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Due to instabilities in the current market, more people are looking to invest in bonds rather than stocks. Bonds are issued by Corporations and Government agencies when they borrow money, and investors can purchase these bonds. There are two types of bond on offer; Individual and Bond Mutual Funds.
Bond mutual funds invest in bonds and other debt securities, and often specialize in a particular bond type, such as corporate bonds, municipal bonds or some other type of government bond. Bonds are seen as a safer bet than stocks and shares (this is why it is often referred to as a conservative investment). Such investments protect the original invested amount whilst paying out a regular income.
If you invest in a bond mutual fund, you will receive dividends each month. These will incorporate any interest payments from the fund securities and also any profit from increases in the market price of the bonds. All types of mutual funds have a net asset value (NAV), and this is commensurate with the dollar value of one share in the fund. Investors pay this price when buying or selling shares in the fund.
Investors profit from bonds in two ways:
The income: Bonds tend to pay higher dividends than other forms of investment such as savings accounts, and dividends are paid out more frequently than individual bonds.
The low-risk element: This is due to diversification, which is the strategy designed to reduce risk by combining many different investments within a portfolio. The diversification of investments ensures that assets do not move up or down in value at the same time or at the same rate, and this makes for a more consistent performance, regardless of economic conditions. Note that investing in bond funds is not entirely risk free - see below.
There are three basic types of bond funds:
US Government Bond Funds invest in bonds issued by the US government and any associated agencies. These are the lowest risk bond fund, as the securities are backed by the full faith of the government. Some US government bonds are exempt from state and local taxes. Risks: related to inflation and fluctuating interest rates
Municipal Bond Funds invest in bonds issued by local and state government. These are popular amongst rich investors because they are exempt from federal taxes, and state taxes also in some instances. These bonds are also backed by the government. Risks: municipalities have declared themselves bankrupt, making this type of bond fund more risky than the US government bond fund.
Corporate Bond Funds invest in bonds issued by corporations. These are not backed by government, and so the element of risk associated with this fund is much higher. However, the other side of this is that the rewards are much greater: incomes paid by corporate bond funds tend to be much greater that those paid by government-backed funds. If you are looking to invest in corporate bond funds, consider the investment-grade option. These only invest in the most secure companies and thus are considered the safest of all corporate bond funds.
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Modern chemistry attempts to produce new materials which through their various characteristics and properties can be better used for all types of purposes. One prerequisite of choosing the necessary chemical reactions necessary to synthesise some new product is a detailed knowledge of the structure of the reactants and their characteristic properties, including some knowledge of the course of the chemical reactions and the mechanisms which make them go and influence them.
A chemical reaction is a change in molecules and elements which results in new molecules with new properties being formed. The course of a reaction is described by a chemical equation. The materials which react together are called reactants; the materials which are formed in a reaction are called products. A reaction equation, or a chemical equation, is used to abbreviate and symbolise a chemical reaction. The reactants, the materials which begin a chemical reaction, are written on the left side of a chemical equation, in front of an arrow, and the products are written on the right side of this arrow:
Fe(s) + S(s) ® FeS(s)
Iron (in the carbon group) and sulphur (same group) react to produce iron sulphide.
In many reactions, the state of matter of the materials changes. For this reason, whether the material, either reactant or product, is in the solid (s), liquid (l), or gaseous (g) state is indicated with the corresponding lower case letter, in parentheses as above. If a reaction results in the amount of products being less than reactants, we call this a combination, or synthesis reaction. If there are more products than reactants, this is a dissociation, or breakdown reaction.
Energy and Chemical Reactions
Elements try to attain a state which is the most natural or most energetically advantageous for them, that is, one where the outermost electron shells are filled. For this reason, electrons are very often transferred between atoms, either donated or accepted. Some elements donate their electrons more easily, while some elements accept electrons more readily. In extreme cases, the electrons of one atom are completely transferred to an atom of another or the same element. But most of the time, electrons are not completely transferred, but rather shared between two atoms, though those electrons may be attracted to one of the atoms more strongly than the other. This is a chemical bond.
The most ideal state for atoms and molecules is always that state with the lowest energy. In most chemical reactions, then, the energy that was included in higher-energy bonds is released to the surroundings. But in order for such an energy-releasing reaction to occur, the reactants must be infused with enough energy to break the original bonds and allow the formation of new ones. Most of the time, a certain amount of energy has to be added to the system (usually in the form of heat), to start the reaction, or to make it go. This energy is called the activation energy of a reaction.
In order for new compounds to be formed, the bonds of the reactants must first be broken. An activation energy must be introduced into the system. This helps in the formation of new bonds which are more energetically favourable for the atoms and molecules involved in the reaction. If a reaction evolves more energy than was necessary to begin it (activation energy), this reaction proceeds on its own, resulting in the release of some energy to the surroundings.
This is an exothermic reaction. If, however, the energy released in forming new compounds is less than its activation energy, energy must be constantly added as the reaction proceeds. This type of reaction does not proceed on its own. It is an endothermic reaction.
The energy released can be in the form of heat, but it can be light or electricity, too. The variety of energetic phenomena released by chemical reactions is called heat of reaction.
Every chemical reaction goes at its own pace (reaction rate). Influencing this rate is very important in chemistry. The concentration of individual reactants and products can be determined, as can changes in heat and temperature. In gaseous state of matter reactions, reaction rate can be influenced by pressure, with higher pressures resulting in more rapid reactions. Reaction rate increases as the concentration of reactants increases, too. Greater temperature also causes reaction rate to rise. A rise of 10 Kelvin (= 10° C) causes reaction rate to double.
Reaction rate is also markedly influenced by the size of the surface on which reactants are allowed to react. In other words, if reactants are divided into smaller particles, a reaction proceeds more quickly than if reactants are left in bulk. Formation of Ions
In many compounds, atoms form what is called an ionic bond. In this type of bonding, electrons in one atom's outer shell are transferred from that atom to another, which accepts them. This is a complete transfer. The atom which accepts the electron or electrons completely fills its outer shell, thus attaining a noble gas electron configuration. The donor atom, the one which gives up its electrons, also attains a noble gas electron configuration (at a lower energy level) by emptying its most outer shell.
The transfer of negatively charged electrons leads to an excess of positively charged protons in the donor atom, thus forming an ion which is overall charged positively (cation). The second atom, the one which accepts the electron or electrons, becomes a negatively charged ion (anion). An ionic bond is based on the electrostatic attraction of two ions of opposite charges.
Salts make up a great percentage of the compounds which form ionic bonds. They are composed of atoms or molecules with a positive charge (cations) and the second half of an acid, which is a negatively charged anion. The reaction mechanism begins when an atom (or atoms) of hydrogen escape the acid, forming a positive ion. This positively charged hydrogen atom is replaced with another cation (or cations).
For example: HCl (hydrochloric acid) + NaOH (sodium hydroxide) = NaCl (table salt)+ H2O (water)
The valence of a salt is given by the number of hydrogen ions which are able to be transferred in a given reaction.
In the above reaction, just one hydrogen ion is replaced by one sodium ion, forming sodium chloride (table salt, NaCl). For this reason, table salt has one valence. Salts are soluble (able to dissolve) in water, and they have high melting and boiling points. Salts, when they are found in the solid state of matter, are crystalline in form.
