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Savings bonds are offered only to individuals. Two types have been offered. Series E bonds are essentially
discount bonds; they pay no interest until they are redeemed. Series H bonds pay interest semi-annually. Both
types are registered. Unlike marketable government bonds, which have fixed interest rates, rates received by
savings bond holders are frequently revised when market rates change.
Corporate bonds promise specified payments at specified dates. In general, the interest received by the
bondholder is taxed as ordinary income. An issue of corporate bonds is generally covered by a trust indenture,
which promises a trustee (typically a bank or trust company) that it will comply with the indenture's provisions
(or covenants). These include a promise of payment of principal and interest at stated dates, and other provi-
sions such as limitations of the firm's right to sell pledged property, limitations on future financing activities,
and limitations on dividend payments.
Potential lenders forecast the likelihood of default on a bond and require higher promised interest rates for
higher forecasted default rates. One way that corporate borrowers can influence the forecasted default rate is to
agree to restrictive provisions or covenants that limit the firm's future financing, dividend, and investment ac-
tivities – making it more certain that cash will be available to pay interest and principal. With a lower antici-
pated probability of default, buyers are willing to offer higher prices for the bonds. Corporate officers must
weigh the costs of the reduced flexibility from including the covenants against the benefits of lower interest
rates.
Describing all the types of corporate bonds that have been issued would be difficult. Sometimes different
names are employed to describe the same type of bond and, infrequently, the same name will be applied to two
quite different bonds. Standard types include the following.
• Mortgage bonds are secured by the pledge of specific property. If default occurs, the bondholders are
entitled to sell the pledged property to satisfy their claims. If the sale procedures are insufficient to cover their
claims, they have an unsecured claim on the corporation's other assets.
• Debentures are unsecured general obligations of the issuing corporation. The indenture will regularly
limit issuance of additional secured and unsecured debt.
• Collateral trust bonds are backed by other securities (typically held by a trustee). Such bonds are fre-
quently issued by a parent corporation pledging securities owned by a subsidiary.
• Equipment obligations (or equipment trust certificates) are backed by specific pieces of equipment (for
example, railroad rolling stock or aircraft).
• Subordinated debentures have a lower priority in bankruptcy than unsubordinated debentures; junior
claims are generally paid only after senior claims have been satisfied.
• Convertible bonds give the owner the option either to be repaid in cash or to exchange the bonds for a
specified number of shares in the corporation.
Corporate bonds have differing degrees of risk. Bond rating agencies (for example, Moody's) provide an
indication of the relative default risk of bonds with ratings that range from "A" (the best quality) to "C" (the
lowest). Bonds rated "B" and above are typically referred to as "investment grade". Below-investment-grade
bonds are sometimes referred to as "junk bonds". Junk bonds can carry promised yields that are 3 to 6 per cent
(300 to 600 basis points) higher than "A" bonds.
Historically, interest paid on bonds issued by state and local governments has been exempt from federal in-
come taxes. Because investors are usually interested in returns net of tax, municipal bonds have therefore gen-
erally promised lower interest rates than other government bonds that have similar risk but that lack this attrac-
tive tax treatment. In 1991 the percentage difference between the yield on long-term U.S. government bonds
and the yield on long-term municipals was about 15 per cent. Thus, if an individual's marginal tax rate is higher
than 15 per cent, after-tax return would be higher from municipial than from taxable government bonds.
Municipal bonds are typically designated as either general obligation bonds or revenue bonds. General ob-
ligation bonds are backed by the "full faith and credit" (and thus the taxing authority) of the issuing entity.
Revenue bonds are backed by a specifically designated revenue stream, such as the revenues from a designated
project, authority, or agency, or by the proceeds from a specific tax. Frequently, such bonds are issued by agen-
cies that plan to sell their services at prices that cover their expenses, including the promised payments on the
debt. In such cases the bonds are only as good as the enterprise that backs it. In 1983, for example, the Wash-
ington Public Power Supply System (nicknamed WHOOPS by Wall Street) defaulted on $2.25 billion on its
number four and five nuclear power plants, leaving bondholders with much less than they had been promised.
Finally, industrial development bonds are used to finance the purchase or construction of facilities to be leased
to private firms. Municipalities have used such bonds to subsidize businesses choosing to locate in their area
by, in effect, giving them the benefit of loans at tax-exempt rates.
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