Australian Government Bonds

 

View Text Version of Historical Treasury Rates *This is the difference between the longer maturity rate and the shorter one included in the comparison.

Credit Spread An options strategy consisting of the buying and selling of options on the same underlying stock, in which the credit from the sale is greater than the cost of the purchase, resulting in a credit at the time of entry into the strategy.

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A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value.

A zero coupon bond "manufactured" from zero-coupon Treasury bonds. Despite their different names, they are essentially the same type of instrument, which is a zero coupon bond "manufactured" or "stripped" from Treasury bonds.

Generally, CATS and TIGRS offer the same potential benefits as other zero-coupon bonds, such as the ability to purchase a bond at a deep discount to its maturity value. Change This is one of the following depending on the type of security:. Change Dollars The change in dollars from the close from the previous night. Change from Day Close The change in a stock's price from the standard session close price to the Order Book's last price. If the amount is preceded by a minus sign - , the last price is worse than the standard session close.

This is the change in a stock's price between the last[tick] price shown for the standard market session and the last[tick] price shown for the Extended Hours session. Comparing the moving last[tick] price and change shown in the Extended Hours quote section to the closing last[tick] shown in the standard session quote section may indicate an upward or downward trend in the stock's price in the Extended Hours session.

Change In Market Value The effect of market action on the value of an account or portfolio. Keep in mind that the price of mutual funds is not updated until after market close, and that the prices of fixed income securities may not be updated daily. The Change in Securities Not Priced Today total reflects the most recent available changes in value for these positions, presented as a total to keep you up to date on how these positions are performing.

Once the market opens again, Change in Securities Not Priced Today will be refreshed to reflect only the changes for positions that have not had any price updates that day. Change Since Last Close The change since last close is the dollar amount and percentage change up or down, from the previous day's closing stock price. Change Since Purchase The difference, in both dollar amount and percentage, between a security's current value and its value when you purchased it.

Charts A feature that displays historical price charts for securities you specify by entering a trading symbol. After the Electronic Funds Transfer service is established, you will be able to transfer between the specified bank checking account and your Fidelity account. This number is shown on the bottom of a check from your account and on your bank account statements.

Check Number This is the number shown in the upper-right hand corner of a check. You enter a check number when adding Fidelity Electronic Funds Transfer online to eligible Fidelity accounts using the setup screen. The check number is only used to verify your bank checking account. It is not processed or cashed. As a result, you can use a canceled, voided, or your next available check. CIP An abbreviation for central investment positions. Mutual funds, ETFs, and individual securities invested broadly across various areas of the stock and bond markets.

Close Date The date the security was sold or covered for a short position. Close Price This is the final price of a stock at the end of the most recent trading day. The option controls the year for which closed positions are displayed.

Closed positions information is only available for non-retirement brokerage accounts; it is not available for Mutual Fund accounts. Closing Market Value The total cash value of the shares or option contracts you own. The value is calculated using the closing price and the number of shares or option contracts you own. Collar The collar spread, also called a "fence," is the simultaneous purchase of an out-of-the-money put and sale of an out-of-the-money covered call.

Under normal circumstances, the protective put and covered call comprising the collar share the same expiration dates, but have different strike prices. A covered call is sold on a share-for-share basis against the underlying stock. The trader is protected if the stock drops below the strike price of the put, and forfeits any profits should the stock rise above the strike price of the call.

Traders who are moderately bullish on an underlying stock, but lacking strong conviction, often employ collar spreads. The strike price of the call determines the degree of bullishness of the strategy. The further the call moves out-of-the-money, the more bullish the strategy becomes.

Collected Shares The total number of settled shares you own for a security as of the date and time displayed. Combination Spread Combo A multi-leg option strategy involving the purchase of a call and a sell of a put or vice versa. Commission The selling or transfer costs of a trade or transaction.

Commission Calculator A feature you use to calculate the estimated commission or concession for a trade order. Commission Rate The commission rate for a trade varies depending on a number of factors e. Committed to Open Orders The dollar amount allocated to pending orders that have not yet been executed for example, buy orders and short sale orders.

Common Stock Securities that represent units of ownership in a public corporation. Common stock owners usually have voting rights when it comes to selecting directors and in other matters, and they may benefit from receiving dividends on their holdings or by selling the stock at an increased price. But, in the event of liquidation in a company, creditors and bond and preferred stock holders take precedence over the claims of common stock holders. Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments.

Investing in stock involves risks, including the loss of principal. Common Stock REIT A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. Illiquidity is an inherent risk associated with investing in real estate and REITs. There is no guarantee the issuer of a REIT will maintain the secondary market for its shares and redemptions may be at a price which is more or less than the original price paid.

Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. Company News Links to most recent company news.

News is made available by an independent, third-party news provider. Company Profile A Company Profile is provided by an independent, third-party company and displays a one-page summary for a company's stock.

Competitive A method of sale chosen by an issuer, requesting underwriters to submit a firm offer to purchase a new issue of municipal securities. Not all conditions can be used with all types of orders. Condor Also known as a "flat butterfly" or an "elongated butterfly," a four-leg spread. In a long call condor spread, there is a long call of a lower strike price, one short call of a second strike price, one short call of a third strike price, and a long call of a fourth strike price.

Each call has the same expiration date, and the strike prices are an equal distance apart. Confirm This is an option on the Open Indications of Interest screen. This screen displays all open indications of interest that you have submitted for new issue fixed-income securities e. This option displays for new issues that have been priced and for which you must submit a confirmation to be eligible for an allocation of bonds.