Ionic compounds are usually spatially repeating molecules. In other words, they form crystals. Crystals can grow out of, or crystallise from, a saturated solution (from a solution which has exceeded its maximum solubility, where there is more salt than can be dissolved). Or, crystals can be grown from the transformation of an amorphic material (from a material without a regular crystalline structure).
What is the difference between a crystal and an amorphous material? Amorphous materials are not repeating, fixed, regular structures. On the other hand, crystalline structures have completely determined inner arrangements - their crystal lattice.
Every crystal has specific angles which together form the sides of that crystal. These repeat in a formation, with proportions which are highly specific.
Other types of bonds can be integrated into a crystal lattice, as its constituent parts. Crystals can be of various shapes and sizes. These varying crystalline structures, with their different forms and sizes, are what differentiates atoms, molecules and ions. It all depends on the exact geometric arrangement of a crystal, with its defined borders and in some cases sharp angles. The ideal crystal lattice is a thing of beauty, in which all of the points of the lattice are perfectly arranged in their natural places. In reality, however, such perfect crystals are quite rare. Most of the time, crystals which occur in nature are imperfect. Some points on the crystal lattice contain components which do not belong. Sometimes, the lattice is quite flawed.
The growth of a crystal or crystals is dependent on external factors, such as temperature, the natural speed of crystal growth, solution concentration, the amount of crystallising material and the presence, if any, of foreign material in the solution.
Crystals can be described with the help of two terms:
Proportion of Crystal and Type of Crystal
Agglomerates which appear from various materials can combine to form a complex, varied, imperfect crystalline structure.
Crystals can also be differentiated according to their crystal lattice. According to this criterion, there are simple crystals, in which individual points of the crystal lattice are occupied by parts of the same kind. The growth of a crystal can be imagined as a kind of regular swelling, on all sides, at its walls and edges. Besides those, there are complex crystals which are composed of multiple simple crystals.
Crystals can be investigated by structural analysis procedures. There are 7 basic types of crystal lattices and 7 other derivatives of these. All together, around 1000 crystalline structures are presently known.
Polymorphic crystals can appear in various forms. Materials which are formed from crystals can actually change their crystal lattice depending on temperature. Graphite (a component of pencil leads) and diamond are both modifications of the crystalline structure of the carbon atom ( C ). The differing characteristics come from differing attractions and forces between the various atoms.
An allotrope (allos from the Greek - different, trope - change) is a compound which is able to take on various forms.
Monotropes are those crystals that can be arranged in various ways, but only one of these is stable. The other forms, when they are present, tend to transform into this most stable form. Since temperature differences are not relevant to this situation, these transformations may not be considered as temperature based. While allotropic materials can be found in a variety of forms, monotropes, on the other hand, will sooner or later transform to one, most stable form.
Enantiotropes are those crystals which have the ability to change their crystal lattices as a function of temperature. As temperature rises or falls, these crystals change their crystalline arrangements. One lattice exists above a certain temperature, with another in place below that critical temperature. Most of the time, these critical temperatures are very high. Of interest are a number of forms of iron which are assumed during production.
Isomorphs are those substances which share the same crystalline structure, although they are completely different compounds.
One of the simplest crystalline structures is the one which characterises table salt (NaCl). Its structure is that of a cube which has at its corners ions of chlorine. Sodium ions are at the centres of the sides and in the centre of the cube.
Electron Pairs, Covalent Bonds
Bonds between atoms or in some cases molecules can be different. Paired, covalent bonds are found in non-metallic molecules. The atoms in the molecules of basic gases such as oxygen, nitrogen and hydrogen are all joined together with covalent bonds. These types of bonds have atoms connected with the help of the electrons in the outermost shell. The result is the union of two electrons to form an electron pair. Negatively charged, bonded electrons are attracted to the positively charged nuclei of both atoms. Because both of the nuclei must now share the electrons, they stick together, joined by the union of their electrons, an electron pair.
Each of the two atoms, then, seemingly has one or more electron extra. The bond between the atoms is based on the attraction of the two nuclei of the atoms to the shared electron pair. The shared electrons belong to both atoms at the same time. All atoms, in whatever state they are found, have the tendency to want to fill their outer electron shells. In the hydrogen molecule (H2), each hydrogen atom has two electrons associated with it, in its one and only outermost shell. (An isolated hydrogen atom has only one electron.) When, however, two hydrogens are bonded together, they achieve the electron configuration of the second element, helium (He).
Covalent bonds are very stable, because the atoms involved in a covalently bonded compound fill their outermost shells completely, bringing the atoms to their most energetically desirable state. This type of electron arrangement is equivalent to that of a noble gas, because all of the noble gases have a stable electron configuration (filled outermost electron shell). Also, molecules of chlorine, oxygen and nitrogen can reach the stable electron configuration in their outermost shell - by bonding with another atom of their own kind. That is, two chlorines bonded together, two oxygens, two nitrogens.
In order to reach the noble gas electron configuration, it is often necessary to fill various spaces in the outermost electron shell. In this case, multiple electron pairs are needed to fill these "holes". In the oxygen molecule, two electron pairs are needed, with the nitrogen molecule three. This is necessary because all atoms taking part in these types of bonding reactions need either 2 electrons in their outermost shell (elements in the first energy level, or period, of the periodic table: H and He) or 8 (other groups of the periodic table which are at the right end). These atoms which have incomplete outermost electron shells must attract other electrons, from other atoms, to fill their shells completely. An atom like oxygen can join with two atoms, forming an electron pair with each of them, or it may join with one other atom to form two electron pairs with the one atom, called a double bond. There are also triple bonds. Carbon (C) is capable of forming single, double and triple bonds.
In a covalent bond, a shared electron pair in a molecule is attracted to both nuclei on both sides equally strongly, but only if the two atoms sharing that pair are the same. Attractive force depends on the charge of the atomic nucleus and on the amount of electrons in the atom's electron cloud. The ability to attract electrons by an element was called electronegativity (EN) by L. Pauling (American chemist).
The quantity electronegativity is defined as the comparative ability of an atom to be attracted to an individual atomic nucleus. In other words, the flourine atom attracts bonded electrons most strongly of all atoms. It was therefore assigned the highest electronegativity of all elements - 4.0. Electronegativity values of all the elements can be found in the periodic table. In every period, every horizontal row of the periodic table, electronegativity rises from left to right across the period, with rising number of protons, or atomic number. On the other hand, in the main groups, as we move down the periodic table from top to bottom, or vertically, electronegativity decreases. So, the element with the largest value of electronegativity must logically be found in the top right of the period table. Besides the noble gases, which have their outermost electron shells filled, and do not need electrons, the element which attracts electrons most readily is flourine (F), with a value of 4.0. At the other end of the periodic table, bottom left, are elements with the lowest electronegativity (Fr 0.7).
