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% Document Info
\author{irishbear44}
\pdfinfo{
  /Title (bonds.pdf)
  /Creator (Cheatography)
  /Author (irishbear44)
  /Subject (Bonds Cheat Sheet)
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Bonds Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{irishbear44} via \textcolor{DarkBackground}{\uline{cheatography.com/66448/cs/19297/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}irishbear44 \\
  \uline{cheatography.com/irishbear44} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 10th April, 2019.\\
   Updated 31st October, 2022.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

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\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Glossary}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Bond}} & A Debt instrument \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
{\bf{Bond Issuers}} & US Government, US Agencies, Municipalities, Corporations \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
{\bf{Coupon Rate}} & Amount of interest that a bond issuer promises to pay investors \tn 
% Row Count 7 (+ 3)
% Row 3
\SetRowColor{white}
{\bf{Current Yield}} & Bond Coupon divided by bond's coupon by its market price. \tn 
% Row Count 10 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{Discount}} & Market Price is LESS than its Par Value \tn 
% Row Count 12 (+ 2)
% Row 5
\SetRowColor{white}
{\bf{Duration}} & Calculated using the average weighted maturity of all the cash flows associated with the bond; used as a measure of how sensitive a bond's price is to interest rate movement \tn 
% Row Count 19 (+ 7)
% Row 6
\SetRowColor{LightBackground}
{\bf{Maturity Date}} & Date when a bond's life ends and the borrower must make the final interest payment and repay the principal. \tn 
% Row Count 24 (+ 5)
% Row 7
\SetRowColor{white}
{\bf{Par Value}} & Face value of a bond, which the borrower repays at maturity. \tn 
% Row Count 27 (+ 3)
% Row 8
\SetRowColor{LightBackground}
{\bf{Principal}} & Amount of money on which interest is paid \tn 
% Row Count 29 (+ 2)
% Row 9
\SetRowColor{white}
{\bf{Premium}} & Market Price is GREATER than its Par Value \tn 
% Row Count 31 (+ 2)
\end{tabularx}
\par\addvspace{1.3em}

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\begin{tabularx}{5.377cm}{x{1.69218 cm} x{3.28482 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Glossary (cont)}}  \tn
% Row 10
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{\bf{Yield to Maturity}} & 1. Annual rate of return on a bond when it is held to maturity, assuming that all coupon receipts are reinvested at the Yield to Mat. 2. Discount factor that makes Present Value of Interest Payments equal to the current bond price. \tn 
% Row Count 9 (+ 9)
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Treasurer's Primary Activities}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{Manage Securities Portfolio} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Manage Liquidity and Interest Rate Risk} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{1}{x{5.377cm}}{Obtain Wholesale Funding} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Maintain Adequate Collateral} \tn 
% Row Count 4 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Security Type}}  \tn
% Row 0
\SetRowColor{LightBackground}
\{\{noshy\}\}{\bf{U.S. Treasury Bills/Notes/Bonds}} & Lowest credit risk/lowest yield of all securities. Only acceptable form of pledging collateral \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
{\bf{Agency Bonds}} & Issued by Federal Government Agencies\{\{nl\}\}  Implicit U.S. Guarantees\{\{nl\}\} FNMA: slightly lower credit rating and slightly higher yield than Treasuries \{\{nl\}\}GNMA: Mortgage Backed Securities ("MBS") \{\{nl\}\}Higher yield due to prepayment risk \{\{nl\}\}Qualify as "mortgage related asset" for FHLB advance eligibility \tn 
% Row Count 21 (+ 16)
% Row 2
\SetRowColor{LightBackground}
{\bf{Municipal Bonds ("Munis")}} & Bonds issued by State and Local Governments Varying degrees of credit risk Tax Free interest Tax Equivalent Yield = Yield / (1-Tax Rate) When available, Purchases limited to 10\% of Par Value Outstanding \tn 
% Row Count 32 (+ 11)
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Security Type (cont)}}  \tn
% Row 3
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{\bf{Asset Backed Securities (ABS)}} & Securitized loans pools Credit Card Car Loan  Outstanding bonds of various terms and credit ratings Fixed rate Variable rate LIBOR Fed Funds \tn 
% Row Count 7 (+ 7)
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Wholesale Funding}}  \tn
% Row 0
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Jumbo CDs & (Fixed or Variable) \tn 
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% Row 1
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FLHLB Borrowings & (Fixed or Variable) \tn 
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Other Borrowed Funds & •	Public Deposits (Demand, Time Deposits) \tn 
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 & •	Non Customer Time Deposits \tn 
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Why Buy/Sell Securities?}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{Manage the Bank's Liquidity position} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{1}{x{5.377cm}}{Improve the Portfolio Yield} \tn 
% Row Count 2 (+ 1)
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\mymulticolumn{1}{x{5.377cm}}{Realize Capital Gains or avoid future Losses} \tn 
% Row Count 3 (+ 1)
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\mymulticolumn{1}{x{5.377cm}}{Manage Collateral supply} \tn 
% Row Count 4 (+ 1)
% Row 4
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\mymulticolumn{1}{x{5.377cm}}{Mitigate Credit and Prepayment Risk} \tn 
% Row Count 5 (+ 1)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{Adjust the Bank's Interest Rate Risk} \tn 
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Purchase/Sale Decision Factors}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{Yield Curve Changes} \tn 
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\mymulticolumn{1}{x{5.377cm}}{Interest  Rates/Economic Cycle} \tn 
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\mymulticolumn{1}{x{5.377cm}}{Balance Sheet Structure} \tn 
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\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Duration}}  \tn
% Row 0
\SetRowColor{LightBackground}
Duration is impacted by Coupon and Maturity & All things considered equal, a Bond will have a higher Duration the:\{\{nl\}\}\{\{fa-caret-right\}\}{\emph{Smaller the Coupon}}\{\{nl\}\}\{\{fa-caret-right\}\}{\emph{Longer the Maturity}} \tn 
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Duration of a Floating Rate Instrument & Equal to the Rate Adjustment period \tn 
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A higher Duration portfolio will have greater volatility & Rising rates will result in lower market value and unrealized losses \tn 
% Row Count 14 (+ 4)
% Row 3
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\mymulticolumn{2}{x{5.377cm}}{You can rapidly change the Bank's Asset Duration by selling high Duration bonds and replacing them with low Duration bonds (and vice versa)} \tn 
% Row Count 17 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Bond Price See Saw}}  \tn
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\mymulticolumn{1}{p{5.377cm}}{\vspace{1px}\centerline{\includegraphics[width=5.1cm]{/web/www.cheatography.com/public/uploads/irishbear44_1554908426_Picture1.png}}} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}


% That's all folks
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