{"id":1757,"date":"2019-09-27T13:33:00","date_gmt":"2019-09-27T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1757"},"modified":"2026-03-08T17:40:49","modified_gmt":"2026-03-08T17:40:49","slug":"basic-features-fixed-income-security","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/basic-features-fixed-income-security\/","title":{"rendered":"Basic Features of a Fixed-income Security"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What type of issuer would fall under the sovereign government category?\",\n    \"text\": \"What type of issuer would fall under the sovereign government category?\\n\\nA. Ireland.\\n\\nB. New York City.\\n\\nC. The State of California.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. Sovereign governments are national governments of independent countries, such as Ireland, Brazil, or China. New York City and the State of California are examples of non-sovereign government issuers because they are subnational entities within the United States.\"\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Fixed-Income Securities: Defining Elements (2025 Level I CFA\u00ae Exam \u2013 Fixed Income \u2013 Module 1)\",\n  \"description\": \"This video provides an in-depth overview of fixed-income securities, covering their basic features, bond indentures, and covenants (affirmative and negative). It discusses legal, regulatory, and tax considerations, cash flow structures, and contingency provisions affecting cash flows, as well as different bond types and their unique characteristics.\",\n  \"uploadDate\": \"2022-05-19T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/7zXN8w_K6dQ\/default.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/7zXN8w_K6dQ\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/7zXN8w_K6dQ\",\n  \"duration\": \"PT53M26S\"\n}\n<\/script>\n\n\n\n<p>\n  <iframe loading=\"lazy\"\n    src=\"\/\/www.youtube.com\/embed\/7zXN8w_K6dQ\"\n    width=\"611\"\n    height=\"343\"\n    allowfullscreen=\"allowfullscreen\">\n  <\/iframe>\n<\/p>\n\n\n\n<p>A fixed-income security is a financial obligation that pays a fixed amount of interest\u2014in the form of coupon payments\u2014to investors at specified points in the future. The payments are anchored on contractual guidelines and must be made. This is, in fact, the main distinguishing feature between fixed income securities and stocks because payment of dividends is at the discretion of directors. Shareholders have no right to compel directors to pay dividends.<\/p>\n\n\n\n<p>In the field of finance, the terms \u201cfixed-income securities,\u201d \u201cdebt securities,\u201d and \u201cbonds\u201d are often used interchangeably.<\/p>\n\n\n\n<a href=\"https:\/\/analystprep.com\/free-trial\/\"\n   target=\"_blank\"\n   rel=\"noopener noreferrer\"\n   style=\"\n     display:block;\n     margin:20px 0 28px;\n     padding:14px 18px;\n     border:2px solid #2563eb;\n     border-radius:12px;\n     text-align:center;\n     color:#2563eb;\n     text-decoration:none;\n     font-weight:500;\n     font-size:15px;\n     background-color:#ffffff;\n   \">\n   Review the basic features of fixed-income securities with a free trial.\n<\/a>\n\n\n<h2><strong>Basic Features<\/strong><\/h2>\n<h3><strong>Issuer<\/strong><\/h3>\n<p>Bonds can be issued by a host of institutions, including:<\/p>\n<ul>\n<li>supranational organizations (i.e., European Union, World Trade Organization, etc.);<\/li>\n<li>sovereign governments (Countries);<\/li>\n<li>non-sovereign governments (States, Provinces, and Municipalities);<\/li>\n<li>quasi-government entities, (i.e.: government-sponsored enterprises, agency-related non-profit organizations);<\/li>\n<li>companies (i.e., Apple); or<\/li>\n<li>special legal entities.<\/li>\n<\/ul>\n<p>The bond market is generally broken up into three sectors:<\/p>\n<ul>\n<li>government bonds;<\/li>\n<li>corporate bonds; and<\/li>\n<li>structured finance (a sector of finance that was created to help transfer risk using complex legal and corporate entities).<\/li>\n<\/ul>\n<h3><strong>Credit Risk<\/strong><\/h3>\n<p>Bonds are also broken into two categories based on credit risk: <span style=\"color: #000000;\">investment-grade<\/span> and <span style=\"color: #000000;\">non-investment-grade<\/span> (high-yield or speculative bonds). Investment-grade bonds are those that are rated above BBB- or Baa3 and have a relatively low risk of default. Conversely, non-investment-grade bonds are considered low quality to reflect a relatively higher probability of default.