In compounds composed of two different atoms, an electron pair is not shared equally among the two. Instead, it is attracted to the two sides with different attractive force, based on the atoms' differing electronegativities. In the molecule hydrogen chloride (HCl), the hydrogen atom and the chlorine atom share one electron pair. But because of the greater size of the chlorine nucleus, this electron pair is more strongly attracted by the chlorine nucleus than by the hydrogen nucleus. In addition, the chlorine atom has another 6 electrons in its outermost shell. These are arranged into three electron pairs - all unbonded. For this reason, the chlorine atom has an overall negative charge to it, if only a partially negative charge. The hydrogen atom, on the other side, has the same value of partial positive charge. The molecule HCl, or hydrogen chloride, with its partial positive side (hydrogen) and its partial negative side (chlorine) is said to have a dipole, or dipole moment. This means that the one pair of shared electrons is not shared equally. In this case, the pair is closer to the chlorine atom. It is partially negatively charged because it now has more electrons than it has protons in its nucleus. Hydrogen, on the other side, has less electrons than it has protons, and is therefore positive. Bonded electrons are written as a dash, a short line between two element symbols, or between molecular chemical formulas. This type of designation is called a valence formula.
The electronegativity of an element is determined by the amount of protons it has in its nucleus, as well as the number of electrons it contains in its outermost shell. Thanks to the partial transfer of a bonded electron pair to the more electronegative atom in a molecule, that molecule can have a positive and negative side. These sides are called poles, and if they differ in a significant way, the molecule is said to have a dipole. The result is a molecule with one side positive, one side negative. This can, of course, affect neighbouring molecules, attracting or repelling them if they are partially charged. The water molecule has a partial negative charge, found on the oxygen atom. The two hydrogen atoms have a partial positive charge.
Both free electron pairs in the oxygen atom attract the centre of a partially positively charged neighbouring molecule with their electromagnetic attractive force. This type of bonding is called hydrogen bonding. Each molecule of water hydrogen bonds with other water molecules, aligning so as to produce a positive, negative repeating pattern. The positive side is hydrogen, the negative oxygen. This phenomenon, hydrogen bonding in water, explains water's high surface tension. This means that the molecules on the surface are weakly bonded to the rest of the liquid, by these hydrogen bonds. For that reason, water, even at relatively high temperatures, is still a liquid, whereas other similar molecules have already changed to the gaseous state.
Bonds between atoms can be depicted in various ways:
H : H formula with points, or dots, indicating electrons
H - H or with hydrogen chloride H Cl valence formula
H2 HCl chemical formula of the molecule
Acids, Bases, Salts
Intermolecular Forces
Most inorganic compounds are categorised as either acids, bases or salts. S. Arrhenius (Swedish physical chemist) came up with one of the most often used definitions for an acid.
According to that definition, acids are materials which when dissolved in water release hydrogen cations (atoms of hydrogen with a positive charge). Bases, on the other hand, are materials which release hydroxide anions (negatively charged compounds of one atom oxygen, one atom hydrogen) into solution when dissolved.
Salts are made of atoms or molecules, with one side positively charged, the other negatively charged.
They are formed from an acid when that acid gives up its hydrogen atoms with their positive charges, only to replace the hydrogen with the ion from a metal.
A number of acids and bases were known long before their chemical makeups and reaction mechanisms were known. As pure substances they are not distinguishable from each other. So, acids have to be dissolved in water in order for chemists to determine their characteristic properties. Acids begin to react when placed in water. In an aqueous solution the ions of an acid separate from each other, into a hydrogen cation and the corresponding anion. Both of these ions, free in the water, interact with it. In essence, water molecules surround the ions, creating what is called hydrated ions. So, a hydrogen ion does not remain isolated, but undergoes a hydration reaction to produce a positively charged "water" molecule, in the reaction H2 O + H+ = H3O+. These ions cause a solution to be acidic in character, and cause the colour of an indicator to change, indicating an excess of H3O+
ions in solution. (An indicator is a substance which can differentiate whether an acid or base is present in a solution.) In addition, ions in solution cause a solution to conduct electricity, or be conductive.
When a base is dissolved in water, positive ions are released into solution, and so are negatively charged hydroxide ions. A solution which contains hydroxide ions is a basic solution, or an alkaline solution. Just like with acids, the ions released into solution are hydrated, or surrounded by water. These solutions also conduct an electric current. Basic solutions also affect the colour of an indicator, and can produce basic salts when reacted with acids. Bases are basically lattices of ions. Their solids can also conduct an electric current.
According to the Brönsted-Lowry theory of acids and bases, any compound which releases a proton, or a hydrogen atom, into solution is an acid. Any compound which accepts a proton is considered a base. Solutions which contain dissolved bases and acids, because they release protons or hydroxide ions, conduct electricity.
The chemical process in which an electrical current runs through a solution is called an electrolysis. Bonds are broken in the process due to the electrolysis, with new substances being formed on the ends of the conductors, or electrodes.
Electrolysis reactions require the kinds of solutions which contain dissociated ions, allowing the solution to carry an electrical current.
During the electrolysis of an ionic solution, negatively charged ions (anions) migrate to the positively charged electrode (anode), while positively charged cations migrate to the negatively charged electrode, the cathode. In the case of an acidic or basic solution, positive ions migrate to the cathode (the end of the electrode with a negative pole), whereas the negative hydroxide ions swim to the anode (electrode with a positive pole). In these types of solutions (called electrolytic), there is no movement of electrons as in a crystal lattice, but rather movement of free swimming ions to the corresponding electrode. The number of ions is the determining factor as to whether, and how well, a solution conducts electricity.
The volume of hydrogen ions in a solution is measured as the value of the pH of a solution. The value of pH is the negative base ten logarithm giving the concentration of protons (hydrogen (H), measured from 0 to 14. A pH of O means that the concentration of hydrogen = 1, while a value of 14 means a concentration of 0.00000000000001. Solutions with a pH from 0-7 are acidic.
The acidic character of a solution decreases with rising pH. At a pH of 7, a solution is neutral. As pH rises from 7, so does the alkalinity of a solution. At a pH of 7, there are the same amount of hydrogen ions as hydroxide ions.
Indicators are used in order to determine the acidic or basic character of a reaction. These substances have to have the property of changing their colour in the presence of an acidic or basic solution. For example, litmus paper changes its colour to blue in a basic solution. In a neutral solution, it is pink. In a basic solution, it is red. Colour changes differ from one indicator to another, but are characteristic for one specific indicator. With the right choice of an indicator, pH can be fairly accurately determined.
The degree with which an acid releases hydrogen ions into solution depends on the concentration of an acid. The stronger an acid, the more protons it releases into solution, and the more negative ions as well. Two well-known strong acids are sulfuric acid and hydrochloric acid (HCl). Weak acids, on the other hand, do not release as many ions into solution. In other words, they do not dissociate as completely. Examples of weak acids include citric acid and acetic acid.
If we mix an acidic solution with an equally strong basic solution in the same proportions, the resulting solution will be neutral. This is called a neutralisation reaction. In a neutralisation reaction, hydrogen ions are neutralised by hydroxide ions - forming water - and a salt. Heat is also released during neutralisation reactions.
Many chemical reactions that seem not to be working or go at an extremely slow pace can be accelerated by addition of a small amount of some material. The material, called a catalyst, is added to the reactants. A reaction which requires a catalyst is said to be catalysed.
