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Bonds and other debt instruments

Page history last edited by Ian Hunter 10 years, 4 months ago Saved with comment

 

Requests for information about bonds are usually for the bond prespectus, often known as an offering memorandum (OM) in the US, or offer document.

 

Types of bond:

  • corporate bonds - issued by a company
  • government bonds ('gilts' or 'treasury bonds')
  • Yankee bonds - a US dollar denominated bond in the US issued by a non-US issuer. Prospectuses are usually private and not available on the commercial databases or stock exchanges. Can often be identifued by Googling (advisors and issuers will usually announce the Yankee bond in a press release) or a news search, but the prospectuses are not in the public domain and only available from the parties.

 

Other debt instruments: 

  • EMTNs
  • FRNs
  • Pfandbriefe
  • warrants
  • ... 

 

Sources:

Bond prospectuses which are are public offers are usually available from the issuer's website and relevant stock exhange website  (registration may be required). If not they should be on the commercial databses:

  • PI Navigator
  • Factset Global Filings
  • SEC
  • DebtXplained

 

Private placements are usually only available from the parties but check the commercial databases anyway if you have access.

 

N.B. Identifiers: bonds and stocks usually have one or more identifier codes, issued by various clearing houses or other agencies. The purpose of these identifiers is to prevent confusion when discussing a particular security, particularly a bond. While a company will usually only have one class of stock, it can have many different bond issues. The identfiier is usually an alpha-numeric code (e.g. US23636TAA88) There is a list of various security identifiers along with information about their structure and issuers on this site: http://www.corporateinformation.com/Company-Extensions-Security-Identifiers.aspx

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