584:
578:
577:
571:
570:
565:
560:
555:
550:
545:
539:
538:
532:
531:
526:
520:
519:
514:
509:
503:
497:
496:
495:
492:
491:
490:
489:
481:
480:
472:
471:
461:
460:
448:
447:
445:
444:
437:
430:
422:
419:
418:
415:
414:
409:
404:
399:
394:
389:
384:
378:
373:
372:
369:
368:
365:
364:
362:Unsecured debt
359:
354:
349:
344:
339:
334:
329:
324:
319:
314:
309:
307:Securitization
303:
298:
297:
294:
293:
290:
289:
284:
279:
274:
269:
264:
258:
253:
252:
249:
248:
245:
244:
239:
234:
229:
223:
218:
217:
214:
213:
210:
209:
204:
202:Municipal bond
199:
194:
192:Corporate bond
188:
185:
184:
181:
180:
177:
176:
171:
166:
164:Perpetual bond
161:
156:
151:
145:
142:
141:
138:
137:
134:
133:
128:
123:
118:
113:
108:
102:
97:
96:
93:
92:
89:
88:
83:
78:
73:
68:
62:
57:
56:
53:
52:
44:
43:
33:
9:
6:
4:
3:
2:
4361:
4350:
4347:
4346:
4344:
4329:
4326:
4324:
4323:Interest rate
4321:
4319:
4316:
4314:
4311:
4309:
4306:
4305:
4302:
4296:
4292:
4288:
4285:
4283:
4280:
4278:
4275:
4274:
4272:
4268:
4262:
4259:
4257:
4254:
4252:
4249:
4247:
4244:
4242:
4239:
4237:
4234:
4232:
4229:
4227:
4224:
4222:
4219:
4217:
4214:
4212:
4209:
4207:
4204:
4203:
4201:
4199:
4195:
4189:
4186:
4184:
4181:
4179:
4176:
4174:
4171:
4169:
4166:
4164:
4161:
4159:
4156:
4154:
4151:
4149:
4146:
4144:
4141:
4139:
4136:
4135:
4133:
4131:
4128:
4124:
4120:
4114:
4111:
4109:
4106:
4104:
4101:
4099:
4098:Restructuring
4096:
4093:
4089:
4086:
4084:
4081:
4079:
4078:Consolidation
4076:
4074:
4071:
4070:
4068:
4064:
4054:
4051:
4049:
4046:
4044:
4041:
4039:
4036:
4034:
4031:
4029:
4026:
4024:
4023:Business loan
4021:
4020:
4018:
4016:
4012:
4006:
4003:
4001:
3998:
3996:
3993:
3991:
3988:
3987:
3985:
3983:
3979:
3976:
3972:
3968:
3961:
3956:
3954:
3949:
3947:
3942:
3941:
3938:
3926:
3918:
3916:
3908:
3907:
3904:
3898:
3895:
3893:
3890:
3888:
3885:
3883:
3880:
3878:
3875:
3873:
3870:
3868:
3865:
3863:
3860:
3858:
3855:
3853:
3850:
3848:
3845:
3843:
3840:
3838:
3835:
3831:
3828:
3827:
3826:
3823:
3821:
3818:
3816:
3813:
3811:
3808:
3806:
3803:
3801:
3798:
3794:
3791:
3790:
3789:
3786:
3784:
3781:
3779:
3776:
3774:
3771:
3769:
3766:
3764:
3761:
3760:
3758:
3756:
3752:
3742:
3739:
3737:
3734:
3732:
3729:
3727:
3724:
3722:
3719:
3717:
3714:
3712:
3709:
3707:
3704:
3702:
3699:
3698:
3696:
3694:
3690:
3684:
3681:
3677:
3674:
3673:
3672:
3669:
3667:
3664:
3662:
3659:
3657:
3654:
3652:
3649:
3647:
3644:
3642:
3639:
3637:
3634:
3632:
3629:
3627:
3624:
3622:
3619:
3617:
3614:
3612:
3609:
3607:
3604:
3602:
3599:
3597:
3594:
3592:
3589:
3587:
3584:
3582:
3579:
3577:
3574:
3572:
3569:
3567:
3564:
3562:
3559:
3557:
3554:
3552:
3549:
3548:
3546:
3544:
3538:
3532:
3529:
3527:
3524:
3522:
3519:
3517:
3514:
3512:
3509:
3507:
3504:
3502:
3499:
3497:
3494:
3490:
3487:
3486:
3485:
3482:
3480:
3477:
3475:
3472:
3470:
3467:
3465:
3462:
3460:
3457:
3455:
3452:
3450:
3447:
3445:
3444:Book building
3442:
3440:
3437:
3436:
3434:
3432:
3428:
3425:
3417:
3411:
3408:
3406:
3403:
3401:
3398:
3396:
3393:
3391:
3388:
3386:
3383:
3381:
3378:
3376:
3373:
3371:
3368:
3366:
3363:
3361:
3358:
3356:
3353:
3352:
3350:
3348:
3344:
3340:
3336:
3329:
3324:
3322:
3317:
3315:
