[  This is a personal non-profit online research library and is solely used by Scott Bryan Hill.  Some of the links on this page lead to outside resources and the presence of these links should not be taken as an endorsement.  ]

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Fixed-Income Sites

Fixed Income Articles.

Bond Talk:  Bond Talk is the leading provider of independent and actionable information, analysis, and insights on the bond market and the economy, and features the research of Anthony J. Crescenzi, Chief Economist and Bond Market Strategist.

Fixed Income Clearing Corporation (FICC): The FICC, which began operations on January 1, 2003, is DTCC’s newest clearing corporation. FICC was formed by the merger of the Government Securities Clearing Corporation (GSCC) and the MBS Clearing Corporation (MBSCC) in order to bring greater synergies, cost reductions and efficiencies to the post-trade processing of fixed income instruments.

Incapital:  Incapital LLC is a U.S. securities and investment banking firm focused on the underwriting and distribution of fixed income and structured products.  Bond School (Incapital)

Investing in Bonds: The Bond Market Association, represents securities firms and banks that underwrite, trade and sell debt securities, both domestically and internationally. These debt securities include: Municipal bonds; U.S. Treasury securities; Federal Agency securities; Mortgage and other asset-backed securities, Corporate Debt securities; Money Market instruments; and Repos.  Tax-Free vs. Taxable Yield Comparison Calculator

NASD Bond Info: This website has been designed to assist you, the bond investor, in obtaining valuable market information about corporate bonds. This site will give you an opportunity to review basic descriptive information on many corporate bonds, as well as individual and summary transaction data gathered by the National Association of Securities Dealers, Inc. (NASD).

Securities Industry and Financial Markets Association:  The Securities Industry and Financial Markets Association (SIFMA) represents the industry which powers the global economy.  Born of the merger between The Securities Industry Association and The Bond Market Association, SIFMA is the single powerful voice for strengthening markets and supporting investors -- the world over.

Yahoo Bond Center:  Yahoo's Fixed-Income Site.

United States Public Debt Sites

	U.S. Savings Bond Calculator
	I Bond Interest Rates
	For I Bond Investors
	Savings Bond Calculator:  (EE, E, I, SN) U.S. Treasury Site.
	Treasury Direct
	U.S. Savings Bonds Online

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( Symbol Guide )

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Bond Basics (An Investor's Guide): This informative brochure includes answers to basic questions such as "What are bonds?", "Why invest in bonds?", and key bond investment considerations.

Bond Market Touches the Life of Every American: This brochure, the Bond Market Association explores the role of the bond market in the U.S. and contrasts it with the stock market.

Bond-Fund Yield Quotations Can Yield a Bit of Confusion:  Karen Damato, The Wall Street Journal, May 16, 2003.  "Tempted by an attractive yield on a bond fund? Better be sure you know which yield you're looking at.  Some fund sellers quote a type of figure for a fund's income return that can be a full percentage point or more higher than the standardized yield calculations mandated by the Securities and Exchange Commission."  (Fixed-Income | Yields)

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Corporate Bonds (An Investor's Guide)

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If Rates Rise, Bond 'Shorts' Are Set to Cash In, Mark Whitehouse, The Wall Street Journal, October 10, 2005.  “For bond investors who think long-term interest rates will rise soon, some mutual funds offer a solution: Go short.  These funds are positioned to make a profit from rising rates and falling prices on existing bonds. That scenario is bad news for most bond funds, which own bonds outright, but not for funds that use a short strategy, which involves making bets that do well when bond prices don't."  (Fixed-Income (Short Bonds))

Inflation Primer, Pimco, July, 2003.  “Understanding inflation is crucial to investing because inflation can reduce the value of investment returns. Inflation affects all aspects of the economy, from consumer spending, business investment and employment rates, to government programs, tax policies, and interest rates."  (Fixed-Income | Inflation | Macroeconomics | Money Management)

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Mortgage Securities (An Investor's Guide)

Municipal Bonds (An Investor's Guide)

