Menstruation - wikipedia Menstruation Jump to : navigation , search This article is about humans . For other mammals , see Menstruation ( mammal ) . Figure showing the progression of the menstrual cycle and the different hormones contributing to it . Menstruation , also known as a period or monthly , is the regular discharge of blood and mucosal tissue ( known as menses ) from the inner lining of the uterus through the vagina . The first period usually begins between twelve and fifteen years of age , a point in time known as menarche . However , periods may occasionally start as young as eight years old and still be considered normal . The average age of the first period is generally later in the developing world , and earlier in the developed world . The typical length of time between the first day of one period and the first day of the next is 21 to 45 days in young women , and 21 to 31 days in adults ( an average of 28 days ) . Bleeding usually lasts around 2 to 7 days . Menstruation stops occurring after menopause , which usually occurs between 45 and 55 years of age . Periods also stop during pregnancy and typically do not resume during the initial months of breastfeeding . Up to 80 % of women report having some symptoms prior to menstruation . Common signs and symptoms include acne , tender breasts , bloating , feeling tired , irritability , and mood changes . These may interfere with normal life , therefore qualifying as premenstrual syndrome , in 20 to 30 % of women . In 3 to 8 % , symptoms are severe . A lack of periods , known as amenorrhea , is when periods do not occur by age 15 or have not occurred in 90 days . Other problems with the menstrual cycle include painful periods and abnormal bleeding such as bleeding between periods or heavy bleeding . Menstruation in other animals occurs in primates , such as apes and monkeys , as well as bats and the elephant shrew . The menstrual cycle occurs due to the rise and fall of hormones . This cycle results in the thickening of the lining of the uterus , and the growth of an egg , ( which is required for pregnancy ) . The egg is released from an ovary around day fourteen in the cycle ; the thickened lining of the uterus provides nutrients to an embryo after implantation . If pregnancy does not occur , the lining is released in what is known as menstruation . Contents ( hide ) 1 Onset and frequency 2 Health effects 2.1 Cramps 2.2 Mood and behavior 2.3 Bleeding 2.4 Menstrual disorders 3 Ovulation suppression 3.1 Birth control 3.2 Breastfeeding 4 Menstrual management 4.1 Disposable products 4.2 Reusable products 4.3 Non-commercial items 5 Society and culture 5.1 Traditions and taboos 5.1. 1 Islam 5.1. 2 Judaism 5.1. 3 Hinduism 5.1. 4 Christianity 5.1. 5 Secular culture 5.1. 6 Other 5.2 Sexual activity 5.3 Education 5.4 Cost 6 Evolution 7 See also 8 References 9 Further reading 10 External links Onset and frequency Diagram illustrating how the uterus lining builds up and breaks down during the menstrual cycle . The first menstrual period occurs after the onset of pubertal growth , and is called menarche . The average age of menarche is 12 to 15 . However , it may start as early as eight . The average age of the first period is generally later in the developing world , and earlier in the developed world . The average age of menarche has changed little in the United States since the 1950s . Menstruation is the most visible phase of the menstrual cycle and its beginning is used as the marker between cycles . The first day of menstrual bleeding is the date used for the last menstrual period ( LMP ) . The typical length of time between the first day of one period and the first day of the next is 21 to 45 days in young women , and 21 to 31 days in adults ( an average of 28 days ) . Perimenopause is when fertility in a female declines , and menstruation occurs less regularly in the years leading up to the final menstrual period , when a female stops menstruating completely and is no longer fertile . The medical definition of menopause is one year without a period and typically occurs between 45 and 55 in Western countries . During pregnancy and for some time after childbirth , menstruation does not occur ; this state is known as amenorrhoea . If menstruation has not resumed , fertility is low during lactation . The average length of postpartum amenorrhoea is longer when certain breastfeeding practices are followed ; this may be done intentionally as birth control . Health effects Further information : Premenstrual syndrome In most women , various physical changes are brought about by fluctuations in hormone levels during the menstrual cycle . This includes muscle contractions of the uterus ( menstrual cramping ) that can precede or accompany menstruation . Some may notice water retention , changes in sex drive , fatigue , breast tenderness , or nausea . Breast swelling and discomfort may be caused by water retention during menstruation . Usually , such sensations are mild , and some females notice very few physical changes associated with menstruation . A healthy diet , reduced consumption of salt , caffeine and alcohol , and regular exercise may be effective for women in controlling some symptoms . Severe symptoms that disrupt daily activities and functioning may be diagnosed as premenstrual dysphoric disorder . Symptoms before menstruation are known as premenstrual molimina . Cramps Further information : Dysmenorrhea Many women experience painful cramps , also known as dysmenorrhea , during menstruation . Pain results from ischemia and muscle contractions . Spiral arteries in the secretory endometrium constrict , resulting in ischemia to the secretory endometrium . This allows the uterine lining to slough off . The myometrium contracts spasmodically in order to push the menstrual fluid through the cervix and out of the vagina . The contractions are mediated by a release of prostaglandins . Painful menstrual cramps that result from an excess of prostaglandin release are referred to as primary dysmenorrhea . Primary dysmenorrhea usually begins within a year or two of menarche , typically with the onset of ovulatory cycles . Treatments that target the mechanism of pain include non-steroidal anti-inflammatory drugs ( NSAIDs ) and hormonal contraceptives . NSAIDs inhibit prostaglandin production . With long - term treatment , hormonal birth control reduces the amount of uterine fluid / tissue expelled from the uterus . Thus resulting in shorter , less painful menstruation . These drugs are typically more effective than treatments that do not target the source of the pain ( e.g. acetaminophen ) . Risk factors for primary dysmenorrhea include : early age at menarche , long or heavy menstrual periods , smoking , and a family history of dysmenorrhea . Regular physical activity may limit the severity of uterine cramps . For many women , primary dysmenorrhea gradually subsides in late second generation . Pregnancy has also been demonstrated to lessen the severity of dysmenorrhea , when menstruation resumes . However , dysmenorrhea can continue until menopause. 