3310:
3309:
3306:
3293:
3290:
3287:
3284:
3281:
3278:
3277:
3275:
3271:
3265:
3264:Puttable bond
3262:
3260:
3257:
3255:
3252:
3250:
3247:
3245:
3242:
3240:
3239:Callable bond
3237:
3236:
3234:
3232:
3228:
3222:
3219:
3217:
3214:
3212:
3209:
3207:
3204:
3202:
3199:
3198:
3196:
3192:
3186:
3183:
3181:
3178:
3176:
3173:
3171:
3168:
3166:
3163:
3161:
3158:
3156:
3153:
3151:
3150:Nominal yield
3148:
3146:
3143:
3141:
3138:
3136:
3133:
3131:
3128:
3126:
3125:Current yield
3123:
3121:
3120:Credit spread
3118:
3116:
3113:
3111:
3108:
3106:
3103:
3102:
3100:
3098:
3094:
3088:
3085:
3083:
3080:
3078:
3077:Puttable bond
3075:
3073:
3070:
3068:
3065:
3063:
3060:
3058:
3055:
3053:
3050:
3048:
3045:
3043:
3040:
3038:
3035:
3033:
3030:
3028:
3025:
3023:
3020:
3018:
3015:
3013:
3010:
3008:
3007:Callable bond
3005:
3003:
3000:
2998:
2995:
2994:
2992:
2988:
2982:
2979:
2977:
2974:
2972:
2969:
2967:
2964:
2962:
2959:
2955:
2952:
2950:
2947:
2946:
2945:
2942:
2940:
2937:
2936:
2934:
2930:
2924:
2921:
2919:
2916:
2914:
2911:
2910:
2907:
2903:
2896:
2891:
2889:
2884:
2882:
2877:
2876:
2873:
2867:
2863:
2860:
2858:
2854:
2851:
2850:
2831:
2827:
2823:
2817:
2801:
2797:
2791:
2784:
2778:
2771:
2765:
2758:
2752:
2745:
2741:
2738:
2736:
2729:
2713:
2709:
2707:9780071713092
2703:
2699:
2698:
2690:
2688:
2686:
2677:
2675:0-13-339151-5
2671:
2667:
2660:
2652:
2646:
2638:
2636:0-07-135862-5
2632:
2628:
2627:The Bond Book
2621:
2606:
2602:
2596:
2582:on 2012-04-04
2581:
2577:
2571:
2564:
2560:
2556:
2553:
2552:
2545:
2531:
2530:
2525:
2518:
2511:
2507:
2504:
2499:
2483:
2479:
2477:9780080497280
2473:
2469:
2468:
2460:
2458:
2456:
2451:
2441:
2438:
2436:
2433:
2431:
2428:
2426:
2423:
2422:
2421:
2420:
2414:
2411:
2409:
2406:
2404:
2401:
2400:
2399:
2398:
2392:
2389:
2387:
2384:
2382:
2379:
2377:
2374:
2372:
2369:
2367:
2364:
2362:
2358:
2355:
2353:
2350:
2348:
2345:
2343:
2340:
2338:
2335:
2333:
2330:
2329:
2322:
2320:
2316:
2315:Citigroup BIG
2312:
2308:
2304:
2300:
2294:
2281:
2276:
2275:
2274:
2272:
2268:
2260:
2256:
2252:
2248:
2244:
2240:
2239:
2238:
2236:
2232:
2228:
2223:
2219:
2214:
2210:
2205:
2203:
2199:
2195:
2191:
2187:
2183:
2179:
2175:
2171:
2167:
2158:
2154:
2153:
2148:
2147:
2146:
2144:
2140:
2135:
2131:
2126:
2124:
2120:
2116:
2112:
2108:
2107:pension funds
2104:
2100:
2099:central banks
2090:
2088:
2084:
2078:
2075:
2071:
2067:
2062:
2060:
2056:
2052:
2048:
2044:
2040:
2035:
2033:
2028:
2027:nominal yield
2025:(this is the
2024:
2023:current yield
2019:
2017:
2011:
2009:
2005:
2001:
2000:United States
1996:
1994:
1990:
1987:
1983:
1978:
1974:
1968:
1966:
1962:
1958:
1954:
1950:
1946:
1945:present value
1940:
1930:
1926:
1923:
1918:
1905:
1904:
1894:
1891:
1886:
1882:
1878:
1877:
1873:
1868:
1856:
1853:
1850:
1846:
1842:
1838:
1835:
1834:
1824:
1823:Lottery bonds
1821:
1818:
1814:
1810:
1807:
1803:
1799:
1795:
1791:
1787:
1783:
1780:
1777:
1772:
1768:
1764:
1761:
1758:
1754:
1750:
1746:
1743:
1739:
1738:
1729:
1725:
1722:
1718:
1714:
1713:U.S. Treasury
1710:
1709:United States
1706:
1702:
1698:
1694:
1690:
1686:
1682:
1678:
1674:
1671:
1667:
1666:
1657:
1654:
1651:
1646:
1642:
1638:
1635:
