> For the complete documentation index, see [llms.txt](https://docs.satoshiterminal.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.satoshiterminal.io/research-suite/data-coverage/global-securities/bonds.md).

# Bonds

**Government Securities**

* **Treasury Securities**
  * Treasury Bills
    * Ultra-Short Maturities (4-week, 8-week, 13-week, 26-week, 52-week)
    * Discount-Based Pricing; Redeemed at Par
  * Treasury Notes
    * Intermediate Maturities (2-year, 3-year, 5-year, 7-year, 10-year)
    * Fixed-Rate Semi-Annual Coupons
  * Treasury Bonds
    * Long Maturities (20-year, 30-year)
    * Fixed-Rate Semi-Annual Coupons
  * Treasury Inflation-Protected Securities (TIPS)
    * Principal Linked to Inflation (CPI-U)
    * Fixed Real Yields
  * STRIPS (Separate Trading of Registered Interest and Principal of Securities)
    * Zero-Coupon Principal Strips
    * Zero-Coupon Interest Strips
* **Agency Bonds**
  * Government-Sponsored Enterprises (GSEs)
    * Fannie Mae (Federal National Mortgage Association - FNMA)
    * Freddie Mac (Federal Home Loan Mortgage Corporation - FHLMC)
    * Federal Farm Credit Banks (FFCB)
  * Federally Related Institutions
    * Ginnie Mae (Government National Mortgage Association - GNMA)
    * Federal Home Loan Banks (FHLB)
    * Tennessee Valley Authority (TVA)
* **Savings Bonds**
  * Series EE Bonds (Nonmarketable, Interest Accrual)
  * Series I Bonds (Inflation-Linked, Nonmarketable)
* **Sovereign Bonds (Non-US)**
  * Developed Market Sovereigns
    * Gilts (UK), JGBs (Japan), Bunds (Germany)
    * High Credit Quality and Liquidity
  * Emerging Market Sovereigns
    * Local Currency Bonds
    * Hard Currency Bonds (USD, EUR-Denominated)
* **Municipal Bonds**
  * General Obligation Bonds (GO Bonds)
    * Unlimited Tax GO Bonds
    * Limited Tax GO Bonds
  * Revenue Bonds
    * Utility Revenue Bonds (Water, Sewer, Electric)
    * Transportation Revenue Bonds (Toll Roads, Airports, Subways)
    * Health Care Revenue Bonds (Hospitals, Clinics)
    * Education Revenue Bonds (Universities, Charter Schools)
  * Conduit Bonds
    * Private Activity Bonds (Hospitals, Universities, Stadiums)
  * Municipal Notes
    * Tax Anticipation Notes (TANs)
    * Revenue Anticipation Notes (RANs)
    * Bond Anticipation Notes (BANs)

***

**Corporate Bonds**

* **Investment-Grade Bonds**
  * Rated AAA to BBB (S\&P/Fitch) or Aaa to Baa (Moody’s)
  * Issued by Corporations in Various Sectors
    * Industrials (Manufacturing, Technology)
    * Utilities (Electricity, Gas, Water)
    * Financials (Banks, Insurance Companies)
* **High-Yield (Junk) Bonds**
  * Rated Below BBB/Baa
  * Higher Yields to Compensate for Higher Default Risk
  * Fallen Angels (Downgraded from Investment Grade)
  * Distressed Debt (Trading at Deep Discounts, Near Default)
* **Convertible Bonds**
  * Mandatory Convertible Bonds (Convert at a Set Date)
  * Optional Convertible Bonds (Investor Choice to Convert)
  * Contingent Convertibles (CoCos - Trigger-Based Conversion)
* **Callable Bonds**
  * American-Style Callable Bonds (Callable Anytime After Call Date)
  * European-Style Callable Bonds (Callable Only on Specific Dates)
  * Bermudan-Style Callable Bonds (Callable on Predefined Dates)
* **Putable Bonds**
  * Fixed Put Dates
  * Continuous Put Provisions
* **Floating-Rate Notes (FRNs)**
  * LIBOR-Linked FRNs
  * SOFR-Linked FRNs
  * EURIBOR-Linked FRNs
  * Capped FRNs
* **Medium-Term Notes (MTNs)**
  * Fixed-Rate MTNs
  * Floating-Rate MTNs
  * Structured MTNs
    * Equity-Linked MTNs
    * Commodity-Linked MTNs
* **Perpetual Bonds**
  * No Fixed Maturity Date
  * Typically Callable by Issuer
* **Zero-Coupon Bonds**
  * Issued at a Deep Discount
  * No Periodic Interest Payments
* **Payment-in-Kind (PIK) Bonds**
  * Allows Issuer to Pay Interest in Additional Bonds
* **Step-Up and Step-Down Bonds**
  * Step-Up Bonds (Interest Increases Over Time or on Trigger)
  * Step-Down Bonds (Interest Decreases Over Time or on Trigger)