5 -- 15 % of women with dysmenorrhea experience symptoms severe enough to interfere with daily activities . Secondary dysmenorrhea is the diagnosis given when menstruation pain is a secondary cause to another disorder . Conditions causing secondary dysmenorrhea include endometriosis , uterine fibroids , and uterine adenomyosis . Rarely , congenital malformations , intrauterine devices , certain cancers , and pelvic infections cause secondary dysmenorrhea . Symptoms include pain spreading to hips , lower back and thighs , nausea , and frequent diarrhea or constipation . If the pain occurs between menstrual periods , lasts longer than the first few days of the period , or is not adequately relieved by the use of non-steroidal anti-inflammatory drugs ( NSAIDs ) or hormonal contraceptives , women should be evaluated for secondary causes of dysmenorrhea . When severe pelvic pain and bleeding suddenly occur or worsen during a cycle , the woman or girl should be evaluated for ectopic pregnancy and spontaneous abortion . This evaluation begins with a pregnancy test and should be done as soon as unusual pain begins , because ectopic pregnancies can be life ‐ threatening . In some cases , stronger physical and emotional or psychological sensations may interfere with normal activities , and include menstrual pain ( dysmenorrhea ) , migraine headaches , and depression . Dysmenorrhea , or severe uterine pain , is particularly common for young females ( one study found that 67.2 % of girls aged 13 -- 19 have it ) . The medications in the non-steroidal anti-inflammatory drugs ( NSAIDs ) class are commonly used to relieve menstrual cramps . Some herbs are also claimed to help . Mood and behavior Some women experience emotional disturbances starting one or two weeks before their period , and stopping soon after the period has started . Symptoms may include mental tension , irritability , mood swings , and crying spells . Problems with concentration and memory may occur . There may also be depression or anxiety . This is part of premenstrual syndrome ( PMS ) and is estimated to occur in 20 to 30 % of women . In 3 to 8 % it is severe . More severe symptoms of anxiety or depression may be signs of premenstrual dysphoric disorder ( PMDD ) . Rarely , in individuals who are susceptible , menstruation may be a trigger for menstrual psychosis . Extreme psychological stress can also result in periods stopping . Bleeding The average volume of menstrual fluid during a monthly menstrual period is 35 milliliters ( 2.4 tablespoons of menstrual fluid ) with 10 -- 80 milliliters ( 1 -- 6 tablespoons of menstrual fluid ) considered typical . Menstrual fluid is the correct name for the flow , although many people prefer to refer to it as menstrual blood . Menstrual fluid contains some blood , as well as cervical mucus , vaginal secretions , and endometrial tissue . Menstrual fluid is reddish - brown , a slightly darker color than venous blood . About half of menstrual fluid is blood . This blood contains sodium , calcium , phosphate , iron , and chloride , the extent of which depends on the woman . As well as blood , the fluid consists of cervical mucus , vaginal secretions , and endometrial tissue . Vaginal fluids in menses mainly contribute water , common electrolytes , organ moieties , and at least 14 proteins , including glycoproteins . Many mature females notice blood clots during menstruation . These appear as clumps of blood that may look like tissue . If there are questions ( for example , was there a miscarriage ? ) , examination under a microscope can confirm if it was endometrial tissue or pregnancy tissue ( products of conception ) that was shed . Sometimes menstrual clots or shed endometrial tissue is incorrectly thought to indicate an early - term miscarriage of an embryo . An enzyme called plasmin -- contained in the endometrium -- tends to inhibit the blood from clotting . The amount of iron lost in menstrual fluid is relatively small for most women . In one study , premenopausal women who exhibited symptoms of iron deficiency were given endoscopies. 86 % of them actually had gastrointestinal disease and were at risk of being misdiagnosed simply because they were menstruating . Heavy menstrual bleeding , occurring monthly , can result in anemia . Menstrual disorders There is a wide spectrum of differences in how women experience menstruation . There are several ways that someone 's menstrual cycle can differ from the norm , any of which should be discussed with a doctor to identify the underlying cause : Symptom See article Infrequent periods Oligomenorrhea Short or extremely light periods Hypomenorrhea Too - frequent periods ( defined as more frequently than every 21 days ) Polymenorrhea Extremely heavy or long periods ( one guideline is soaking a sanitary napkin or tampon every hour or so , or menstruating for longer than 7 days ) Hypermenorrhea Extremely painful periods Dysmenorrhea Breakthrough bleeding ( also called spotting ) between periods ; normal in many females Metrorrhagia Absent periods Amenorrhea There is a movement among gynecologists to discard the terms noted above , which although they are widely used , do not have precise definitions . Many now argue to describe menstruation in simple terminology , including : Cycle regularity ( irregular , regular , or absent ) Frequency of menstruation ( frequent , normal , or infrequent ) Duration of menstrual flow ( prolonged , normal , or shortened ) Volume of menstrual flow ( heavy , normal , or light ) Dysfunctional uterine bleeding is a hormonally caused bleeding abnormality . Dysfunctional uterine bleeding typically occurs in premenopausal women who do not ovulate normally ( i.e. are anovulatory ) . All these bleeding abnormalities need medical attention ; they may indicate hormone imbalances , uterine fibroids , or other problems . As pregnant women may bleed , a pregnancy test forms part of the evaluation of abnormal bleeding . Women who had undergone female genital mutilation ( particularly type III - infibulation ) a practice common in parts of Africa , may experience menstrual problems , such as slow and painful menstruation , that is caused by the near - complete sealing off of the vagina . Premature or delayed menarche should be investigated if menarche begins before 9 years , if menarche has not begun by age 15 , if there is no breast development by age 13 , or if there is no period by 3 years after the onset of breast development . Ovulation suppression Birth control Main article : Hormonal contraception Half - used blister pack of a combined oral contraceptive . The white pills are placebos , mainly for the purpose of reminding the woman to continue taking the pills . Since the late 1960s , many women have chosen to control the frequency of menstruation with hormonal birth control pills . They are most often combined hormone pills containing estrogen and are taken in 28 - day cycles , 21 hormonal pills with either a 7 - day break from pills , or 7 placebo pills during which the woman menstruates . Hormonal birth control acts by using low doses of hormones to prevent ovulation , and thus prevent pregnancy in sexually active women . But by using placebo pills for a 7 - day span