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In simple terms Bonds are fixed income/debt instruments issued by governments and corporations when they want to raise money, and represents a loan made by an investor to a borrower. When you buy a bond, you're giving the issuer a loan, and they are agreeing to pay you back the face value of the loan on a specific date (at the maturity or end of the term of the Bond). The issuer also pays you periodic fixed or variable interest payments (coupon rate) along the way. The most common types of Bonds are used by companies, municipalities, states, and sovereign governments to finance projects and operations. Owners of the Bonds are typically referred to as debt-holders, or creditors, of the issuer.

What is a Bond?

The Face Value of a Bond is essentially the Principal Value of the portion of the loan. This is the amount that you get back from the issuer on the day the bond matures. The actual pricing of the Bond, however, is usually variable, and at any one time can can be more or less than the face value.

What does the "Face Value" of a Bond refer to?

This refers to the term or duration for which the Bond will continue to pay Interest until it is paid back in full. A 10-year Bond, for example, comes due 10 years from the day it is issued.

Maturities can be as short as a year or as long as 30 years. Short-Term Bonds are usually referred to as Notes, where as Short-Term Governement Bonds are uslaly refered to as Treausry Bills.

What is the "Maturity" of a Bond?

Bonds used to come with attached coupons (paper receipts) that investors had to clip and redeem for their interest payments (now it is commonly all done electronically). These coupons became the term used to refer to the size of the interest payments themselves.

For example a 10-Year Bond with a Face Value of TZS1,000,000 and a Coupon of 11.44% will pay out 11.44% of the Face Value of the Bond every year until Maturity, in this case the payment being equivalent to TZS114,400 per year.

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