 A debt security is a claim on a fixed stream of income and such securities are also called as a fixed income security because these securities carry a fixed stream of income. A bond is treated as a basic financial instrument in the debt universe and in the debt bond market there are multiple types of bonds like government or treasury bonds, corporate bonds and even international bonds. Now what a bond is? Bond is a security issued in a borrowing arrangement which obligates an issuer to make specified payment to the bond holder on specified debts over the life of the bond. Who is issuer? The issuer is a borrower who issues a bond to the lender for some amount of money. Open payments are the semi-annual interest payments made to the bond holder over the entire life of the bond. By bond indenture we mean a contract between the issuer and the bond holder and a bond indenture defines the coupon rate, maturity date and par value of the bond. Now there is an example to understand the basic features of a bond. A bond may have par value of $1,000, coupon rate here is 2.5% that is annual, annual interest payment are $25. This bond is maturing on May 15, 2046 and semi-annual payments are made in May and November in a year. Then there are bid and ask prices that are quoted as percentage of the par value. If we see on the screen the table shows all these features like we have maturity, we have coupon interest, we have bid price, we have ask price which are based on the percentage of the bonds par value. Then there is a change that is different.