during the month , a regular bleeding period is still experienced . Injections such as depo - provera became available in the 1960s . Progestogen implants such as Norplant in the 1980s and extended cycle combined oral contraceptive pills in the early 2000s . Using synthetic hormones , it is possible for a woman to completely eliminate menstrual periods . When using progestogen implants , menstruation may be reduced to 3 or 4 menstrual periods per year . By taking progestogen - only contraceptive pills ( sometimes called the ' mini-pill ' ) continuously without a 7 - day span of using placebo pills , menstrual periods do not occur . Some women do this simply for convenience in the short - term , while others prefer to eliminate periods altogether when possible . Some women use hormonal contraception in this way to eliminate their periods for months or years at a time , a practice called menstrual suppression . When the first birth control pill was being developed , the researchers were aware that they could use the contraceptive to space menstrual periods up to 90 days apart , but they settled on a 28 - day cycle that would mimic a natural menstrual cycle and produce monthly periods . The intention behind this decision was the hope of the inventor , John Rock , to win approval for his invention from the Roman Catholic Church . That attempt failed , but the 28 - day cycle remained the standard when the pill became available to the public . There is debate among medical researchers about the potential long - term impacts of these practices upon female health . Some researchers point to the fact that historically , females have had far fewer menstrual periods throughout their lifetimes , a result of shorter life expectancies , as well as a greater length of time spent pregnant or breast - feeding , which reduced the number of periods experienced by females . These researchers believe that the higher number of menstrual periods by females in modern societies may have a negative impact upon their health . On the other hand , some researchers believe there is a greater potential for negative impacts from exposing females perhaps unnecessarily to regular low doses of synthetic hormones over their reproductive years . Breastfeeding Main article : Lactational amenorrhea method Breastfeeding causes negative feedback to occur on pulse secretion of gonadotropin - releasing hormone ( GnRH ) and luteinizing hormone ( LH ) . Depending on the strength of the negative feedback , breastfeeding women may experience complete suppression of follicular development , follicular development but no ovulation , or normal menstrual cycles may resume . Suppression of ovulation is more likely when suckling occurs more frequently . The production of prolactin in response to suckling is important to maintaining lactational amenorrhea . On average , women who are fully breastfeeding whose infants suckle frequently experience a return of menstruation at fourteen and a half months postpartum . There is a wide range of response among individual breastfeeding women , however , with some experiencing return of menstruation at two months and others remaining amenorrheic for up to 42 months postpartum . Menstrual management Main article : Feminine hygiene Further information : Menstrual hygiene day Menstruation is managed by menstruating women to avoid damage to clothing or to accord with norms of public life . Menstrual management practices range from medical suppression of menstruation , through wearing special garments or other items , washing or avoidance of washing , disposal and laundry of stained materials , to separation of menstruators to particular places or activities . Menstrual products ( also called `` feminine hygiene '' products ) are made to absorb or catch menstrual blood . A number of different products are available - some are disposable , some are reusable . Where women can afford it , items used to absorb or catch menses are usually commercially manufactured products . Disposable products Disposable sanitary napkin Tampon in plastic applicator Sanitary napkins ( also called sanitary towels or pads ) -- Rectangular pieces of material worn attached to the underwear to absorb menstrual flow , often with an adhesive backing to hold the pad in place . Disposable pads may contain wood pulp or gel products , usually with a plastic lining and bleached . Tampons -- Disposable cylinders of treated rayon / cotton blends or all - cotton fleece , usually bleached , that are inserted into the vagina to absorb menstrual flow . Disposable menstrual cups made of soft plastic -- A firm , flexible cup - shaped device worn inside the vagina to collect menstrual flow . Reusable products Menstrual cup Cloth menstrual pad Menstrual cups -- A firm , flexible bell - shaped device worn inside the vagina to collect menstrual flow . Menstrual cups are usually made of silicone and can last 5 years or longer . Reusable cloth pads -- Pads that are made of cotton ( often organic ) , terrycloth , or flannel , and may be handsewn ( from material or reused old clothes and towels ) or storebought . Padded panties or period - proof underwear -- Reusable cloth ( usually cotton ) underwear with extra absorbent layers sewn in to absorb flow . Some also use patented technology to be leak resistant , such as the brand THINX . Sea sponges -- Natural sponges , worn internally like a tampon to absorb menstrual flow . Blanket , towel -- ( also known as a draw sheet ) -- large reusable piece of cloth , most often used at night , placed between legs to absorb menstrual flow . Non-commercial items In developing countries , many poor women can not afford commercial feminine hygiene products . Instead , they use materials found in the environment or other improvised materials . Absorption materials that may be used by women who can not afford anything else include : sand , ash , small hole in earth , cloth , whole leaf , leaf fibre ( such as water hyacinth , banana , papyrus , cotton fibre ) , paper ( toilet paper , re-used newspaper , pulped and dried paper ) , animal pelt e.g. goat skin , double layer of underwear , skirt or sari . Society and culture Amra Padatik India , celebration of Menstrual Hygiene Day in India Traditions and taboos Main article : Culture and menstruation Further information : Menstrual taboo Many religions have menstruation - related traditions . Islam Islam prohibits sexual contact with women during menstruation in the 2nd chapter of the Quran . Women are exempted from Salah ( prayer ) . They are also prohibited from fasting and obligatory fasts of Ramadan are to be performed during other days . During menses pilgrimages are allowed ; however , circumambulation of the Kaaba is prohibited and is to be performed during other times . Judaism The laws of Niddah in Judaism may ban certain actions during menstruation ( such as sexual intercourse in some movements of Judaism ) or rituals performed at the end of each menses ( such as the mikvah ) . Some traditional societies sequester women in residences called `` menstrual huts '' that are reserved for that exclusive purpose . Hinduism In Hinduism , it is also