<\/p>\n<h3><strong>Maturity<\/strong><\/h3>\n<p><em><span style=\"color: #000000;\"><strong>Maturity<\/strong><\/span><\/em> refers to the date when the issuer is obligated to redeem the bonds, while <em><strong><span style=\"color: #000000;\">tenor<\/span><\/strong><\/em> is the amount of time left before maturity. Tenor is important as it indicates the time within which the investor expects to receive payments and the amount of time left before the bond is redeemed. Almost all bonds have a maturity of 30 years or less. Those with a maturity of less than a year are called money market instruments. They include treasury bills, commercial paper, and bankers&#8217; acceptances. Bonds with a maturity of more than a year are called capital market instruments, e.g., debentures.<\/p>\n<h3><strong>Par Value<\/strong><\/h3>\n<p>Par value is the amount that will be repaid at maturity. It is also called the principal or principal value. In this regard, it is important to note the following:<\/p>\n<ul>\n<li>if the market price is greater than the par value, the bond is trading at a premium;<\/li>\n<li>if the market price is less than the par value, the bond is trading at a discount; and<\/li>\n<li>if the market price is equal to the par value, the bond is trading at par.<\/li>\n<\/ul>\n<h3><strong>Coupon Rate and Frequency<\/strong><\/h3>\n<p>The coupon rate is the interest rate that the bondholder will receive. Interest rates can either be fixed over the life of the bond or floating, and the payment frequency can differ depending on the issuer. Annual, semi-annual, and monthly payments are common.<\/p>\n<p><span style=\"color: #000000;\"><em><strong>Plain vanilla bonds<\/strong><\/em><\/span> pay a fixed coupon rate, while <em><span style=\"color: #000000;\"><strong>floating-rate bonds<\/strong> <\/span><\/em>pay a floating rate of interest. The floating rate is tied to a reference rate such as LIBOR (London Interbank Offered Rate).<\/p>\n<p>The yield is different from the coupon rate and can be measured in two ways: current yield or yield to maturity.<\/p>\n<ul>\n<li>Current yield is simply the annual coupon payment divided by the price of the bond.<\/li>\n<li>Yield to maturity is the internal rate of return (IRR) that equates the present value (PV) of a bond&#8217;s expected cash flows to its price.<\/li>\n<\/ul>\n<p>Zero-coupon bonds do not pay interest but are issued at a discount to par value and then redeemed at par.<\/p>\n<h3><strong>Currency Denomination<\/strong><\/h3>\n<p>Bonds can be issued in any currency. An international bond denominated in a currency that does not belong to the country to which it is issued is called a<span style=\"color: #000000;\"><em><strong> Eurobond<\/strong><\/em><\/span>. However, it is important to note that Eurobonds are not always issued in Euros.<\/p>\n<p><em><strong>Dual currency bonds<\/strong><\/em> pay interest in one currency, say, the US dollar, and principal in another currency, say, the Euro.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>What type of issuer would fall under the sovereign government category?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li>Ireland.<\/li>\n<li>New York City.<\/li>\n<li>The State of California.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>Sovereign governments are countries such as Brazil or China. New York City and the State of California fall under the non-sovereign government category.<\/p>\n<\/blockquote>\n\n\n\n\n<div style=\"text-align:center;margin:50px 0 30px;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n       display:inline-block;\n       padding:14px 34px;\n       background:linear-gradient(135deg,#4a74d1,#3b66c4);\n       color:#ffffff;\n       font-size:18px;\n       font-weight:600;\n       text-decoration:none;\n       border-radius:50px;\n       box-shadow:0 6px 18px rgba(59,102,196,0.25);\n     \">\n     Start Free Trial\n  <\/a>\n\n  <p style=\"\n       margin:18px auto 0;\n       max-width:620px;\n       font-size:16px;\n       line-height:1.6;\n       color:#333333;\n     \">\n     Build confidence in bond features such as maturity, coupon payments, and par value with CFA Level I exam-style practice questions.\n  <\/p>\n\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A fixed-income security is a financial obligation that pays a fixed amount of interest\u2014in the form of coupon payments\u2014to investors at specified points in the future. The payments are anchored on contractual guidelines and must be made. This is, in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1757","post","type-post","status-publish","format-standard","hentry","category-fixed-income","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Basic Features of Fixed-Income Securities | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Fixed-income securities offer regular interest payments and principal repayment at maturity. 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