From the course: Finance Foundations
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Bond markets
- There are many different kinds of bonds. There are government bonds that are issued by countries, these are sometimes called sovereign bonds. The United States government has issued many, many bonds. There are also municipal bonds, sometimes called sub-sovereign bonds issued by cities or provinces or states or government agencies. These municipal bonds are ways for local governments to borrow money. And there are corporate bonds which are issued by companies. About 30% of the bonds outstanding in the world are issued by companies. Some bonds are called asset-backed bonds. These are quite interesting things. These asset-backed bonds are backed by a set of assets, maybe a company's accounts receivable or a set of mortgages on residential homes. Somebody has gathered ownership of these things together, these mortgages or these accounts receivable, and then they make some bonds and say these bonds will be repaid with the proceeds from the accounts receivable or from the proceeds from…
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