frowned upon to go to a temple and do pooja ( i.e. , pray ) or do pooja at religious events if one is menstruating . Metaformic Theory , as proposed by cultural theorist Judy Grahn and others , places menstruation as a central organizing idea in the creation of culture and the formation of humans ' earliest rituals . Christianity Although most Christian denominations do not follow any specific or prescribed rites for menstruation , Western civilization , which has been predominantly Christian , has a history of menstrual taboos , with menstruating women having been believed to be dangerous . Secular culture Anthropologists , Lock and Nguyen ( 2010 ) , have noted that the heavy medicalization of the reproductive life - stages of women in the West , mimic power structures that are deemed , in other cultural practices , to function as a form of `` social control '' . Medicalization of the stages of women 's lives , such as birth and menstruation , has enlivened a feminist perspective that investigates the social implications of biomedicine 's practice . `` ( C ) ultural analysis of reproduction ... attempts to show how women ... exhibit resistance and create dominant alternative meanings about the body and reproduction to those dominant among the medical profession . '' Other In some parts of South Asia , women are isolated during menstruation . In 2005 , in Nepal , the Supreme Court abolished the practice of chhaupadi , keeping women in cow - sheds during menstruation . Sexual activity Sexual intercourse during menstruation does not cause damage in and of itself , but the woman 's body is more vulnerable during this time . Vaginal pH is higher and thus less acidic than normal , the cervix is lower in its position , the cervical opening is more dilated , and the uterine endometrial lining is absent , thus allowing organisms direct access to the bloodstream through the numerous blood vessels that nourish the uterus . All these conditions increase the chance of infection during menstruation . Education Menstruation education is frequently taught in combination with sex education in the US , although one study suggests that girls would prefer their mothers to be the primary source of information about menstruation and puberty . A Nigerian study showed the following breakdown in menstruation education : `` parents of 56.1 % , friends of 53.18 % , books of 45.56 % , teachers of 44.15 % , internet of 45.19 % , and health centers of 54.14 % '' held the most influence in terms of menstruation education . Information about menstruation is often shared among friends and peers , which may promote a more positive outlook on puberty . The quality of menstrual education in a society determines the accuracy of people 's understanding of the process . This is in part due to the segregation of male and female peers during educational sessions . Failure to teach an accurate understanding of menstruation to students of all genders has social implications for gendered relationships and the objectification of women 's bodies . Discomfort arises when students do not have access to the same information , reinforcing the belief `` that menstruation is gross and should be kept hidden '' . Girls are encouraged to conceal the fact that they may be menstruating in order to be considered desirable . Sexual harassment and teasing about menstruation cause girls anxiety as they must struggle to ensure that they give no sign of menstruation . Effective educational programs are essential to providing children and adolescents with clear and accurate information about menstruation . Several education and sexual health experts have studied the key features necessary for such programs . Some experts maintain that schools are an appropriate place for menstrual education to take place because they are an institution that young people attend consistently . Schools are intended to expand students ' knowledge and thus serve as an appropriate site for conveying menstrual education . Other experts argue that programs led by peers or third - party agencies are more effective than those taught in the school classroom . This may be due to the use of small group interactions , the ability of these programs to target specific populations , or the possibility that many teenagers choose to participate voluntarily in these programs , rather than being mandated to attend school programs . Cost Further information : Tampon tax The cost of commercial products for menstrual management is considered to be unacceptably high for many women . At least half a million women across the world do not have enough money to adequately afford these products . This can result in missing school or even dropping out . Known as `` period poverty '' this situation has resulted in efforts to eliminate taxes on these products . A study by the WHO and UNICEF showed that one out of five women in Scotland have been forced to improvise with items including toilet paper and old clothes due to the high cost of commercial products . In July 2017 , a pilot program began in Scotland to have free sanitary products available at schools and food banks for women who can not afford them . Further to this half year pilot program , Scotland 's opposition Labour Party intends to introduce a bill to make this permanent . Scotland is the first country to ban period poverty . In 2015 a petition was put forward in England seeking the elimination of the 5 % `` tampon tax '' . The government voted in favour but it has yet to be implemented due to Brexit complications . In England , one in ten women between 14 and 21 can not afford menstrual management products . In the United States , nine states have eliminated the tampon tax , and seven states have introduced legislation . In January 2018 , California rejected a proposal to eliminate tampon tax . Evolution All female placental mammals have a uterine lining that builds up when the animal is fertile , but it is dismantled when the animal is infertile . Most female mammals have an estrous cycle , yet only primates ( including humans ) , several species of bats , and elephant shrews have a menstrual cycle . ( Killer whales , Orcinus orca , are one of the few species to experience menopause . ) Some anthropologists have questioned the energy cost of rebuilding the endometrium every fertility cycle . However , anthropologist Beverly Strassmann has proposed that the energy savings of not having to continuously maintain the uterine lining more than offsets energy cost of having to rebuild the lining in the next fertility cycle , even in species such as humans where much of the lining is lost through bleeding ( overt menstruation ) rather than reabsorbed ( covert menstruation ) . Many have questioned the evolution of overt menstruation in humans and related species , speculating on what advantage there could be to losing blood associated with dismantling the endometrium , rather than absorbing it , as most mammals do . Humans do , in fact , reabsorb about two - thirds of the endometrium each cycle . Strassmann asserts that overt menstruation occurs not because it is beneficial in itself . Rather , the fetal development of these species requires a more developed endometrium , one which is too thick to reabsorb completely . Strassman correlates species that have overt menstruation to those that have a large uterus relative to the adult female body size . Beginning in 1971 , some research suggested that menstrual cycles of cohabiting human females became synchronized . A few anthropologists hypothesized that in hunter - gatherer societies , males would go on hunting journeys whilst the females of the tribe were menstruating , speculating that the females would not have been as receptive to sexual relations while menstruating . However , there is currently significant dispute as to whether menstrual synchrony exists . 