Catalysts take part in a reaction, but they are not used up by the reaction and are unchanged by the reaction. In the type of reaction which requires a catalyst, the reactants would react either too slowly or not at all. In other words, a catalyst gives the system a boost, an increase in activisation energy. The presence of a catalyst in a chemical reaction makes the reaction easier, or in some cases, possible at all: A catalyst takes part in a reaction by reacting with one of the original reactants to form a an intermediate product, which goes on to produce the required end product. One possibility is that one of the reactants, with the help of interaction with a catalyst, acquires new spatial dimensions or other characteristics which make it more reactive with another of the reactants. We differentiate between homogeneous catalysts, which are the same state of matter as the other reactants, and heterogeneous catalysts, where the catalyst is in a different state of matter.
This text was drawn from the Chemical Reactions and Energy, Electron Pairs, Covalent Bonds, Acids, Bases, Salts page, where you will find explanatory outlinks.
Translation Resources
Translated by KENAX Translation Service.
For any financial plan, bonds are the core element to invest and grow wealth. It can be defined as a debt security. When you purchase a bond, you are lending money to an issuer such as government, municipality, corporation, federal agency or other entity. In return for that, the issuer promises to pay you a specified rate of interest during the life of the bond and to repay the face value of the bond when it "matures," or comes due. It is best to invest in bonds because one will get a predictable stream of payments and repayment of principal, with interest.
There are different types of bonds for you to choose. It includes municipal bonds, corporate bonds, mortgage-backed bonds, surety bonds etc.Surety bond is an agreement among three parties the principal, oblige and surety. In construction companies surety bonds are frequently used. A key term in nearly every surety bond is the penal sum, and it is specified amount of money which is the maximum amount that the surety will be required to pay in the event of the principal's default.
This allows the surety to assess the risk involved in giving the bond; and the premium charged is determined accordingly. If the principal defaults and the surety turn out to be insolvent, the purpose of the bond is rendered futile. The principal will pay a premium in exchange for the bonding company's financial strength in order to extend surety credit. In the event of a claim, the surety will investigate it and if it turns out to be a valid claim, the surety will pay it and then turn to the principal for reimbursement of the amount paid on the claim and any legal fees incurred. There are mainly two categories of bond types: contract bonds and commercial bonds. Contract bonds guarantee a specific contract and it includes performance, bid, supply, maintenance and subdivision bonds. Commercial bonds guarantee per the terms of the bond form and examples are license & permit, union bonds, etc.
A surety bond issued by an insurance company to guarantee satisfactory completion of a project by a contractor is performance bond. Many performance bonds give the surety three choices they are; completing the contract itself through a completion contractor ; selecting a new contractor to contract directly with the owner; or allowing the owner to complete the work with the surety paying the costs.
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Motor vehicle dealer bond forms major part of different kinds of surety bonds issued all over the world. Generally, everybody knows that surety bonds comprises lot of bonds, particularly motor vehicle dealer bond fetches more demand among the applicants. Motor vehicle dealer bond is considered has a more important and essential bond among the people. The main purpose of issuing surety bond, i.e. motor vehicle dealer bond is that it protects the public against the default act of obligator or the dealer to the obligee. MVD bonds can be called in different names like motor vehicle dealer bond, motor vehicle bond, DMV bond, used car dealer bond and in many other names.
Motor vehicle dealer surety bonds fetches good demand among the customer and large number of people started buying MVD bonds to protect them and to ensure confirmed obligation by the obligator i.e. dealer. DMV bond, auto dealer bond, RV dealer bond and MVD bond are issued to the motor vehicle dealer or auto dealer or motorcycle dealer to obtain motor dealer license from the commissioner of state licensing department. Without obtaining motor vehicle dealer license from the state licensing department, the motor vehicle dealer or auto dealer or any kind of motor dealer cannot perform their obligations or performance.
Motor vehicle dealer who engage in the business activity of buying and selling of motor cycles, motor vehicle, auto vehicle should obtain license from the appropriate state in which state they are doing business. For this license, the applicant is required to obtain MVD bond or any other motor vehicle dealer bond from the surety bond company. Nowadays, surety bonds are issued by different kinds of surety Bond Company with compliance to the statutes, rules and regulation of the state and federal government. Today, every bonding company started providing surety bond, i.e. motor vehicle dealer bond to the applicant. Since motor vehicle dealer exist all over the world, MVD bond becomes more familiar among the applicant.
MVD bond protects the obligee against the default act or fraudulent act of the motor vehicle dealer with regards to buying and selling of motor vehicle in the state. MVD bond provides benefits to the obligee by way of suing the principal in the court of law for non-performance act of contract. Not only the obligator can be sued in the court of law, but also surety can be sued for the default act. The obligator and the surety can be asked to pay the losses incurred for the fraudulent action or to complete the contract as per the words mentioned in the surety bond. Today, MVD surety bonds are issued in different states in different surety bond amounts as per the requirements pf the people in different states.
Ron Victor is an Expert Author for Motor Vehicle Dealer Bond and Surety bonds . He written many articles in Mortgage Broker Bonds and California Surety Bond,Mortgage Broker Surety BondandContractor License Bond. For more information visit Customs Bond . Contact him at ron.seocopywriter@gmail.com
"It's a conundrum." This is what Federal Reserve Chairman Alan Greenspan recently said of the current state of long-term interest rates. The situation that exists with short- term rates getting measured increases, while long-term rates haven't moved much is a topic that has been confusing many people, not just Chairman Greenspan. This 'conundrum' is what we spoke of in our first column because it was perplexing us too. Within a day of Greenspan's testimony, long-term bond prices started dropping substantially, just as we had predicted in the column.
But, there's another conundrum happening out there that we see a lot of which is concerning us: The issue of principal guarantees within bond investments. A new client of ours, Bob, relies heavily on fixed-income as an important part of his retirement plan. Recently, while rebalancing his investment portfolio, he expressed to us that he was confused about the status of the bond funds he has had for years. Bob said that he heard his principal isn't guaranteed and wanted to know if that is true, even though they are government bond funds. We were put in a tough position where we had to explain a very important fact to Bob that commonly gets overlooked. The fact is that government bond mutual funds have no principal guarantees, as well as inconsistent and non-predictable income distributions!
Although government bonds and government bond trusts are principal guaranteed, investing in bond funds is not done on the same terms. In fact, while an individual bond pays the owner of the bond a consistent amount on each coupon date, a bond fund is not 'consistent' by any stretch of the imagination. The distribution received from the fund depends entirely on how well the bonds fare within the bond fund. At any given distribution date, the amount of money received can vary greatly. Therefore, it's not even appropriate to label a bond mutual fund as a fixed-income product! This matter means a lot to Bob, especially because him and his wife depend on a certain amount of fixed-income coming in consistently in predictable amounts. If that income doesn't come in as anticipated, his lifestyle could be dramatically affected.
Bond investors are often under the impression that government bond mutual funds are principal guaranteed. When this is the case, it's usually because either the investment hasn't been explained correctly or the investor has not understood correctly, or possibly even both. We've seen this misunderstanding of bond fund investments perpetuate itself for many years. As late as last week, we were running a seminar in Mineola, NY on the effects of rising rates on bond portfolios. Most of the people who were in attendance, and currently invested in government bond funds, were not clear on this important point.
The reasoning behind why there is no principal guarantee is that mutual funds are open-ended. Said differently, shares are offered on a continuous basis and have no maturity date. If there's no maturity, there's no date for principal repayment. Hence, no principal guarantee! Conversely, government treasury bonds, bills and notes, and government bond trusts do have a finite life. In other words, they have a fixed maturity date. Therefore, when the bonds mature, principal is repaid. Hence, there is a guarantee of principal!