***

**Mortgage-Backed Securities (MBS)**

* **Residential Mortgage-Backed Securities (RMBS)**
  * Agency RMBS
    * Pass-Through Securities (FNMA, GNMA, FHLMC)
    * Pool-Specific MBS
  * Non-Agency RMBS (Private Label)
    * Prime RMBS (High-Quality Borrowers)
    * Subprime RMBS (Low-Quality Borrowers)
    * Alt-A RMBS (Intermediate Credit Quality)
* **Commercial Mortgage-Backed Securities (CMBS)**
  * Single Borrower CMBS
  * Multi-Borrower CMBS
  * Backed by Properties Such as:
    * Office Buildings
    * Retail Centers
    * Hotels
    * Multifamily Apartments
* **Collateralized Mortgage Obligations (CMOs)**
  * Sequential-Pay Tranches
  * Planned Amortization Class (PAC) Tranches
  * Target Amortization Class (TAC) Tranches
  * Support Tranches (Companion Tranches)
  * Interest-Only (IO) Strips
  * Principal-Only (PO) Strips

***

**Asset-Backed Securities (ABS)**

* **Consumer Loan ABS**
  * Credit Card Receivables ABS
    * Master Trust Structures
    * Single-Series Structures
  * Auto Loan ABS
    * Prime Auto Loans
    * Subprime Auto Loans
  * Student Loan ABS
    * Federal Student Loans
    * Private Student Loans
* **Business Loan ABS**
  * Equipment Lease ABS
    * Operating Leases
    * Finance Leases
  * Small Business Loan ABS
    * SBA-Guaranteed Loans
* **Future Flow ABS**
  * Diversified Payment Rights (DPR)
  * Export Receivables ABS
  * Intellectual Property (IP)-Backed ABS (e.g., Music Royalties, Film Rights)

***

**Structured Credit**

* **Collateralized Debt Obligations (CDOs)**
  * Cash Flow CDOs
    * Arbitrage CDOs
    * Balance Sheet CDOs
  * Synthetic CDOs
    * Single-Name CDS-Linked CDOs
    * Index CDS-Linked CDOs
* **Collateralized Loan Obligations (CLOs)**
  * Leveraged Loan CLOs
  * Senior, Mezzanine, Equity Tranches
* **Collateralized Bond Obligations (CBOs)**
  * High-Yield Corporate Bond CBOs
  * Investment-Grade Corporate Bond CBOs

***

**Specialty Bonds**

* **Green Bonds**
  * Renewable Energy Projects
  * Energy Efficiency Projects
* **Social Bonds**
  * Affordable Housing Bonds
  * Healthcare Development Bonds
* **Sustainability-Linked Bonds**
  * KPI-Driven Performance Adjustments
* **Islamic Bonds (Sukuk)**
  * Ijara Sukuk (Lease-Based)
  * Mudarabah Sukuk (Profit-Sharing)
  * Hybrid Sukuk
* **Catastrophe Bonds (Cat Bonds)**
  * Linked to Natural Disaster Risks
  * Linked to Pandemic Risks

***

**Global Bonds**

* **Sovereign Bonds**
  * Developed Market Bonds (Gilts, Bunds, JGBs)
  * Emerging Market Bonds (Local or Hard Currency)
* **Eurobonds**
  * Eurodollar Bonds
  * Euroyen Bonds
* **Supranational Bonds**
  * Issued by Organizations Like:
    * World Bank
    * IMF
    * European Investment Bank (EIB)

***

**Structured Notes**

* **Equity-Linked Notes**
* **Commodity-Linked Notes**
* **Credit-Linked Notes (CLNs)**

***

**Regulatory Capital Instruments**

* **Tier 1 Capital Bonds (CoCos)**
* **Tier 2 Capital Bonds**