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Sheila Kippley ( November -- December 1986 and January -- February 1987 ) . `` Breastfeeding survey results similar to 1971 study '' . The CCL News . 13 ( 3 ) : 10 . Check date values in : date = ( help ) and 13 ( 4 ) : 5 . ^ Jump up to : Tamiru , S. , Mamo , K. , Acidria , P. , Mushi , R. , Satya Ali , C. , Ndebele , L. ( 2015 ) Towards a sustainable solution for school menstrual hygiene management : cases of Ethiopia , Uganda , South - Sudan , Tanzania , and Zimbabwe . Waterlines , Vol. 34 , No. 1 Jump up ^ House , S. , Mahon , T. , Cavill , S. ( 2012 ) . Menstrual hygiene matters - A resource for improving menstrual hygiene around the world Archived 24 September 2015 at the Wayback Machine ... WaterAid , UK Jump up ^ Chin , L. ( 2014 ) Period of shame - The Effects of Menstrual Hygiene Management on Rural Women and Girls ' Quality of Life in Savannakhet , Laos ( Master 's thesis ) LUMID International Master programme in applied International Development and Management http://lup.lub.lu.se/student-papers/record/4442938 ( accessed 10 August 2015 ) Jump up ^ `` The Emergence of Metaformic Consciousness '' . www.metaformia.org . Retrieved 2018 - 01 - 17 . Jump up ^ `` The Golden Bough : a study of magic and religion , by Sir James George Frazer : LX . Between Heaven and Earth '' . ebooks.adelaide.edu.au . Archived from the original on 14 July 2014 . ^ Jump up to : Lock , M. & Nguyen , V. - K. , 2010 . An Anthropology of Biomedicine . Oxford : Wiley - Blackwell . Jump up ^ Sushil Sharma , `` Women hail menstruation ruling '' Archived 31 August 2010 at the Wayback Machine. , BBC News , 15 September 2005 . Jump up ^ Ann Intern Med. 1982 Jun ; 96 ( 6 Pt 2 ) : 921 -- 3 . `` Vaginal physiology during menstruation . '' Jump up ^ Oettel , Michael ; Schillinger , Ekkehard ( 6 December 2012 ) . Estrogens and Antiestrogens II : Pharmacology and Clinical Application of Estrogens and Antiestrogen . Springer Science & Business Media . p. 355 . ISBN 9783642601071 . Archived from the original on 16 January 2017 . Jump up ^ Sooki , Zahra ; Shariati , Mohammad ; Chaman , Reza ; Khosravi , Ahmad ; Effatpanah , Mohammad ; Keramat , Afsaneh ( 2016 - 02 - 20 ) . `` The Role of Mother in Informing Girls About Puberty : A Meta - Analysis Study '' . Nursing and Midwifery Studies . 5 ( 1 ) . doi : 10.17795 / nmsjournal30360 . ISSN 2322 - 1488 . PMC 4915208 . PMID 27331056 . Jump up ^ Sooki , Zahra ; Shariati , Mohammad ; Chaman , Reza ; Khosravi , Ahmad ; Effatpanah , Mohammad ; Keramat , Afsaneh ( 2016 - 02 - 20 ) . `` The Role of Mother in Informing Girls About Puberty : A Meta - Analysis Study '' . Nursing and Midwifery Studies . 5 ( 1 ) . doi : 10.17795 / nmsjournal30360 . ISSN 2322 - 1488 . PMC 4915208 . PMID 27331056 . Jump up ^ Hatami , Mahnaz ; Kazemi , Ashraf ; Mehrabi , Tayebeh ( 2015 - 12 - 30 ) . `` Effect of peer education in school on sexual health knowledge and attitude in girl adolescents '' . Journal of Education and Health Promotion. 4 . doi : 10.4103 / 2277 - 9531.171791 . ISSN 2277 - 9531 . PMC 4944604 . PMID 27462620 . Jump up ^ Allen , Katherine ; et al. `` More Than Just a Punctuation Mark : How Boys and Young Men Learn About Menstruation '' . Journal of Family Issues . 32 : 129 -- 156 . CS1 maint : Explicit use of et al. ( link ) ^ Jump up to : Allen , Katherine R. ; Kaestle , Christine E. ; Goldberg , Abbie E. `` More Than Just a Punctuation Mark : How Boys and Young Men Learn About Menstruation '' . Journal of Family Issues . 32 ( 2 ) : 129 -- 156 . doi : 10.1177 / 0192513x10371609 . Jump up ^ Kirby , Douglas ( February 2002 ) . `` The impact of schools and school programs upon adolescent sexual behavior '' . Journal of Sex Research . 39 ( 1 ) : 27 -- 33 . doi : 10.1080 / 00224490209552116 . ISSN 0022 - 4499 . PMID 12476253 . Jump up ^ Kirby , Douglas ( February 2002 ) . `` The impact of schools and school programs upon adolescent sexual behavior '' . Journal of Sex Research . 39 ( 1 ) : 27 -- 33 . doi : 10.1080 / 00224490209552116 . ISSN 0022 - 4499 . PMID 12476253 . Jump up ^ https://www.msn.com/en-us/news/us/could-this-be-the-first-country-to-end-period-poverty/ar-AAw1fu4 Jump up ^ http://www.bbc.com/news/av/uk-england-hampshire-43148080/period-poverty-helping-homeless-and-vulnerable-women Jump up ^ https://www.usatoday.com/story/news/world/2018/04/18/scotland-end-period-poverty-tampon-tax/502020002/ Jump up ^ `` Why do women menstruate ? '' . ScienceBlogs. 2011 . Archived from the original on 27 January 2013 . Retrieved 15 January 2013 . ^ Jump up to : Strassmann BI ( 1996 ) . `` The evolution of endometrial cycles and menstruation '' . The Quarterly Review of Biology . 71 ( 2 ) : 181 -- 220 . doi : 10.1086 / 419369 . PMID 8693059 . Jump up ^ Kathleen O'Grady ( 2000 ) . `` Is Menstruation Obsolete ? '' . The Canadian Women 's Health Network . Archived from the original on 13 February 2007 . Retrieved 21 January 2007 . Jump up ^ Desmond Morris ( 1997 ) . `` The Human Sexes '' . Cambridge University Press . Jump up ^ Chris Knight ( 1991 ) . Blood relations : menstruation and the origins of culture . New Haven , Conn : Yale University Press . ISBN 0 - 300 - 06308 - 3 . Jump up ^ Adams , Cecil ( 20 December 2002 ) . `` Does menstrual synchrony really exist ? '' . The Straight Dope . The Chicago Reader . Archived from the original on 15 September 2008 . Retrieved 10 January 2007 . Further reading Howie , Gillian ; Shail , Andrew ( 2005 ) . Menstruation : A Cultural History . Palgrave Macmillan . ISBN 1 - 4039 - 3935 - 7 . Retrieved 9 November 2013 . Knight , Chris ( 1995 ) . Blood Relations : Menstruation and the Origins of Culture . New Haven and London : Yale University . ISBN 0 - 300 - 04911 - 0 . Retrieved 9 November 2013 . External links Wikiquote has quotations related to : Menstruation Wikimedia Commons has media related to Menstruation . 