Business / Finance Glossary

Bond Broker: A broker on the floor of an exchange who trades bonds.

Bond Buyer: A daily publication featuring many essential statistics and index figures relevant to the fixed income markets.

Bond Buyers Municipal Bond Index: A municipal bond price tracking index published daily by the Bond Buyer.

Bond Counsel: An attorney who prepares the legal opinion concerning a municipal bond issue.

Bond Covenant: A contractual provision in a bond indenture. A positive covenant requires certain actions, and a negative covenant limits certain actions.

Bond Crowd: Members of the stock exchange who transact bond orders on the floor of the exchange.

Bond Discount: The difference by which a bond's market price is lower than its face value. The antithesis of a bond premium, which prevails when the market price of a bond is higher than its face value. Se . . . View Full Definition

Bond Equivalent Yield: Bond yield calculated on an annual percentage rate method. Differs from annual effective yield.

Bond Indenture: Contract that sets forth the promises of a corporate bond issuer and the rights of investors.

Bond Indexing: Designing a bond portfolio so that its performance will match the performance of some bond index.

Bond Market Association: An international trade association of broker/dealers and banks in U.S. government and federal agency securities, municipal securities, mortgage-backed securities, and money market securities.

Bond Mutual Fund: A mutual fund holding bonds.

Bond Points: A conventional unit of measure for bond prices set at $1 and equivalent to 1% of the $100 face value of the bond. A price of 80 means that the bond is selling at 80% of its face or par value.

Bond Power: A form used in the transfer of registered bonds from one owner to a different owner.

Bond Rating: A rating based on the possibility of default by a bond issuer. The ratings range from AAA (highly unlikely to default) to D (in default). See: Rating, investment grade.

Bond Ratio: The percentage of a company's capitalization represented by bonds. The ratio is calculated by dividing the total bonds due after one year by that same figure plus all other equity. See: Debt . . . View Full Definition

Bond Swap: The sale of one bond issue and purchase of another bond issue simultaneously. See: Swap; swap order.

Bond Value: With respect to convertible bonds, the value the security would have if it were not convertible. That is the market value of the bond minus the value of the conversion option.

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