Fixed interest instruments

A bond is a debt capital market instrument issued by a borrower, who is then required to repay to the lender/investor the amount borrowed plus interest, over a specified period of time. Bonds are also known as fixed income instruments, or fixed interest instruments in the sterling markets. Usually bonds are considered to be those debt securities with terms to maturity of over one year. Debt issued with a maturity of less than one year is considered to be money market debt. There are many different types of bonds that can be issued. The most common bond is the conventional (or plain vanilla or bullet) bond. This is a bond paying periodic interest pay-... 

Air sampling is of special interest. Usually fixed monitoring instruments are used for continuous routine monitoring in the vicinity of the installation. If a limit has been exceeded the cause must be traced and corrective measures must be taken immediately. 

Issues are initially priced and sold at a fixed spread over the reference rate. The price of an FRN can fluctuate considerably during the life of the issue, mainly depending on trends in the issuer s credit quality. The frequent resets in the reference rate means that changes in market interest levels have a minimal impact on an FRN s price. For investors, movements in an FRN s price are reflected in changes in the discount rate. The discount rate is effectively the yield needed to discount the future cash flows on the security to its current price. It thus functions in the same way as the yield to maturity for a fixed-rate instrument. And like a fixed-rate bond, the market convention is to use a constant spread... 

Bonds are debt instruments that represent cash flows payable during a specified time period. They are essentially loans. The cash flows they represent are the interest payments on the loan and the loan redemption. Unlike commercial bank loans, however, bonds are tradable in a secondary market. Bonds are commonly referred to 3S fixed-income instruments. This term goes back to a time when bonds paid fixed coupons each year. That is... 

Since fixed-income instruments are essentially collections of cash flows, it is useful to begin by reviewing two key concepts of cash flow analysis discounting and present value. Understanding these concepts is essential. In the following discussion, the interest rates cited are assumed to be the market-determined rates. 

Impedance Some of the errors arising from the use of linear polarisation resistance led to interest and development in a.c. systems.An early development used a fixed a.c. frequency and a commercial instrument was produced in the UK. Inaccuracies still occurred, however, and were due to the electrode impedance which is fequency dependent. Electrode reactions have a capacitance component, in addition to resistance, resulting in a requirement to measure the impedance. However, the total impedance comprises values for the reaction, solution, diffusion and capacitance. Measurements at different frequency are more reliable, particularly where high solution resistances occur. Simplifications for industrial monitoring have been developed consisting of two measurements, i.e. at a high (10 kHz) and low frequency (0-1 Hz). The high-frequency measurement can identify the... 

The fundamental quantity of interest, BE, is calculated from the KE (correcting for the work function 4>s). The sample is grounded to the spectrometer to pin the Fermi levels to a fixed value of the spectrometer (Fig. 1) so that the applicable work function is that of the spectrometer, sp [2], This instrumental parameter is a constant that can be measured. The BEs are then easily obtained from Eq. 2 ... 

Microwave heaters. Increasing interest is being shown towards applications in chemistry of microwave heating, both for solution and solid-state chemistry. Domestic ovens are so-called multi-mode instruments in which the microwaves are reflected by the walls of the cavity. This kind of equipment can irradiate several vessels in a cavity, whereas in a single-mode instrument there is one vessel at a fixed distance from the radiation source. 

The ideal gas temperature scale is of especial interest, since it can be directly related to the thermodynamic temperature scale (see Sect. 3.7). The typical constant-volume gas thermometer conforms to the thermodynamic temperature scale within about 0.01 K or less at agreed fixed points such as the triple point of oxygen and the freezing points of metals such as silver and gold. The thermodynamic temperature scale requires only one fixed point and is independent of the nature of the substance used in the defining Carnot cycle. This is the triple point of water, which has an assigned value of 273.16 K with the use of a gas thermometer as the instrument of measurement. 

An interesting example of a very simple fixed wavelength detector suitable for use in preparative chromatography is shown in Figure 4. This detector was invented by Miller and Strusz [7] and originally manufactured by GOW-MAC Instruments. 

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