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Bond ( finance ) - wikipedia Bond ( finance ) Jump to : navigation , search This article is about the financial instrument . For other uses , see Bond ( disambiguation ) . Securities Securities ( show ) Banknote Bond Debenture Derivative Stock Markets ( show ) Stock market Commodity market Foreign exchange market Futures exchange Over-the - counter market ( OTC ) Spot market Bonds by coupon ( show ) Fixed rate bond Floating rate note Inflation - indexed bond Perpetual bond Zero - coupon bond Commercial paper Bonds by issuer ( show ) Corporate bond Government bond Municipal bond Pfandbrief Equities ( stocks ) ( show ) Stock Share Initial public offering ( IPO ) Short selling Investment funds ( show ) Mutual fund Closed - end fund Exchange - traded fund ( ETF ) Hedge fund Index fund Segregated fund Structured finance ( show ) Securitization Agency security Asset - backed security Mortgage - backed security Commercial mortgage - backed security Residential mortgage - backed security Tranche Collateralized debt obligation Collateralized fund obligation Collateralized mortgage obligation Credit - linked note Unsecured debt Derivatives ( show ) Forward Futures Option Swap Warrant Credit derivative Hybrid security In finance , a bond is an instrument of indebtedness of the bond issuer to the holders . The most common types of bonds include municipal bonds and corporate bonds . The bond is a debt security , under which the issuer owes the holders a debt and ( depending on the terms of the bond ) is obliged to pay them interest ( the coupon ) or to repay the principal at a later date , termed the maturity date . Interest is usually payable at fixed intervals ( semiannual , annual , sometimes monthly ) . Very often the bond is negotiable , that is , the ownership of the instrument can be transferred in the secondary market . This means that once the transfer agents at the bank medallion stamp the bond , it is highly liquid on the secondary market . Thus a bond is a form of loan or IOU : the holder of the bond is the lender ( creditor ) , the issuer of the bond is the borrower ( debtor ) , and the coupon is the interest . Bonds provide the borrower with external funds to finance long - term investments , or , in the case of government bonds , to finance current expenditure . Certificates of deposit ( CDs ) or short - term commercial paper are considered to be money market instruments and not bonds : the main difference is the length of the term of the instrument . Bonds and stocks are both securities , but the major difference between the two is that ( capital ) stockholders have an equity stake in a company ( that is , they are owners ) , whereas bondholders have a creditor stake in the company ( that is , they are lenders ) . Being a creditor , bondholders have priority over stockholders . This means they will be repaid in advance of stockholders , but will rank behind secured creditors , in the event of bankruptcy . Another difference is that bonds usually have a defined term , or maturity , after which the bond is redeemed , whereas stocks typically remain outstanding indefinitely . An exception is an irredeemable bond , such as a consol , which is a perpetuity , that is , a bond with no maturity . Contents ( hide ) 1 Etymology 2 Issuance 3 Features 3.1 Principal 3.2 Maturity 3.3 Coupon 3.4 Yield 3.5 Credit quality 3.6 Market price 3.7 Others 4 Types 4.1 Foreign currencies 5 Bond valuation 6 Investing in bonds 6.1 Bond indices 7 See also 8 References 9 External links Etymology ( edit ) In English , the word `` bond '' relates to the etymology of `` bind '' . In the sense `` instrument binding one to pay a sum to another '' , use of the word `` bond '' dates from at least the 1590s . Issuance ( edit ) Bonds are issued by public authorities , credit institutions , companies and supranational institutions in the primary markets . The most common process for issuing bonds is through underwriting . When a bond issue is underwritten , one or more securities firms or banks , forming a syndicate , buy the entire issue of bonds from the issuer and re-sell them to investors . The security firm takes the risk of being unable to sell on the issue to end investors . Primary issuance is arranged by bookrunners who arrange the bond issue , have direct contact with investors and act as advisers to the bond issuer in terms of timing and price of the bond issue . The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to the public . The bookrunners ' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds . In contrast , government bonds are usually issued in an auction . In some cases , both members of the public and banks may bid for bonds . In other cases , only market makers may bid for bonds . The overall rate of return on the bond depends on both the terms of the bond and the price paid . The terms of the bond , such as the coupon , are fixed in advance and the price is determined by the market . In the case of an underwritten bond , the underwriters will charge a fee for underwriting . An alternative process for bond issuance , which is commonly used for smaller issues and avoids this cost , is the private placement bond . Bonds sold directly to buyers may not be tradeable in the bond market . Historically an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time , usually at a fixed price , with volumes sold on a particular day dependent on market conditions . This was called a tap issue or bond tap . Features ( edit ) Principal ( edit ) 1978 $1,000 U.S. Treasury Bond Nominal , principal , par , or face amount is the amount on which the issuer pays interest , and which , most commonly , has to be repaid at the end of the term . Some structured bonds can have a redemption amount which is different from the face amount and can be linked to performance of particular assets . Maturity ( edit ) The issuer has to repay the nominal amount on the maturity date . As long as all due payments have been made , the issuer has no further obligations to the bond holders after the maturity date . The length of time until the maturity date is often referred to as the term or tenure or maturity of a bond . The maturity can be any length of time , although debt securities with a term of less than one year are generally designated money market instruments rather than bonds . Most bonds have a term of up to 30 years . Some bonds have been issued with terms of 50 years or more , and historically there have been some issues with no maturity date ( irredeemable ) . In the market for United States Treasury securities , there are three categories of bond maturities : short term ( bills ) : maturities between one and five years ; medium term ( notes ) : maturities between six and twelve years ; long term ( bonds ) : maturities longer than twelve years . Coupon ( edit ) The coupon is the interest rate that the issuer pays to the holder . Usually this rate is fixed throughout the life of the bond . It can also vary with a money market index , such as LIBOR , or it can be even more exotic . The name `` coupon '' arose because in the past , paper bond certificates were issued which had coupons attached to them , one for each interest payment . On the due dates the bondholder would hand in the coupon to a bank in exchange for the interest payment . Interest can be paid at different frequencies : generally semi-annual , i.e. every 6 months , or annual . Bond issued by the Dutch East India Company in 1623 Yield ( edit ) The yield is the rate of return received from investing in the bond . It usually refers either to The current yield , or running yield , which is simply the annual interest payment divided by the current market