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Interest-rate exposure, bonds, yield measures, benchmark rates, currency funding and credit-market instruments.
Manipulation damaged LIBOR’s credibility. The shrinking market behind it made replacement unavoidable, setting off a years-long effort to move loans and derivatives to new reference rates.
Low yields in 2020 left long Treasury bonds exposed when inflation and interest rates rose. Their payment promises survived, but resale prices fell sharply and the later rebound was incomplete.
Convertible bonds trade a cash-interest bill for a possible claim on future shares. TeraWulf’s 2025 financing shows why conversion rights, cash settlement and dilution depend on the contract.
An issuer can repay some bonds before maturity. Call dates, make-whole formulas and the investor’s purchase price determine whether that early repayment preserves value or cuts short an attractive coupon.
A forward can lock the dollar cost of a euro payment. Interest-rate differences, the cross-currency basis and settlement terms explain its price, while mismatched amounts or dates can leave substantial risks behind.
Cards, fixed loans, mortgages and deposits respond on different timetables. The same rate move can change a borrower’s bill, a saver’s return and a bank’s funding cost by different amounts.
A water authority’s bond documents show why a public name is not enough to identify who pays. The legal pledge, operating cash flow and debt-service covenant do different jobs.
A long-term Treasury yield can rise even when expected short rates fall. Models separate those forces, but their assumptions can produce different answers from the same market price.
TIPS increase principal with their specified inflation index, yet their resale prices can fall when real yields rise. Cash-flow calculations, the maturity floor and inflation breakevens describe different parts of the same security.
A seven-year auction record separates coupon, yield and price. Following the bids explains how Treasury makes awards and why bid coverage or a bidder label cannot tell the whole story.
A credit default swap can move credit risk without moving the underlying bond. The payments depend on a defined credit event, a settlement price and the ability to meet the contract.
STRIPS turn Treasury coupons and principal into separate securities. A fixed future payment can be easy to understand while its market price moves sharply before the money arrives.
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