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Column Name
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Description
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Bid Yield
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The yield-to-worst. This is the lower of yield to maturity and yields to all calls. The yield is only shown if it is offered on the exchange.
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Ask Yield
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The yield-to-worst. This is the lower of yield to maturity and yields to all calls. The yield is only shown if it is offered on the exchange.
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Last Yield
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The yield-to-worst. This is the lower of yield to maturity and yields to all calls. The yield is only shown if it is offered on the exchange.
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Bond Attributes
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Bond attributes of last sale price which may include:
Non-standard settlement date (normal settlement for bonds is T + 3), including
C - cash trade
ND - next day trade
S# - seller's option
Other Attributes
W - weighted average trade
A - afterhours trade
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10 yr Hedge
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The equivalent number of 10-year US Treasury bonds that would hedge one of the given bonds. It is the DVO1 of the given bond divided by the DV01 of the 10-year US Treasury bond.
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Convexity
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Duration is a reasonably good estimate of bond price movements upon small interest rate moves. However, it assumes that bond price moves linearly with interest rates, which is not true especially for larger rate moves. Convexity corrects duration for this non-linearity as follows:
= ½ x Convexity x (Rate Move in decimals ^ 2) * 100
In Example 1, if the convexity is 8, the correction to duration would be:
= ½ x 8 x (0.0050 ^ 2) * 100 = 0.01%
Hence, the bond price would be expected to increase by:
= 2.5% + 0.01% = 2.51%
or:
= 2.51% x 105 = 2.6355
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Duration (%)
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Duration is a measure of bond price sensitivity to interest rate movements. It is defined as the percentage decrease (or increase) in the bond price in response to a 100 basis point upward (or downward) move in interest rates.
Example 1:
When the interest rates in the market fall by 50 basis points, a bond trading at 105 with a duration of 5 would be expected to appreciate by roughly:
5 x 50 / 100 = 2.5%.
Note that for ordinary bonds,the price moves opposite to the interest rate. If the rates had increased by 50 basis points, the bond price would have declined by 2.5%.
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Value of BPs
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The dollar value decrease in the price of a bond due to a 1 basis point, upward parallel shift in the yield curve. Commonly referred to as DV01. It is the duration times the bond price divided by 100.
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Amount Outstanding
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The amount of the bond outstanding as of the corporations’s latest available balance sheet.
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Bond Short Name
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Shows the actual text name of the bond for easier identification.
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CUSIP
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The cusip identifier.
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Coupon
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The interest rate used to calculate the amount you will receive annually, payable based on the Payment Frequency.
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Current Ask Yield
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The yield of the bond if it is purchased at the current offer.
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Current Bid Yield
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The yield of the bond if it is purchased at the current bid.
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Exchange Listed
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Indicates whether or not the bond is listed.
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Payment Frequency
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The bond payment frequency.
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Ratings
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The rating issued for the bond.
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