1632:
1631:Covered bonds
1629:
1626:
1622:
1618:
1614:
1611:
1607:
1603:
1600:
1596:
1593:
1590:
1587:
1584:
1580:
1576:
1570:
1566:
1565:
1563:
1558:
1554:
1551:
1547:
1543:
1539:
1534:
1531:
1528:the award by
1527:
1526:
1523:
1519:
1515:
1512:
1511:
1510:
1502:
1495:
1490:
1483:
1482:San Francisco
1479:
1475:
1467:
1460:
1455:
1440:
1437:
1431:
1428:
1425:
1422:
1421:
1419:
1415:
1412:
1411:putable bonds
1408:
1404:
1401:
1397:
1393:
1389:
1388:
1386:
1382:
1378:
1375:
1371:
1366:
1362:
1361:
1355:
1353:
1347:
1345:
1341:
1336:
1327:
1326:
1324:
1319:
1315:
1300:
1299:Frank Fabozzi
1295:
1294:present value
1291:
1287:
1283:
1280:
1276:
1275:current yield
1272:
1271:
1270:
1262:
1258:
1256:
1252:
1248:
1245:
1241:
1237:
1233:
1225:
1220:
1208:
1205:
1202:
1199:
1198:
1197:
1194:
1184:
1178:
1177:Treasury bond
1173:
1159:
1157:
1153:
1147:
1145:
1139:
1137:
1132:
1129:
1128:tombstone ads
1124:
1123:
1118:
1114:
1110:
1106:
1105:supranational
1096:
1094:
1090:
1080:
1078:
1073:
1071:
1067:
1063:
1059:
1055:
1051:
1047:
1042:
1040:
1036:
1032:
1028:
1024:
1019:
1015:
1011:
1007:
1002:
1000:
996:
992:
988:
984:
980:
979:maturity date
976:
972:
968:
964:
960:
957:is a type of
956:
952:
940:
935:
933:
928:
926:
921:
920:
918:
917:
911:
901:
899:
889:
888:
886:
885:
878:
875:
873:
870:
869:
866:
863:
862:
859:
856:
854:
851:
849:
846:
845:
842:
839:
837:
834:
832:
829:
828:
825:
822:
821:
818:
815:
813:
810:
809:
806:
803:
802:
799:
796:
794:
793:Bullion coins
791:
790:
787:
784:
782:
779:
778:
775:
772:
771:
763:
762:
755:
752:
750:
747:
745:
742:
740:
737:
736:
733:
730:
728:
725:
723:
720:
718:
715:
714:
706:
705:
698:
695:
694:
691:
688:
686:
683:
681:
678:
676:
673:
671:
668:
666:
663:
661:
658:
656:
653:
651:
648:
646:
643:
641:
638:
636:
633:
632:
629:
626:
625:
621:
615:
614:
607:
604:
603:
600:
597:
596:
593:
590:
588:
585:
583:
582:Company scrip
580:
579:
576:
573:
572:
569:
566:
564:
563:South America
561:
559:
558:North America
556:
554:
551:
549:
546:
544:
541:
540:
537:
534:
533:
530:
527:
525:
522:
521:
518:
515:
513:
510:
508:
505:
504:
500:
494:
493:
488:
485:
484:
483:
482:
478:
474:
473:
466:
463:
462:
458:
454:
453:
443:
438:
436:
431:
429:
424:
423:
421:
420:
413:
410:
408:
405:
403:
400:
398:
395:
393:
390:
388:
385:
383:
380:
379:
376:
371:
370:
363:
360:
358:
355:
353:
350:
348:
345:
343:
340:
338:
335:
333:
330:
328:
325:
323:
320:
318:
315:
313:
310:
308:
305:
304:
301:
296:
295:
288:
285:
283:
280:
278:
275:
273:
270:
268:
265:
263:
260:
259:
256:
251:
250:
243:
242:Short selling
240:
238:
235:
233:
230:
228:
225:
224:
221:
216:
215:
208:
205:
203:
200:
198:
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193:
190:
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183:
182:
175:
172:
170:
167:
165:
162:
160:
157:
155:
152:
150:
147:
146:
140:
139:
132:
129:
127:
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122:
119:
117:
114:
112:
109:
107:
104:
103:
100:
95:
94:
87:
84:
82:
79:
77:
74:
72:
69:
67:
64:
63:
60:
55:
54:
50:
46:
45:
42:
39:
38:
30:
19:
4293: /
4289: /
4256:Money market
4251:Fixed income
4178:Phantom debt
4158:Debt bondage
