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Bond quote refers to the last price at which the bond was traded. A bond rating is a letter-based credit scoring scheme used to assess the quality and creditworthiness of a bond. Bond rating agencies are companies that assess the creditworthiness of both debt securities and their issuers. Bond valuation is a way of determining the theoretical fair value (or face value) of a particular bond. A bondholder is an investor who purchases bonds issued by an entity such as a corporation or government agency. The Build America Bonds (BABs) were taxable municipal bonds that provided federal tax breaks or subsidies for state and local government bondholders or issuers. A Bullet Bond is a non-callable bond that pays the principal in a lump sum at maturity. A callable bond is a debt security that can be redeemed by the issuer before maturity at the option of the issuer. Commercial paper is a form of unsecured short-term debt. Conditional convertible bonds (CoCos) have a strike price at which the bond is converted into shares.