Let's take a specific example. When Bob spends $10,000 to buy 10-year government treasury bonds at 5% yield, he will receive $500 dollars of fixed income annually, and is guaranteed every dime of his initial principal at maturity, which is 10 years from the date of issue. These bond investments are backed by the full faith and taxing power of the United States federal government. In the case of Bob buying into a mutual bond fund, even though the bonds in the fund are government treasury bonds, the fund itself has no maturity date, which boils down to not having a principal guarantee. By the way folks, there is no exception to this!
Even with corporate, municipal, and 'junk' bonds, the same system applies in regard to principal. The issuing institution backs those bonds and the rating is determined by the institution's ability to pay. If you're looking for a perfect example of how some bad news can greatly affect the credit worthiness of even a premier blue chip company's corporate bonds, take a look at or ask your advisor about the current market situation with General Motors' GMAC bonds. Like government bond funds, corporate and municipal bond funds have no principal guarantees either.
Here's the bottom line: We're not trying to turn people off completely from bond mutual funds! There are some appropriate uses, and we stress the word some, for bond mutual fund investments, but the key is to understand what you're doing. The potential risk and reward need to be weighed, so no matter what the outcome of the investment, hopefully feeling regret won't be felt for not properly being informed. Just like Bob needs his predictable and continuous stream of income from his bonds through his retirement years, we know that there are many more retirees that are dependent on their bond portfolio income as well. We want to stress that it is to your advantage to not just fly solo on this one, but to get advice from a financial professional.
Again, probably the most important thing is don't be afraid to ask questions. We don't think that any question is stupid or trivial. If there's something that isn't clear, then it's worth asking about! People always want to talk about risk and guarantees, which is extremely important to be aware of so feelings of regret don't set in at a later date if an investment underperformed and you unknowingly lost money that you had thought was supposed to be 'safe.'
Don is President of Conrad Capital Management, an independent registered investment advisor in Melville, New York. Before launching his own firm in 1997, Don held a combined seventeen-year tenure at E.F. Hutton and PaineWebber, where he served as Senior Vice-President at both firms.
Don can be reached by phone: (631) 439-7878 or email: don@conradcapital.com Also, to learn more about Conrad Capital Management, visit the website at: http://www.conradcapital.com
Don started his career in the late 1970s at a nationally recognized mutual fund company and was recruited after three years by E.F. Hutton Company to work in the consumer retail division. During his thirteen-year tenure there, he spent two years specializing in and trading the 30-year treasury bond. For the last five years, he served as a senior vice president focusing his efforts in the Consulting Services division, maintaining offices in both Long Island and Manhattan.
In 1993, he was recruited by PaineWebber as a Senior Vice President in the consumer retail division. In addition to managing his client?s assets, he was asked by senior management to conduct a nationwide tour to train financial consultants in the Consulting Services division. Don also made a video on the use of advanced technology in the financial services industry. This video was distributed to PaineWebber offices internationally.
After almost five years at PaineWebber, Don decided to pursue his dream by starting Conrad Capital Management in order to offer his clients more choices and flexibility.
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Depending on what type of bond you are investing in, could make you earn a lot. There are varieties of bonds available in the market such as Mortgage Broker Bonds, Surety Bonds, etc. Short term low return bonds are a safer way of investing your hard earned money, Companies and Government Issue bonds to meet their day to day operation. When you are investing in a bond, you are loaning your money for an assured period of time to the issuer. In return the bond holder will pay you interest on your investment.
Many "savers" want liquidity or fast admittance to their money without penalty. Bonds provide a pleasing saving or investment vehicle for many reasons. ICC broker bonds are definitely safer than stocks because if you hold bonds until the maturity date, you don't risk your principle plus, bonds give you regular income as interest. The investor may think on the fluctuations on interest rate, but if you hold the bond till the maturity fluctuation on your investing does not matter.
One of the disadvantage of real estate investing in bonds is diversification is hard to achieve unless investing in bonds mutual funds. The Advantages of investing in bonds are bonds pay higher interest rates than savings accounts and bonds usually offer a relatively safe return of principal. The other advantages real estate includes bonds often have less instability than stocks, especially short-term bonds, bonds offer regular income, and bonds are sold in small dollar amounts. Somebody recommends investing in bonds in countries like Britain, which are vigilant about increase, stable, and pay higher yields (5Percent+) than U.S.A bonds.
Government bonds are other wise known as "sovereign" debt. Government bonds are rated high then companies bond, this is simply government are trusted more and they default less than companies. You may buy bonds (gilts) through post office and stock broker also. If you don't like investing in bonds directly, you may also choose from a wide range of bonds by investment companies. You can buy bond funds investing in different types of bonds, including investment grade, high defer and overseas bonds. Some funds also specialize in investing in budding market bonds.
Ron Victor is a SEO copywriter for License and permit bonds. He written many articles in Contract Surety Bonds and Auto Dealer Bond topics. For more information visit Customs Bond. Contact him at ron.seocopywriter@gmail.com
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Mortgage brokers play an essential and important role all over the economy. Nowadays, mortgage broker bond becomes the important bond and it is required for the people who are engaged in the business of mortgage broker business, mortgage lending business. Mortgage brokers or lenders or dealers are required to obtain license and permit from the licensing department. This mortgage broker license is required for the mortgage brokers who are engaged in the business of mortgage in state. To obtain this mortgage broker license, the applicant is required to obtain mortgage broker bond from the appropriate state. Mortgage broker bonds are issued as per the statutes and ordinance of the state and federal jurisdiction.
Mortgage broker bond ensures proper performance of mortgage business without any default act of the mortgage broker or lender. Mortgage broker bonds are issued all over the different parts of the states and most of the industries analyzed the need of mortgage broker bond in the state. Mortgage broker bond protects the obligee against the non performance of contract by the principal in the state and enforce the mortgage broker to give a performance. Today, trend has been changed and most of the people enforce to issue mortgage broker bonds as per the state ordinance. Mortgage broker bond also forms part of different kinds of surety bonds and this mortgage broker bond are issued in separate forms and different bond amounts.
Mortgage broker bonds play an effective role in the economy and all most every part of the world mortgage broker bonds are required. Mortgage broker bond are issued as per the rules and regulations of the state statutes and ordinance. All mortgage brokers of the state are required to obtain a mortgage broker bond from the appropriate surety bonding company. Nowadays, more number of surety Bonding Company comes forward to issue mortgage broker surety bond to the people as per their requirement and needs. This mortgage broker bonds are issued to the people as per their requirement and different premiums.
When people recognize the purpose and use of surety bond, then it can be said that nonperformance and default act of the contract will be avoided and prevented. When the mortgage broker or lender or dealer fails to perform the contract, then the obligee can sue the mortgage broker or lender or dealer for non-performance of contract. The obligee has every right to sue both the mortgage broker and surety for the non-performance of contract. When all requirements are satisfied and legally compiled by the applicant, mortgage broker bond will be issued to the applicant. Mortgage broker bond and mortgage broker license are the most important requirements needed for the mortgage broker or lender or dealer.