4126:
3981:
3867:Real options
3683:Tender offer
3543:acquisitions
3531:Underwriting
3516:Rights issue
3419:Transactions
3273:Institutions
3231:Bond options
3175:Yield spread
3067:Lottery bond
2997:Accrual bond
2923:Fixed income
2912:
2834:. Retrieved
2825:
2816:
2804:. Retrieved
2800:the original
2790:
2782:
2777:
2769:
2764:
2756:
2751:
2734:
2728:
2716:. Retrieved
2696:
2665:
2659:
2650:
2645:
2626:
2620:
2609:. Retrieved
2595:
2584:. Retrieved
2580:the original
2570:
2562:
2549:
2544:
2533:. Retrieved
2527:
2517:
2498:
2486:. Retrieved
2466:
2425:Fixed income
2418:
2417:
2396:
2395:
2296:
2287:Bond indices
2264:
2231:immunization
2209:mutual funds
2206:
2163:
2157:market price
2150:
2127:
2096:
2079:
2074:counterparty
2066:bond markets
2063:
2047:option price
2036:
2020:
2012:
1997:
1989:Accrual bond
1985:
1973:market price
1969:
1942:
1927:
1924:
1920:
1901:Retail bonds
1693:Hebrew Bible
1684:
1677:perpetuities
1623:(CMOs), and
1606:Climate bond
1569:revenue bond
1508:
1499:
1439:Sinking fund
1348:
1337:
1333:
1330:Market price
1322:
1310:
1268:
1259:
1244:money market
1229:
1190:
1181:
1155:
1151:
1148:
1140:
1133:
1120:
1113:underwriting
1102:
1091:, the word "
1086:
1074:
1043:
1039:money market
1014:stockholders
1003:
985:(called the
954:
948:
876:
831:Credit cards
592:Time dollars
106:Stock market
70:
4295:Odious debt
4173:Garnishment
4038:Payday loan
3974:Instruments
3641:Squeeze-out
3611:Proxy fight
3541:Mergers and
3454:Bought deal
3385:Senior debt
3170:Yield curve
3130:Dirty price
3105:Clean price
2981:Global bond
2949:Senior debt
2939:Agency bond
2902:Bond market
2853:Bonds links
2806:February 6,
2403:Brady Bonds
2299:S&P 500
2170:credit risk
2115:hedge funds
2032:yield curve
2016:pull to par
1993:clean price
1982:dirty price
1890:bearer bond
1881:bearer bond
1804:(TIPS) and
1728:Serial bond
1641:liquidation
1392:call option
1385:option-like
1279:clean price
1144:bond market
1122:bookrunners
981:as well as
865:Scripophily
465:Numismatics
375:Derivatives
262:Mutual fund
131:Spot market
4313:Insolvency
4221:Government
4153:Compliance
4143:Charge-off
4123:Collection
4073:Bankruptcy
4066:Management
4033:Loan shark
4000:Government
3887:Tax shield
3847:Mismarking
3651:Stock swap
3601:Pitch book
3571:Divestment
3449:Bookrunner
3370:Pari passu
2836:2018-02-09
2718:8 February
2611:2012-03-22
2586:2012-03-22
2535:2017-07-23
2488:16 January
2447:References
2381:Penal bond
2291:See also:
2267:Chapter 11
2182:event risk
2166:prepayment
2123:bond funds
1915:See also:
1776:strip bond
1717:Treasuries
1689:Methuselah
1685:Methuselah
1645:liquidator
1583:patriotism
1550:World Bank
1407:put option
1323:junk bonds
1027:perpetuity
1010:securities
1004:Bonds and
767:Collection
710:Production
640:Achaemenid
282:Index fund
277:Hedge fund
207:Pfandbrief
81:Derivative
59:Securities
41:Securities
18:Bondholder
4270:Economics
4231:Municipal
4216:Diplomacy
4211:Corporate
4168:Distraint
4005:Municipal
3995:Debenture
3990:Corporate
3862:Pure play
3755:Valuation
3621:Sell side
3484:Greenshoe
3110:Convexity
2918:Debenture
2735:Le Devoir
2342:Debenture
2213:portfolio
1961:arbitrage
1851:features.
