TAILIEUCHUNG - Guide to Fixed Income Securities 2010

At this point, it is worth mentioning that the paper is solely concerned with the structure of risk in the stock market, not with the structure of expected returns. Multi-factor models of the covariance matrix can still be very useful if economic arguments tie them up to the cross-section of expected returns, as in the Arbitrage Pricing Theory of Ross (1976). Any discussion of the relationship between risk factors and expected returns is outside the scope of the paper. There should be no ambiguity over whether we define “factors” in terms of the mean vector or of the covariance matrix of stock returns: it is always. | Guide to Fixed Income Securities 2010 Portfolio Advisory Group Scotia McLeod8 Portfolio Advisory Group Table of Contents What are Fixed Income Securities 2 Why Invest in Fixed Income Securities 2 Income Safety Liquidity Balance Choice The Many Forms of Fixed Income Investments 3 Interest-Bearing Securities Discount Notes Mutual Funds Rewards Risks of Fixe d Income Investing 4 Income Safety Capital Gains and Liquidity Tax Considerations Fixed Income Securities - A Buyer s Guide 7 Bond Types and Features Term to Maturity How Bonds are Priced The Importance of Yield Government Corporate and Foreign Currency Bonds Fixed Income Securities - Product Descriptions 10 GICs Treasury Bills Banker s Acceptances Commercial Paper Savings Bonds Preferred Shares Stripped Coupon Bonds Mortgage-Backed Securities Structured Notes Fixed Income Mutual Funds Appendices I. The Importance of Credit Ratings 12 II. Checklist for Choosing The Right Fixed Income Securities 14 III. Fixed Income Product Table 15 ScotiaMcLeod Portfolio Advisory Group What are Fixed Income Securities The two best-known asset classes are equity and fixed income securities. When you buy equities you are essentially buying part ownership of a company. You therefore participate in both its profits and losses measured by any dividend income you receive plus capital gains or losses from the ups and downs of the stock market. In contrast a traditional fixed income security is essentially an IOU - an obligation stating that the borrower known as the issuer will repay the borrowed money on a certain date called the date of maturity. In addition as the name suggests many fixed income securities pay regular interest or income to investors at a fixed interest rate known as the coupon rate. Just like stocks most debt investments trade in the marketplace and may fluctuate in price. Therefore you may record a capital gain or loss if you sell them prior to maturity. However fixed income investments are generally considered safer

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