Ron victor is an Expert Seo copywriter for Surety Bonds. He written articles like Florida Mortgage Broker Bond, Contractor License Bond, ICC Broker Bond and Alabama Surety Bond. For more information visit our site Motor Vehicle Dealer bond .Contact him at ron.seocopywriter@gmail.com.
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Bonds are issued by the issuer or buyer to the creditor. If the market value of the collateral or amount of the bond increases, then the value of the convertible bond also goes up. Similarly, if the value of the material on which the bond has been issued decreases, the bond will also decrease in price. Convertible and reverse convertible bonds are similar with one exception- the role played by the underlying company.
Convertible Bonds:
Convertible bonds are, as the name suggests, convertible. You can change them into another kind of bond or equity at a certain time, and within certain limits. You must remember that the convertible bond has some value apart from what the conversion feature gives it. Many companies that deal in bonds prefer the convertible bond, as its flexibility means that it can be converted into equity, reducing the cash burden on the company. That is, if the issuer of the bond decides to convert his or her bonds, then he or she simply buys shares of the issuing company.
Reverse Convertible Bonds:
Reverse convertible bonds are similar to convertible bonds except in one feature- while the convertible bond allows the issuer to invest more in the issuing company; the reverse convertible bond allows the issuer to hold shares in the company. The advantage reverse convertible bonds have over convertible bonds is that they are more profitable and mature in shorter time.
For example, consider the bond issued by a bank over what it owes in debts to a company. The bond may yield substantial amount through shares, but if the company's shares decrease in value, then the bank can put up the shares of the company to the party that holds the bond. In that case, the bank need not pay cash during the time of the bond's maturity.
Conversion Ratio:
The conversion ratio refers to the number of shares that can be converted from a bond into another form of debt or equity. This is specified at the time of the issuance of the bond.
Risk:
Convertible bonds, like all bonds, carry a risk option. While companies give lower yields on convertible bonds, the issuer can benefit from an increase in the stock value of the company and convert the bonds to shares. However, if the company's stock decreases in value, then the issuer has a low yield bond on his hands.
If you are unsure of the dynamics of the convertible bond vis-à-vis the market, or want to know more about how they work, you can approach any financial consultant for help. If you are an entrepreneur or run a small-scale business, then it is crucial that you know about the options, you have regarding convertible and reverse convertible bonds. Many small-scale business consultants can help you decide your bond options. It should be remembered that while convertible and reverse convertible bonds have certain risks, they also yield high returns if you invest wisely.
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A Municipal Bond (or muni) is a bond issued by a city or local government in the United States. Some of the bodies that can issue Municipal Bonds include cities, counties, redevelopment agencies, school districts, publicly owned airports and seaports and any other governmental entity below the state level.
Guarantee for Municipal Bonds is provided by the local government, a subdivision of the local government, or a group of local governments. All Municipal Bonds are pre-assessed for risk and are given an appropriate rating.
In most cases, the income generated by a Municipal Bond holder by the interest on the bonds is exempt from both the Federal Income Tax and the State Income Tax (for the state in which the bonds were issued). There can be exceptions to this and certain bonds could be declared taxable.
Whether the income received by bondholders through the interest on the bonds is taxable depends largely on the type of projects that are funded by that bond. For instance, if the bonds were issued to gather money for a construction that is meant for the welfare of the public, those bonds are not likely to be taxed. On the other hand, if the bonds are used for a project that would only benefit a handful of private parties, then the federal or state taxes might be applicable.
The laws for determining which bonds are to be taxed and which are not are very complicated. The taxable status of every bond is fixed before it reaches the market. If you are a regular buyer of Municipal Bonds then you should know that not all of them are tax-exempt.
The risk (or security) associated with a Municipal Bond is determined on the basis of the ability of the issuing body to make all payments on time and in full, as pledged in the agreement between the issuer and the bond holder. Different bonds have different types of securities based on the commitments that are formally documented in the bonds.
Some of these are:
* General Obligation Bonds - These assure that the bond value will be repaid on full faith and credit of the issuer. These bonds are supposed to be the most secure Municipal Bonds and carry the lowest interest rates.
* Revenue Bonds -These assure that the bond value will be repaid from a stream of future income once the project is complete. Toll payments are frequently used to pay for such projects. These Municipal Bonds are slightly risky because they rely on the success and profitability of the project. They do carry a slightly higher interest rate.
* Assessment Bonds - These assure that the bond value will be repaid based on the property tax assessments of the properties located within the issuer's boundaries.
There are rating agencies used for the purpose of determining the probability of repayment as is assured by the bond issuer before the bonds are issued.
Standard & Poor's, Moody's, and Fitch are the three top rating agencies for Municipal Bonds in the United States. Any bond issuer can sign up with these agencies to get a bond rating.
Bond buyers must pay close attention to the rating before purchasing any bonds.
Check out http://www.bond-trading.org/ for articles on eurobond and municipal bonds.
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Conditions in the bond market don't match the textbook definition of a bubble, but aggressive bond investors are positioning themselves to lose stunning amounts of money.
Interest rates are currently near all-time lows, and there's a heated debate as to why. Optimists will tell you that rates are low because global governments and central banks are stimulating the world economy. Pessimists will tell you that rates are low because we are on the verge of something terrible. A recession, a depression - call it what you will, but it will be so bad that prescient investors are content to lock in today's rates for the long term.
Of course, we know that the optimists are on the right track, at least to some degree. Government intervention has created distortions in the bond market. The Federal Reserve has set the target federal funds rate between 0 percent and 0.25 percent, and is buying up U.S. Treasury bonds. By doing this, it has caused interest rates to drop across the board. From mortgage rates to bond yields to the interest rate on your bank account, rates continue to decline.
As for the pessimists? It is impossible to say at this point whether they will be vindicated, but it's clear that investors share their concerns. The last decade has scared many investors away from stocks and sent them looking for safer investments. The numbers are mind-boggling. More money flowed into U.S. bond mutual funds in 2009 than in the previous 10 years combined. As of June 2010, more money flowed into bond funds than into stock funds for 30 months in a row. So it's not just the heavy hand of the government that is pushing down interest rates; retail investors are playing a role too, by selling stocks and dumping all their cash into bonds (and thus bidding up bond prices).
So everyone is buying bonds, and no one seems to be particularly concerned with the price. Sounds like a bubble, doesn't it?
Why The Bond Market Is Not In A Bubble
The history of bubbles in the investment world dates back hundreds of years. Unfortunately, people seem to be hard-wired, and it is very difficult for us to resist investments that are on the way up. From Dutch tulips in the 1600s to tech stocks in the 1990s to the recent real estate bubble, investors keep getting snookered looking for the next big thing. These bubbles always follow the same path: Prices rise until they reach unsustainable levels, with no underlying logic or connection to fundamental valuation principles. Investors take on debt to buy more and more of the bubble investment. And all kinds of shady characters come out of the woodwork to perpetrate frauds and take advantage of the situation. In the end, the bubble pops. Investors lose massive sums of money and the fraudsters are punished.
The reason the bond market is not in a bubble is that investors can hold their bonds to maturity. Assuming their bonds don't default, investors will recover 100 percent of their principal. In addition, we are not seeing speculative activities as we have seen in other bubbles. (Is anyone taking out a second mortgage to buy Treasury bonds?) Lastly, there's no indication of fraud in the run-up in bond prices - the largest seller of bonds to Americans is the U.S. government.