1767:par value
1723:issuance.
1721:corporate
1548:like the
1518:sovereign
1365:indenture
1167:Principal
1152:tap issue
1117:syndicate
1083:Etymology
1050:corporate
1046:municipal
1008:are both
975:cash flow
812:Banknotes
805:Notaphily
739:Hammering
722:Designers
645:Byzantine
512:Banknotes
76:Debenture
4343:Category
4318:Interest
4291:Internal
4287:External
4206:Consumer
4138:Bad debt
3693:Leverage
3671:Takeover
3566:Demerger
3551:Buy side
3185:Z-spread
3140:I-spread
3135:Duration
2830:Archived
2740:Archived
2712:Archived
2605:Archived
2555:Archived
2506:Archived
2482:Archived
2413:Eurobond
2325:See also
2271:Worldcom
2259:bankrupt
2227:duration
2139:bankrupt
2134:dividend
2055:lattice-
1986:See also
1703:and the
1650:tranches
1619:(MBSs),
1579:War bond
1433:option".
1370:majority
1193:maturity
1187:Maturity
1183:assets.
1162:Features
1156:bond tap
1099:Issuance
1016:have an
983:interest
967:creditor
959:security
824:Exonumia
675:Japanese
655:Filipino
635:Aksumite
499:Currency
487:Glossary
457:a series
455:Part of
66:Banknote
4308:Default
4236:Venture
4226:Medical
4198:Markets
4130:Evasion
4092:history
3676:Reverse
3661:Synergy
3501:Pre-IPO
3489:Reverse
3410:Warrant
3294:(SIFMA)
2419:General
2251:Moody's
2235:hedging
1806:I-bonds
1790:nominal
1757:Euribor
1697:pension
1627:(CDOs).
1609:bonds".
1496:in 1922
1226:in 1623
1089:English
951:finance
853:Cheques
798:Grading
732:Milling
727:Coining
690:Tibetan
670:Italian
650:Chinese
568:Oceania
517:Forgery
402:Warrant
387:Futures
382:Forward
337:Tranche
99:Markets
4125:
4088:Relief
3288:(ICMA)
3282:(CMSA)
3115:Coupon
3017:Consol
2857:Curlie
2704:
2672:
2633:
2524:"bond"
2474:
2307:stocks
2168:risk,
2130:stocks
2117:, and
1955:(i.e.
1845:equity
1701:France
1494:Kansas
1358:Others
1232:coupon
1214:Coupon
1066:liquid
1052:, and
1018:equity
1006:stocks
987:coupon
963:debtor
872:Stocks
858:Scrips
848:Tokens
841:Medals
836:Jetons
754:Errors
749:Metals
665:Indian
553:Europe
543:Africa
392:Option
4241:Buyer
4048:Usury
4015:Loans
3982:Bonds
3400:Stock
2503:Bonds
2245:like
2119:banks
1826:bond.
1798:gilts
1753:Libor
1741:bond.
1449:Types
1418:dates
1344:dirty
1340:clean
1265:Yield
1251:LIBOR
877:Bonds
781:Coins
680:Roman
660:Greek
507:Coins
232:Share
227:Stock
86:Stock
3967:Debt
3337:and
2913:Bond
2808:2013
2720:2023
2702:ISBN
2670:ISBN
2631:ISBN
2490:2023
2472:ISBN
2317:and
2305:for
2249:and
2200:and
1984:". (
1849:debt
1847:and
1683:The
1372:(or
1288:(or
1284:The
1273:The
1255:SOFR
1230:The
1093:bond
1077:ISIN
991:loan
971:debt
969:) a
955:bond
953:, a
744:Cast
717:Mint
685:Thai
587:LETS
548:Asia
524:List
397:Swap
71:Bond
29:Bond
2866:FBI
2855:at
2301:or
2233:or
2057:or
1995:".
1817:GDP
1755:or
1400:par
1342:or
1257:).
1154:or
1087:In
995:IOU
993:or
949:In
529:ISO
4345::
2864:,
2828:.
2824:.
2710:.
2684:^
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2480:.
2454:^
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2192:,
2188:,
2184:,
2180:,
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2172:,
2113:,
2109:,
2105:,
2101:,
1967:.
1879:A
1726:A
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1567:A
1555:A
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1281:).
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1072:.
1048:,
459:on
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31:.
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