Coupon change type

Coupon change type is the method by which the coupon rate on a bond can change over time.

Combination

A combination coupon change type indicates that the bond has a combination of different coupon structures or features that may change over time. This type may involve a mix of fixed, floating or stepped coupon rates within the bond's terms.

Combo - Fixed/Floating

This coupon change type signifies that the bond has a combination of fixed and floating coupon rates. The coupon payments may switch between a fixed rate and a floating rate at specified intervals.

Combo - Floating/Fixed

In this case, the bond features a combination of floating and fixed coupon rates. The coupon payments may transition from a floating rate to a fixed rate or vice versa based on predetermined conditions.

Combo - Floating/Stepped

This coupon change type involves a combination of floating and stepped coupon rates. The coupon payments may change from a floating rate to a stepped rate, where the rate increases or decreases in predetermined steps.

Combo - Stepped/Floating

Similar to the previous type, this indicates a combination of stepped and floating coupon rates. The coupon payments may shift from a stepped rate to a floating rate over the bond's term.

Deferred interest

Bonds with deferred interest have coupon payments that are postponed or accumulated and paid at a later date. This type allows for the deferral of interest payments to a future period.

Fixed listing

Fixed listing refers to a bond with a fixed coupon rate that remains constant throughout the bond's term. The coupon rate does not change over time.

Fixed payment

Bonds with a fixed payment coupon change type have a predetermined fixed coupon rate that remains unchanged over the bond's life.

Floating rate

Bonds with a floating rate coupon change type have interest payments that adjust periodically based on a specified benchmark or index, such as LIBOR or the Treasury yield.

Non-Interest-Bearing

Non-interest-bearing bonds do not make regular interest payments. Instead, they are issued at a discount to face value and pay the full face value at maturity without periodic interest payments.

Overlap

Overlap indicates that there is an overlap or transition period between different coupon structures or rates within the bond's terms.

Step-Up/Down

Step-up/down bonds have coupon rates that increase or decrease at specified intervals over the bond's life.

Variable

Variable coupon change type indicates that the bond's coupon rate can vary based on specific criteria or market conditions.

Zero

Zero-coupon bonds do not make regular interest payments but are issued at a discount to face value and pay the full face value at maturity without periodic interest payments.

Other

This category may include unique or specialized coupon change structures that do not fit into the standard categories.