In a way, this is all semantics. The situation won't be a repeat of the tech stock or real estate bubbles. But there is a lot of money at risk, and reckless investors may end up damaging their financial futures.
Potential Losses For Bond Investors
The most important concept that bond investors need to be familiar with is interest rate risk. As interest rates increase, bond prices decrease. And the longer a bond's maturity period, the more dramatically the price will drop in the event of interest rate increases.
Here is an example of how interest rate risk works. Suppose there are two bonds, both selling at par (100 cents on the dollar). The first bond matures in one year with a yield of 1 percent, and the second bond matures in 30 years with a yield of 3.5 percent. Long-term bonds typically offer higher yields because the investor has to wait longer to recover her principal. If interest rates go up 1 percentage point, both bonds will immediately lose some of their value. The one-year bond will lose about 1 percent of its value. In response to this paper loss, the investor may decide to continue holding the bond until it matures at the end of the year. She will receive her principal back, plus the 1 percent yield.
However, the 30-year bond will lose more value because of its longer maturity. Instead of 1 percent, the bond would lose about 16 percent of its value. The investor can continue to hold the bond until it matures in 30 years, but that will be a long wait. In the meantime, she has a bond worth 84 cents for every dollar she paid, and if she needs to sell her bond to pay for current expenses, she'll have no choice but to realize the loss.
The higher we assume that interest rates go in the next few years, the more staggering the potential losses become. Let's take the same two bonds that we used in our last example, and assume that interest rates go up 5 percentage points. The one-year bond will lose approximately 5 percent of its value. Again, all the investor needs to do is to wait a year, and she will receive her principal plus the 1 percent yield. The 30-year bond loses about 54 percent of its value. And bonds are supposed to be a safe investment!
The most likely scenario in which interest rates will rise is an increase in economic activity, which will lead to a healthy increase in inflation. With inflation currently near all-time lows and investors becoming more and more concerned about deflation, an increase in interest rates could be a very good sign for the global economy. Only bond investors would be hurt in this scenario, while business owners, consumers and stock investors would all be better off.
A Smart Approach To Bond Investing
I hope the previous examples have made clear the danger of purchasing long-term bonds. If you are convinced that we are headed for financial Armageddon, then locking in today's long-term rates is an attractive proposition. But buying today's long-term bonds is a bet that the economy will not recover for the next 10, 20, even 30 years. It is a bet that there will be no inflation in consumer products, medical costs or education. It is a bet that wages will not increase, and neither will rents or real estate values. This is not a bet we are interested in making for our clients.
At Palisades Hudson, we currently focus on short-term, high-quality bonds for our clients' fixed-income allocations. We also invest in bonds such as Treasury Inflation-Protected Securities (TIPS) that, unlike typical fixed-income securities, will appreciate in value as interest rates and inflation increase. While our positioning might sacrifice some yield in the short term, our main objective when investing in fixed-income vehicles is to reduce volatility. We believe that our current fixed-income portfolios accomplish that goal.
In the past, bonds have been viewed as a safe investment. Unfortunately, prices have been bid up on long-term bonds to the point where this is no longer the case. Rates will eventually rise: Make sure that your investments won't suffer when they do.
For more articles, please visit the Palisades Hudson Financial Group LLC newsletter or subscribe to the blog.
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E*Trade claims finding and buying stocks is so easy, it can be done by a baby, so you already know how to do it, correct?
While stock brokers over the previous 10 years online have tried to make investing in stocks as easy as child's play, unfortunately, investing in bonds has been slower to evolve. On many broker sites online, bond platforms are not even in existence. Therefore, the world of investing in individual bonds remains murky.
While a certain percentage in your personal portfolio should be invested in bonds - a rule of thumb is 40% for someone in their 40s - you may have relied on mutual funds bonds for that portion. That in itself may not be bad since mutual bonds funds allow you to own bonds from several hundred companies while investing just a small amount. Also, professional managers do the bond investment research for you. Bond funds, however, also have a disadvantage to owning those individual bonds, which is significant.
When you purchase a bond, you know the following:
* the exact amount of your interest payments
* when your payments will be received
* when your initial investment will be paid back - so long as there is no default of the company.
On the other hand, prices of the bond funds move up and down the same as other mutual funds. If your money is needed by you on any specific date, you do not know what value to expect of your mutual fund on that date. This makes individual bond investing, therefore, preferable for those who may need a certain amount of money at a particular time.
As an example, say you would need tuition in the amount of $40,000 for your 16-year-old to attend college at age 18. You would need to invest $40,000 in two-year individual bonds, and in investing that way, you would be assured of having that amount of money when you need it - so long as the company stays solvent and no bankruptcy occurs. If it is otherwise invested in bond mutual funds, no-one would know what it would be worth when it is time to withdraw the funds. Typically, bonds do not go down by any large percentage, but in the year 2008 we learned that is not always true.
If you need a certain retirement income stream, or are saving for a timely goal, and you think you may profit by investing in individual bonds, here is a primer on the way bonds work:
How bonds work
Treasury bonds are issued by the United States Treasury Department to finance the Federal Government's operations. In a similar way, states, cities, corporations and companies issue bonds as a means of financing their operations. Considered a safe investment, Treasury bonds normally have no default risk. When a corporation or company issues bonds to raise money, however, investors demand interest rates that are higher than U.S. Treasury bonds offer, as compensation for the risk to investors in the event the corporation or company goes into bankruptcy.
For example, if a company - say General Electric - needed to raise an amount of one hundred million dollars for the building of a new factory to manufacture refrigerators, and planned to pay back the loan in 2020, they would look at the market in order to determine the interest rate the company would have to offer to interest investors in lending them that amount of money. If the investors' demand was 6%, General Electric would then issue one hundred million in bonds with an interest rate - the coupon rate - of 6%, for immediate purchase, by pre-agreement with mutual funds, banks and possibly, individuals. Company bonds are mostly available in $1,000 denominations - called par value.
For each $1,000 bond the investor owned, therefore, he or she would receive $60 back - 6% of $1,000 - per year for each year until 2020, when he or she would get the entire $1,000 back.
Between the time that General Electric issued the bond and the time that the bond would mature - or come due - the investors are able to sell the bonds in the secondary market. Just like stock prices, however, bond prices will fluctuate.
If General Electric had issued the bond three years ago, the company's chances since then of surviving until 2020 may still be good, but may be definitely gloomier. If so, an investor selling his bond today will need to offer the buyer a higher interest rate than the 6% he originally paid for it, due to the extra risk to the buyer. General Electric, however, will still pay $60 per year to the new investor. Therefore, the new investor will expect to buy the bond at less than the par value.
While the coupon rate of the bond will remain at 6%, if the new investor pays $900 for the bond, that makes the yield higher because he has only invested $900 for a $60 yearly return, and because he will still get back $1000. for the bond at maturity.
Of course, the reverse can happen, and at times investors buy bonds for more than par value, and that reduces the yield.
The trouble with buying bonds
Small investors, unfortunately, have more difficulty buying individual bonds than they would in buying individual stocks. One reason is, there are more single bonds than single stocks. Think of this: One single company may have several different times when it wanted to borrow capital, meaning it would have several different bonds offered on the market, as opposed to only one common stock.
