PIBS (permanent interest bearing shares): related pages

A bond is a security that pays interest. The majority of bonds have a fixed life at the end of which the principal is returned.

A hybrid security or hybrid instrument is a security that has characteristics of both debt and equity.

Shares that pay fixed dividends: payment of both dividends and capital takes priority over that of ordinary shares.

Debt that takes a lower priority than other debt if the event of the issuer's liquidation.

The duration is a measure of the average time it takes a bondholder to get their money (both principal and interest).

Modified duration is a measure of the sensitivity of a bond price to interest rates.

The IRR a buyer would receive by purchasing a bond at the current market price.