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Duration in dollars is used by bond fund managers to measure the interest rate risk of a portfolio in nominal or dollar terms. The effective yield is calculated by dividing the coupon payments on the bond by the current market value of the bond. A Eurobond is a debt instrument denominated in a currency other than the national currency of the country or market in which it is issued. Excess cash flow is cash received or generated by a company that causes a payment to a creditor as stipulated in their bond or loan agreement. Par value describes the face value or dollar value of a security; the nominal value is indicated by the issuing party. A fallen angel is a bond that became junk because its issuer ran into financial difficulties. Fidelity bonds are insurance policies that protect insured companies against employee misconduct. Fixed income is a class of assets and securities that pay a set level of cash flows to investors, usually in the form of fixed interest or dividends. Fixed income securities provide investors with a stream of fixed periodic interest payments and a possible repayment of principal at maturity. Flattening of the yield curve is when short-term and long-term bonds do not undergo noticeable changes in rates. This makes long-term bonds less attractive to investors.