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Putting Sticker Prices on Corporate Bonds, Floyd Norris, The New York Times, June 27, 2003.  "As retail investors have turned to bonds, however, they have noticed that the bond market is nothing like the stock market when it comes to price transparency. You want to buy General Motors stock? Any broker can tell you the current quote, and yesterday afternoon the bid and asked prices were just 1 cent apart.  But the bond market is a dealer market, one in which just finding out where a bond is trading can be difficult. Yesterday, reports Tom Burnett, the research director for Wall Street Access, a brokerage firm, one dealer was offering a G.M. bond maturing in 2028 at 86.75 cents per dollar of face value, while another was asking 90 cents. The range can be much greater for junk bonds. A Charter Communications issue this week was offered by one dealer at 52.75 cents, and by another at 69.5 cents."  (Financial Firms | Corporate Governance | Fixed-Income Mis-pricings)

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Real Bottom Line for Investors In Bond Funds Is Total Return:  Karen Damato. The Wall Street Journal, May 10, 2002.  "One reason may be the differences between holding bond funds and individual bonds. With an individual bond, the investor can expect to collect a fixed interest rate until maturity and then receive the face value, giving the yield some utility in estimating total return to maturity. By contrast, because bond funds have no maturity date and their portfolios are constantly changing, today's yield figure provides less indication of future return that shareholders will receive."

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Series I Bonds:  United States Treasury Department (Inflation Indexed Bonds)

Soul Singer James Brown Seeks Loan to Pay Off Bonds, Bloomberg Online, July 28, 2006.  "James Brown, the singer known as the ``Godfather of Soul,'' wants to buy back from investors $20 million of bonds secured by royalties from his 50-year music career."    (Financial Firms (Credit))  Seminar

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Tips and Taxes:  Uncle Sam's Take On "Unreceived" Interest, Joseph F. Gelband, Barron's, April 7, 2003.  "One of the most disturbing (and confusing) moments you may experience as an investor at tax time is coming across a 1099-INT notice from your broker that indicates an original-issue discount, or "OID" -- something you never received but are nonetheless supposed to report as interest income."  (OID | Taxes | TIPS)

Tips As An Asset Class:  Peng Chen and Matt Terrien, Ibbotson Associates, November 1999.  “When designing investment portfolios within a long-term strategic asset allocation context, the authors maintain that TIPS (Treasury Inflation-Protection Securities) should be evaluated as a separate, distinct asset class. These securities possess unique characteristics that are not directly available through other investment vehicles. Their most significant benefit lies in the fact that they provide a direct hedge against one specific measure of inflation (i.e., the non-seasonally adjusted Consumer Price Index for all urban consumers, CPI-U), which allows investors to maintain real purchasing power and hedge against future nominal increases in the overall domestic price level. In addition to their obvious appeal to investors guarding against increases in inflation, TIPS may also appeal to a broader audience by virtue of their relatively low correlation with other traditional asset classes. The authors demonstrate that TIPS offer potentially significant diversification benefits, establishing them as a viable asset class to be considered when constructing a long-term asset allocation policy.”   (TIPS)

Treasury Inflation-Indexed Securities (An Investor's Guide)

Treasury Inflation-Indexed Debt: A Review of the U.S. Experience:  Brian Sack (Division of Monetary Affairs: Board of Governors of the Federal Reserve System) and Robert Elsasser (Markets Group: Federal Reserve Bank of New York), June 4, 2002.  "This paper reviews the U.S. experience with inflation-indexed debt.  To date, Treasury inflation-indexed securities have not been highly valued by investors, with the spread between the yields on nominal and inflation-indexed securities falling consistently below most measures of long-run inflation expectations."

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Yield Curve Primer, Pimco, July, 2003.  “The yield curve, a graph that depicts the relationship between bond yields and maturities, is an important tool in fixed-income investing. Investors use the yield curve as a reference point for forecasting interest rates, pricing bonds and creating strategies for boosting total returns. The yield curve has also become a reliable leading indicator of economic activity."  (Fixed-Income | Inflation | Macroeconomics | Money Management)

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