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Home Categories Fixed Income Trading An unsecured bond is corporate debt that does not come with collateral and therefore represents a riskier prospect for the investor. Revolving debt with a variable coupon is repaid every week, with the principal reinvested at a new interest rate, which is reset at a fixed spread relative to the base rate. The weighted average remaining term (WART) is a measure of the average time to maturity of a fixed income portfolio. An adjustment period occurs when the price or yield of a bond is adjusted so that it is more in line with similar bonds in the market. The yield-based method specifies the price of a fixed income security (such as a bond) as a percentage of yield rather than in dollars. A zero-coupon deposit is a type of certificate of deposit that pays no interest for the duration of its validity. A zero-coupon convertible bond is a convertible bond issued by a corporation that does not pay regular interest to the bondholders.