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IntermediateStock Alerts + Tools0:45Fixed Income

Lending to a Company, With Rules

A corporate bond is a contract with a legal claim ahead of shareholders, and the covenants inside it are where the protection lives.

0:45 · 6 scenes

This lesson is part of a Stock Alerts + Tools plan.

What the lesson covers

  1. 0:00A bondholder is a lender with a contract, not an owner with a hope.
  2. 0:05The claim. You are paid before shareholders, and your return is capped at the contract.
  3. 0:14Where the protection is. In the covenants — the promises the borrower makes about what it will not do.
  4. 0:23The two risks. Credit risk is the issuer failing. Interest rate risk is rates simply moving.
  5. 0:32The one people forget. A perfectly safe issuer's bond can still lose fifteen percent if rates rise.
  6. 0:40Read the covenants for credit, and the maturity for rate risk.
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Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Lending to a Company, With Rules — MAD Academy Training Video · MadStockAlerts