price of the bond ( often the clean price ) . The yield to maturity , or redemption yield , which is a more useful measure of the return of the bond . This takes into account the current market price , and the amount and timing of all remaining coupon payments and of the repayment due on maturity . It is equivalent to the internal rate of return of a bond . Credit quality ( edit ) The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates . This will depend on a wide range of factors . High - yield bonds are bonds that are rated below investment grade by the credit rating agencies . As these bonds are riskier than investment grade bonds , investors expect to earn a higher yield . These bonds are also called junk bonds . Market price ( edit ) The market price of a tradable bond will be influenced , amongst other factors , by the amounts , currency and timing of the interest payments and capital repayment due , the quality of the bond , and the available redemption yield of other comparable bonds which can be traded in the markets . The price can be quoted as clean or dirty . `` Dirty '' includes the present value of all future cash flows , including accrued interest , and is most often used in Europe . `` Clean '' does not include accrued interest , and is most often used in the U.S. The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount . The net proceeds that the issuer receives are thus the issue price , less issuance fees . The market price of the bond will vary over its life : it may trade at a premium ( above par , usually because market interest rates have fallen since issue ) , or at a discount ( price below par , if market rates have risen or there is a high probability of default on the bond ) . Others ( edit ) Indentures and Covenants -- An indenture is a formal debt agreement that establishes the terms of a bond issue , while covenants are the clauses of such an agreement . Covenants specify the rights of bondholders and the duties of issuers , such as actions that the issuer is obligated to perform or is prohibited from performing . In the U.S. , federal and state securities and commercial laws apply to the enforcement of these agreements , which are construed by courts as contracts between issuers and bondholders . The terms may be changed only with great difficulty while the bonds are outstanding , with amendments to the governing document generally requiring approval by a majority ( or super-majority ) vote of the bondholders . Optionality : Occasionally a bond may contain an embedded option ; that is , it grants option - like features to the holder or the issuer : Callability -- Some bonds give the issuer the right to repay the bond before the maturity date on the call dates ; see call option . These bonds are referred to as callable bonds . Most callable bonds allow the issuer to repay the bond at par . With some bonds , the issuer has to pay a premium , the so - called call premium . This is mainly the case for high - yield bonds . These have very strict covenants , restricting the issuer in its operations . To be free from these covenants , the issuer can repay the bonds early , but only at a high cost . Putability -- Some bonds give the holder the right to force the issuer to repay the bond before the maturity date on the put dates ; see put option . These are referred to as retractable or putable bonds . Call dates and put dates -- the dates on which callable and putable bonds can be redeemed early . There are four main categories : A Bermudan callable has several call dates , usually coinciding with coupon dates . A European callable has only one call date . This is a special case of a Bermudan callable . An American callable can be called at any time until the maturity date . A death put is an optional redemption feature on a debt instrument allowing the beneficiary of the estate of a deceased bondholder to put ( sell ) the bond back to the issuer at face value in the event of the bondholder 's death or legal incapacitation . This is also known as a `` survivor 's option '' . Sinking fund provision of the corporate bond indenture requires a certain portion of the issue to be retired periodically . The entire bond issue can be liquidated by the maturity date ; if not , the remainder is called balloon maturity . Issuers may either pay to trustees , which in turn call randomly selected bonds in the issue , or , alternatively , purchase bonds in open market , then return them to trustees . Bonds are often identified by its international securities identification number , or ISIN , which is a 12 digit alphanumeric code that uniquely identifies debt securities . A smart bond is an automated programmable bond contract that uses the capabilities of a blockchain database to operate as a cryptographically - secure yet open and transparent general bond ledger . It is one of a class of financial instruments known as a smart contract , `` a computerized transaction protocol that executes the terms of a contract . '' Smart bond technology may lower transaction costs by the elimination of the `` middle or back office '' , as well as the bond registry , substantially reducing the cost of bond servicing . Another potential benefit is the potential for instantaneous settlement , rather than the days , as well as lower operational risk . In 2015 , UBS was experimenting with smart bonds that use the bitcoin blockchain . Types ( edit ) Bond certificate for the state of South Carolina issued in 1873 under the state 's Consolidation Act . Railroad obligation of the Moscow - Kiev - Voronezh railroad company , printed in Russian , Dutch and German . The following descriptions are not mutually exclusive , and more than one of them may apply to a particular bond : Fixed rate bonds have a coupon that remains constant throughout the life of the bond . A variation are stepped - coupon bonds , whose coupon increases during the life of the bond . Floating rate notes ( FRNs , floaters ) have a variable coupon that is linked to a reference rate of interest , such as Libor or Euribor . For example , the coupon may be defined as three - month USD LIBOR + 0.20 % . The coupon rate is recalculated periodically , typically every one or three months . Zero - coupon bonds ( zeros ) pay no regular interest . They are issued at a substantial discount to par value , so that the interest is effectively rolled up to maturity ( and usually taxed as such ) . The bondholder receives the full principal amount on the redemption date . An example of zero coupon bonds is Series E savings bonds issued by the U.S. government . Zero - coupon bonds may be created from fixed rate bonds by a financial institution separating ( `` stripping off '' ) the coupons from the principal . In other words , the separated coupons and the final principal payment of the bond may be traded separately . See IO ( Interest Only ) and PO ( Principal Only ) . High - yield bonds ( junk bonds ) are bonds that are rated below investment grade by the credit rating agencies . As these bonds are riskier than investment grade bonds , investors expect to earn a higher yield . Convertible bonds let a bondholder exchange