Only new issue corporate bonds and Fixed Rate Capital Securities require confirmation. You must confirm your indication of interest on the date and during the time period specified for the offering.

Fidelity will send you this information as an alert by e-mail or pager. Note that confirming an indication of interest does not guarantee that you will be allocated securities. Confirmed This is a column that displays on the Open Indications of Interest screen. Certain new issue fixed income securities require confirmation of one's indication of interest. You will see the option to Confirm after the fixed-income security specified in your indication of interest has been priced and if it requires confirmation.

Indexes in this benchmark are the Dow Jones U. Contemporaneous Cost For secondary market bonds and CDs, the displayed bid or offer price at which a bond or CD is offered at on Fidelity. Contingent Order A contingent order is an order that executes when triggered by an outside event, like the achievement of a stock price or index level.

Additional trigger values include daily volume, daily percentage changes, 52 week high, 52 week low, last trade, bid and ask. Continuously Callable A redemption of bonds that may occur at any time after the initial call date upon any required notice.

Contract Date This is the date on which an annuity becomes effective. This date is in the documentation you receive when you purchase an annuity. Contract High The highest price at which an option contract has traded during its life.

Contract Low The lowest price at which an option contract has traded during its life. Contract Number This is the Fidelity assigned annuity number under which investment options are held. Contract Status This refers to the status of an annuity contract. The status of a tax-deferred annuity can be the following:.

Contract Value The Contract Value is the current market value of your annuity. For Variable Annuities, this value will fluctuate based on market performance and withdrawals. For Fixed Annuities, the contract value is the current value of your annuity reflecting interest earned and any withdrawals. You can make a contribution online using Fidelity Electronic Funds Transfer. You can make a contribution for the current tax year from January 1 of the current tax year until your tax filing due date, not including extensions, generally April 15 of the following year.

As a result, contributions made from January 1 to your tax filing due date, not including extensions, generally April 15, could be for the current or the prior tax year and you must specify the tax year for which the contribution is being made. If April 15 falls on a Saturday, Sunday, or a legal holiday, your tax filing due date is the next succeeding day which is not a Saturday, Sunday, or legal holiday.

This is because you can generally only make a contribution for the current tax year during this period. Control or Restricted Loan A margin loan which is secured by control or restricted securities. Control Panel This is a section on the portfolio and account analysis screens.

On the Control Panel, you can select options to:. All percentages and values also include the underlying securities in pooled investments such as mutual funds. For example, investments in foreign stocks held by a mutual fund are included in the percentage and value of foreign equities. This includes spouses, family members who live with the control person, and other entities affiliated with control persons, as defined in Rule Securities trading by a control person of the issuer is subject to restrictions, regardless of whether the security is restricted.

A control person must complete documentation and comply with Rule when selling control securities. Conversion An options trading arbitrage strategy in which a customer takes a long position in an underlying stock and offsets that holding with the simultaneous purchase of an at-the-money put and sale of an at-the-money call with the same expiration.

The two options create a synthetic short stock, and the customer holds parallel long and short positions. The strategy is meant to take advantage of overpriced options, and the profit is made in the premium difference between the call and the put. Convertible Issues of bonds with an option allowing the bondholder to exchange the bond for a specified number of shares or common stock in the firm. This is disclosed at the time the bond is issued. Convertible Date The date until which the convertible end date feature is available.

Convertible Hedge Convertible bonds covering short calls and short common stock. Before pairing can occur, the securities must be converted into the quantity they represent for the underlying security using the specific conversion ratio for each one. After conversion, if the total strategy requirements are greater than the naked requirements, the hedge should not be used.

Convexity A measure of the curvature of the relationship between bond prices and yields. It is typically used in conjunction with duration, to approximate the rate of change in a bond's price given a change in interest rates. Convexity can be used to improve the estimate of the percentage price change obtained using duration, particularly for a large change in interest rates.

Mathematically, it is the first derivative of modified duration and the second derivative of price with respect to yield. Convexity to Worst Convexity to Worst is the convexity of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Cookie A packet of information sent from a server to a browser e.

Core Account The account where cash awaiting investment or withdrawal is held in your account. This account is used for all of your brokerage transactions. Core Money Market Account settlement position for trade activity and money movement. Executed Buy orders and cash withdrawals will reduce the Core, and executed Sell orders and cash deposits will increase the Core.

Corporate Bond A debt security issued by a private corporation. Interest is taxable and is generally paid according to a coupon rate set at the time the bond is issued. To illustrate this, consider the following two Treasury bonds:.

Both of these bonds mature around the same time, but they have enormous differences in coupon. This means they are priced in a way to provide essentially the same return. That is, you have to pay significantly more to buy the bond with the relatively high coupon than you do to buy the bond with the low coupon. The net result is that either purchase has essentially the same yield, or expected return.

For most types of fixed income securities we purchase for our clients for example, CDs, agency bonds and high-grade municipal bonds , yield is a good approximation of the actual return they are expected to earn. In particular, yield is not a good measure of the expected return for securities that have meaningful default risk, such as high-yield bonds, because the standard yield calculation assumes all principal and interest payments are certain to be received.

The actual expected return for these types of fixed income securities will always be significantly lower than the yield. This also means the yields of securities with significant default risk cannot be meaningfully compared with the yields of securities with minimal default risk.

When considering fixed income alternatives, it is important to understand the concepts of coupon rate, yield and expected return. Coupon rate is the annual rate of interest that the bond pays. Investor Class Auction Allotments. Financial Stability Oversight Council. Sanctions Programs and Country Information. Financial Literacy and Education Commission. Innovations in Financial Services.

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