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What Is Cloud Computing? - Investopedia
Cloud computing is the on-demand delivery of computing services such as servers, storage, databases, networking, software, and analytics. · Cloud-based storage ...
back up
Thanks to cloud computing, users can check their email on any computer and store files using services such as Dropbox and Google Drive. Cloud computing lets users <anchor>back up</anchor> their music, files, and photos. Companies were once required to purchase, construct, and maintain costly information management technology and infrastructure. Companies can swap costly server centers and IT departments for fast Internet connections, where employees interact with the cloud online to complete their tasks.
Backup: What It Means, How It Works
Backup: What It Means, How It Works

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# Backup: What It Means, How It Works

By

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Rajeev Dhir is a writer with 10+ years of experience as a journalist with a background in broadcast, print, and digital newsrooms.

Learn about our [editorial policies](/legal-4768893#editorial-policy)

Updated March 29, 2022

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[Somer Anderson](https://www.investopedia.com/somer-g-anderson-4799773)

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![Backup](https://www.investopedia.com/thmb/vX1SWmwjIR5FvCeJJ7CqBitUnms=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Backup_v2-885e756806ce497b9565ea1fc1b75ae4.jpg)

Investopedia / Jake Shi

Close

## What Is a Backup?

The term "backup" commonly refers to the detrimental change in a [bond's yield](https://www.investopedia.com/terms/b/bond-yield.asp) and price before it is issued by a company. This term is actually jargon used by bond investors.

The price of a bond backs up when a company finds the [security](https://www.investopedia.com/terms/s/security.asp) more costly or less lucrative to issue than it had anticipated. A backup is usually caused by an unexpected change in interest rates.

The word "backup" is also used to describe a [transaction](https://www.investopedia.com/terms/t/transaction.asp) in which an investor sells one bond to buy another, or it may denote a short-term price trend.

### Key Takeaways

- A backup is trader's slang for an unfavorable change in the yield, spread, or price of a bond before it is issued.
- Usually caused by a change in interest rates, a backup can damage a company's effort to raise cash from the bond issue,
- To compensate, companies need to raise the coupon on their bond issue or to sell their bonds at a discount.
- The word backup may also describe the sale of a long-term bond to facilitate the purchase of a shorter-term bond to benefit from interest rate changes.
- A short-term price reversal in the markets overall may also be described as a backup.

## How Backups Work

The term backup is lingo used by [bond](https://www.investopedia.com/terms/b/bond.asp) investors. In the bond market, a backup occurs when yields rise prior to issuance and offering price or coupon (interest) must be adjusted to compensate for the increase in required yield. A yield is the return paid on an investment and is generally expressed as the [interest rate](https://www.investopedia.com/terms/i/interestrate.asp) paid on the bond. When bonds' yields rise, their rate of return rises. This means that effectively more money is paid out in interest relative to the price of the bond, which decreases. Thus, when yields rise prior to issuance of a bond, the issuer has to decide whether to increase the coupon (interest) rate they are willing to offer bondholders, or lower the price of the bond below par.

For instance, if interest rates increase, the [required yields](https://www.investopedia.com/terms/r/requiredyield.asp) on newly issued bonds will rise with them. This forces a company that has yet to issue bonds to raise the [coupon](https://www.investopedia.com/terms/c/coupon.asp) on its bond issue, which increases its cost of debt. The other option is for the company to sell its bonds [at a discount](https://www.investopedia.com/terms/a/at-a-discount.asp) and reduce the amount of cash it raises from issuing (selling) the bonds.

In other words, the bond issue has become more expensive. This increase in the cost of issuing the securities—aka the [spread](https://www.investopedia.com/terms/s/spread.asp), the difference between the amount paid to the issuer of a security and the price paid by the investor for that security—is the backup. A backup essentially damages a company's effort to raise cash to invest in operations or other aspects of the business.

## Additional Meanings of Backup

There are a couple of other uses for the term backup in the [bond market](https://www.investopedia.com/terms/b/bondmarket.asp). A bond trader may sell one bond, generally with a longer [maturity](https://www.investopedia.com/terms/m/maturity.asp), and use the proceeds to purchase another bond, often with a shorter maturity. The transaction is called a backup. This is a tactic often used when short-term interest rates are more favorable than long-term ones. The newly acquired bond results in a more favorable yield for the investor than the one they sold.

A short-term price trend in a market may also be described as a backup. For example, say the stock [market](https://www.investopedia.com/terms/m/market.asp) is moving in a [bullish](https://www.investopedia.com/terms/b/bullmarket.asp) direction—that is, stock prices are generally on the upswing. But there may be a chance that it experiences a brief [bearish](https://www.investopedia.com/terms/b/bearmarket.asp) reversal before turning back around. This short-lived trend, regardless of whether it goes upward or downward, is often referred to as a backup.

## Special Considerations

Bonds are generally less risky than other investment options, especially if they are graded highly by the major [bond rating](https://www.investopedia.com/terms/b/bondrating.asp) agencies. But this doesn't mean they don't come with [risks](https://www.investopedia.com/terms/r/risk.asp). In fact, carrying bonds may lead to losses for investors in certain situations, particularly in the secondary bond market.

Interest rates are the primary factor in the price of a bond and on its yield. As interest rates rise, existing bond prices fall. This occurs because those older bonds pay less interest than the newer bonds issued at the current, higher interest rates: A bond paying 3% looks less desirable when the prevailing rate has jumped to 3.5%. To compensate for its lower payout, the older bond's purchase price falls—kind of similar to the way last year's BMW or iPhone gets marked down when the new model comes out. This is known as [interest rate risk](https://www.investopedia.com/terms/i/interestraterisk.asp) or market risk.

Both interest rate risk and opportunity risk increase the longer you hold a bond, or the longer a bond's maturity. The longer the term of your bond, the greater the chance that a more attractive investment opportunity will become available.

Investors who buy bonds for their regular payments of interest and do not trade them on the secondary bond market don't have to worry about their bonds declining in price. But they do face a slightly different problem, known as the problem is opportunity risk or holding-period risk. This means an investor who buys a long-term bond, risks committing money at a relatively low rate of [return](https://www.investopedia.com/terms/r/return.asp) if interest rates and bond yields rise for [new issues](https://www.investopedia.com/terms/n/newissue.asp).

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
[editorial policy.](https://www.investopedia.com/legal-4768893#EditorialPolicy)

1. InvestingAnswers. " [Back Up](https://investinganswers.com/dictionary/b/back)." Accessed June 29, 2021.

2. FINRA. " [Understanding Bond Risk](https://www.finra.org/investors/learn-to-invest/types-investments/bonds/understanding-bond-risk)." Accessed June 29, 2021.


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[Surety: Definition, How It Works With Bonds, and Distinctions](https://www.investopedia.com/terms/s/surety.asp)

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