More importantly, the process of actually buying a bond is not easy. Most often, the stock broker acts as an intermediary between the buyer and the seller. Bond brokers, however, often are the investors who actually buy or sell you the bond. As an individual bond investor, therefore, unless you have more than one broker, your bond purchases will be limited to whatever bonds your broker has in his inventory at any given time.
Another area of confusion is bond commissions. Whereupon you may pay a flat commission in buying and selling stocks, with bonds the commission is built right into the price of the bond. For instance, if your broker originally paid $1000 for a bond that yielded 7%, he may offer it to you for $1100, and that means you would realize a yield of only 6.4%. That is, $70 divided by $1100. The difference between the price he paid and the price at which he sells it to you, becomes his commission. Larger investors who are able to invest millions of dollars into bonds at one time tend to get better price offers than small investors, who may be able to invest only $10,000 in bonds at a time.
Until recently, smaller investors were unable to see how much other investors bought and sold bonds for, meaning that the broker had the potential to seriously scam the small investor. SIFMA, fortunately, has now built a website where individuals can research prices of recent bonds transactions.
Why the hassle is worth it
With all this information, one may wonder: Why bother?
For small start-up investors, or those who have only a small portion of their portfolios set aside for bonds - less than $100,000 - the short answer is - Don't! Stick with a low expense no-load mutual fund - like this one or that one - until you have more funds accumulated to invest in bonds.
For investors who meet the criteria, though, using bonds will create the kind of predictable income stream that no bond fund is able to guarantee.
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Security in the language of business economics is the written (or electronic) evidence of ownership that provides the right to receive property or some other benefit that is currently not in direct possession of the holder. That is a pretty boring way of saying it is a piece of paper that says you own a chunk of a company or at least a chunk of its profits.
The most common forms of security are Stocks and Bonds, the buying and selling of these forms of security are the bread and butter of the stock market exchange. Both stocks and bonds are a type of corporate security. Bonds represent a debt of the corporation while stocks represent ownership or equity interest in the operations of a company.
Bonds Come In All Flavors and Sizes
A bond is a tool used by companies to raise money to invest in their business. The bond signifies the promise of the corporation to pay back the price of the bond with interest paid throughout the life of the bond at preset periods of time.
Bonds are good for investment because they tend to provide a safer return on the investment but still provide relatively high dividends.
Bonds are very flexible which is why they are such an attractive type of investment. They can be registered to a certain person, a group of people or, as it is more common, they are made payable to the bearer. The bondholder, whoever he may be, receives his interest payments by redeeming coupons attached to bond. These characteristics make bonds an excellent form of cash, which gives interest but is generally easily liquidated when needed.
However, companies would struggle if asked to pay all their bonds at once which is why it is common for them to pay them gradually through serial maturity dates or by using a sinking fund that saves a certain percentage of profit in order to pay outstanding bonds. It is smart therefore to make sure what type of policy the company you buy bonds from so there are no surprises when you need to cash in your bonds.
The main type of bond is the Mortgage Bond. This bond represents a claim on a real, specific property. These bonds are of the safer types and ordinarily results in bond owners receiving a priority treatment if financial difficulties occurred. However it seems like the irresponsible selling and dealing in mortgage based investment securities triggered or at least played an important role in the current housing, credit and mortgage crisis. It therefore pays to check what kind of mortgage bonds you buy into.
Another important bond type is the Collateral Trust Bond. The security for collateral trust bonds is an intangible property, often stocks and bonds that the company owns. This type of bond guarantees that if the company can't pay your bond you get a piece of their company. This does not seem to be much help because by then the company is not likely to be worth much.
An interesting type of bond is the Convertible Bond. This hybrid bond adapts to varying circumstances. It can be exchanged for common shares at specified prices that can change over time. This bond is attractive because it can be very effective obtaining funds at a low interest at the beginning of a project when income is low but encourages conversion of bonds (debt) to ownership (stock). It is also a good option for clients that obtain a price protection on their investment without losing the possibility of profit provided by the stock feature. Obviously this is an attractive bond in periods of market uncertainty.
Another type of hybrid bond is the Income Bond. The Income Bond has a fixed maturity but you only get interest paid on it if the company also earns it. Historically these bonds appeared when railroads were "reorganized" which is fancy for gone bankrupt and bought by another corporation. The new owner offered this hybrid type of bond which was good for bond holders because it meant they didn't lose everything and allowed the company to wait until they were making a profit to pay dividends on the bonds.
Linked Bonds are yet another hybrid type of bond where the interest returns are linked to some standard value, like the price of gas, a cost of living index, a foreign currency or a combination of all the above. These bonds were popular in the states during inflationary periods and are not as common today. They are still used in countries where the fear of inflation deters investors from buying fixed income bonds. The idea is that there is little benefit in getting a 10% interest on your investment if the price of bread or the overall cost of living has risen by 30%. Linked bonds are designed to guarantee the return on your investment is real and not just a numbers game.
As you can see there are all kinds of bond securities to invest in. Bonds may be one of the safest and smartest investments for people who don't want the risk of buying and selling stocks but still want the potential for high returns on their investment. The hybrid bonds provide the best balance between security and profit potential. However no portfolio or circumstances are the same so contact a certified agent to find out what product is best for you.
Andrew Latham.
Learn more about Finance, Insurance and Superannuation at.
Read more articles on Language Learning at my Teach Yourself Blog.
IF YOU KNEW WHAT I KNOW...
Would you buy a municipal bond for the subways in New York City that’s rated AA-, or only A?
Would you care what a bond is for as long, as it’s a general obligation backed by the issuer’s full faith, credit, and taxing power?
Would you pay 109 for a bond, a premium of $90 for every $1,000 face value, knowing you’re going to get back only $1,000 at the end??Would it be crazy to buy a 30-year bond at age 80?
Would you read “these bonds are not a debt of the state” as a fair warning, Buyer Beware??Tax free municipal bonds. Would you buy them at all?
STRAIGHT TALK FROM THE MAN WHO PUT MUNIS ON THE MAP FOR THE INDIVIDUAL INVESTOR.
Would telling you the whole story about investing in municipal bonds, and making sure you know the risks involved, kill the sale? “I’ll take my chances,” says Jim (Municipal Bonds Are My Babies) Lebenthal.
For 45 years, Jim Lebenthal wrote and starred in the Lebenthal family’s municipal bond business commercials - information nuggets that educated the public and turned munis into a household word, wherever his face and voice were seen and heard.
Outraged by what Wall Street had done to the financial markets with reckless abandon, and Bernie Madoff with malice aforethought, Jim gives equal time in Lebenthal On Munis…Deciding, "Yes…" or "No!" to the Whys and Why Nots for investing in his "babies."
"Balancing the heady appeal of tax exemption with the payment record of municipal bonds in the Depression and the volatility of resale prices during the inflation tortured '70s and '80s, isn’t optional for a broker," says Lebenthal. "Full Disclosure is the law."
In Lebenthal on Munis, Jim carries out that law, even if Full Disclosure means turning Jim and his babies, thumbs down.
DECIDING, "YES…" OR "NO!"
Price: $14.95
