A bearer instrument, or bearer bond, is a type of fixed-income security where no ownership information is recorded and the security is issued in physical form to the purchaser. The holder is presumed to be the owner, and whoever is in possession of the physical bond is entitled to the coupon payments. To receive coupon payments, the bondholder must clip the coupons attached to the bond and submit them for payment. This contrasts with book-entry, where ownership information is noted in a computer database and there are no physical bond certificates. |||It has not been legal to issue bearer bonds in the U.S. municipal or corporate markets since 1982. The only bearer bonds available in the secondary market are long-dated maturities issued before this date, which are becoming increasingly scarce.
A public auction for Treasury bills that is held weekly by the U.S. Treasury. Currently there are 17 authorized primary dealers that are required to bid directly upon each issue. This is the manner in which all U.S. Treasury bills are issued. |||The winning bid on each issue will determine the interest rate that is paid on that issue. once an issue is purchased, the dealers are allowed to hold, sell or trade the bills. The demand for bills at auction is determined by market and economic conditions.
An announcement published by the U.S. Treasury regarding the next bill auction. This announcement outlines the terms of the bill auction. Bill announcements must contain the date and time of the auction, as well as the amount of bills to be tendered. |||Bill announcements must also post the settlement date of the bills, as well as the date of their maturity, CUSIP number and the minimum bid amount, in millions. Bill Announcements are published weekly, corresponding with the next auction. The terms outlined in each announcement provide an indication of the demand for Treasury bills.
A debt secured by a bidder for a construction job or similar type of bid-based selection process for the purpose of providing a guarantee to the project owner that the bidder will take on the job if selected. The existence of a bid bond provides the owner with assurance that the bidder has the financial means to accept the job for the price quoted in the bid. |||Bid bonds help the selection process of a job contract run smoothly. Without them, project owners would have little in the way of assurance that the bidder they select for a job would be able to properly complete the job without running into cash flow problems along the way. By providing bid bonds for their respective bids, each bidder for the project is able to provide sufficient assurance to the owner that the project is within its means.
A theory that the future value of interest rates is equal to the summation of market expectations. Proponents of the biased expectation theory argue that the shape of the yield curve is created by ignoring systematic factors and that the term structure of interest rates is solely derived by the market's current expectations. |||Two common biased expectation theories are the liquidity preference theory and the preferred habitat theory. The liquidity preference theory suggests that long-term bonds contain a risk premium and the preferred habitat theory suggests that the supply and demand for different maturity securities are not uniform and therefore there is a difference risk premium for each security.
A broker who executes over-the-counter bond trades between institutional investors (bond traders). Bond brokers act as an intermediary between institutional investors to keep the identities of the other parties anonymous. Brokers communicate with traders on telephone and over the internet to obtain quotes from both parties. |||Though bond brokers play a key role in maintaining the anonymity of buyers and sellers in the bond market, as computer systems advance, some of these duties will become obsolete. As for now, human interaction still plays an important role. Bond brokers make money off the spread at which they exchange bonds between traders, and take little risk in the process, since brokers do not hold long or short positions in bonds.
A lawyer who represents the bondholders' interests during a bond offering and who prepares the legal opinion attesting that the issue is legal, valid and binding. |||For example, during a municipal bond offering a bond attorney will make sure that the interest on the bonds is exempt from federal taxation.
A short-term interest-bearing security issued in the anticipation of larger future bond issues. |||Bond anticipation notes are smaller short-term bonds issued by governments and corporations. Knowing that the proceeds of the larger future issue will cover the anticipation notes, the issuing bodies use the notes as short-term financing.
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