a bond to a number of shares of the issuer 's common stock . These are known as hybrid securities , because they combine equity and debt features . Exchangeable bonds allows for exchange to shares of a corporation other than the issuer . Inflation - indexed bonds ( linkers ) ( US ) or Index - linked bond ( UK ) , in which the principal amount and the interest payments are indexed to inflation . The interest rate is normally lower than for fixed rate bonds with a comparable maturity ( this position briefly reversed itself for short - term UK bonds in December 2008 ) . However , as the principal amount grows , the payments increase with inflation . The United Kingdom was the first sovereign issuer to issue inflation linked gilts in the 1980s . Treasury Inflation - Protected Securities ( TIPS ) and I - bonds are examples of inflation linked bonds issued by the U.S. government . Receipt for temporary bonds for the state of Kansas issued in 1922 Other indexed bonds , for example equity - linked notes and bonds indexed on a business indicator ( income , added value ) or on a country 's GDP . Asset - backed securities are bonds whose interest and principal payments are backed by underlying cash flows from other assets . Examples of asset - backed securities are mortgage - backed securities ( MBSs ) , collateralized mortgage obligations ( CMOs ) and collateralized debt obligations ( CDOs ) . Subordinated bonds are those that have a lower priority than other bonds of the issuer in case of liquidation . In case of bankruptcy , there is a hierarchy of creditors . First the liquidator is paid , then government taxes , etc . The first bond holders in line to be paid are those holding what is called senior bonds . After they have been paid , the subordinated bond holders are paid . As a result , the risk is higher . Therefore , subordinated bonds usually have a lower credit rating than senior bonds . The main examples of subordinated bonds can be found in bonds issued by banks , and asset - backed securities . The latter are often issued in tranches . The senior tranches get paid back first , the subordinated tranches later . Covered bonds are backed by cash flows from mortgages or public sector assets . Contrary to asset - backed securities the assets for such bonds remain on the issuers balance sheet . Perpetual bonds are also often called perpetuities or ' Perps ' . They have no maturity date . The most famous of these are the UK Consols , which are also known as Treasury Annuities or Undated Treasuries . Some of these were issued back in 1888 and still trade today , although the amounts are now insignificant . Some ultra-long - term bonds ( sometimes a bond can last centuries : West Shore Railroad issued a bond which matures in 2361 ( i.e. 24th century ) are virtually perpetuities from a financial point of view , with the current value of principal near zero . Bearer bond is an official certificate issued without a named holder . In other words , the person who has the paper certificate can claim the value of the bond . Often they are registered by a number to prevent counterfeiting , but may be traded like cash . Bearer bonds are very risky because they can be lost or stolen . Especially after federal income tax began in the United States , bearer bonds were seen as an opportunity to conceal income or assets . U.S. corporations stopped issuing bearer bonds in the 1960s , the U.S. Treasury stopped in 1982 , and state and local tax - exempt bearer bonds were prohibited in 1983 . Registered bond is a bond whose ownership ( and any subsequent purchaser ) is recorded by the issuer , or by a transfer agent . It is the alternative to a Bearer bond . Interest payments , and the principal upon maturity are sent to the registered owner . A government bond , also called Treasury bond , is issued by a national government and is not exposed to default risk . It is characterized as the safest bond , with the lowest interest rate . A treasury bond is backed by the `` full faith and credit '' of the relevant government . For that reason , for the major OECD countries this type of bond is often referred to as risk - free . Pacific Railroad Bond issued by City and County of San Francisco , CA . May 1 , 1865 Municipal bond is a bond issued by a state , U.S. Territory , city , local government , or their agencies . Interest income received by holders of municipal bonds is often exempt from the federal income tax and from the income tax of the state in which they are issued , although municipal bonds issued for certain purposes may not be tax exempt . Build America Bonds ( BABs ) are a form of municipal bond authorized by the American Recovery and Reinvestment Act of 2009 . Unlike traditional US municipal bonds , which are usually tax exempt , interest received on BABs is subject to federal taxation . However , as with municipal bonds , the bond is tax - exempt within the US state where it is issued . Generally , BABs offer significantly higher yields ( over 7 percent ) than standard municipal bonds . Book - entry bond is a bond that does not have a paper certificate . As physically processing paper bonds and interest coupons became more expensive , issuers ( and banks that used to collect coupon interest for depositors ) have tried to discourage their use . Some book - entry bond issues do not offer the option of a paper certificate , even to investors who prefer them . Lottery bonds are issued by European and other states . Interest is paid as on a traditional fixed rate bond , but the issuer will redeem randomly selected individual bonds within the issue according to a schedule . Some of these redemptions will be for a higher value than the face value of the bond . War bond is a bond issued by a government to fund military operations during wartime . This type of bond has low return rate . Serial bond is a bond that matures in installments over a period of time . In effect , a $100,000 , 5 - year serial bond would mature in a $20,000 annuity over a 5 - year interval . Revenue bond is a special type of municipal bond distinguished by its guarantee of repayment solely from revenues generated by a specified revenue - generating entity associated with the purpose of the bonds . Revenue bonds are typically `` non-recourse '' , meaning that in the event of default , the bond holder has no recourse to other governmental assets or revenues . Climate bond is a bond issued by a government or corporate entity in order to raise finance for climate change mitigation - or adaptation - related projects or programmes . Dual currency bonds Retail bonds are a type of corporate bond mostly designed for ordinary investors . They have become particularly attractive since the London Stock Exchange ( LSE ) launched an order book for retail bonds . Social impact bonds are an agreement for public sector entities to pay back private investors after meeting verified improved social outcome goals that result in public sector savings from innovative social program pilot projects . Foreign currencies ( edit ) Some companies , banks , governments , and other sovereign entities may decide to issue bonds in foreign currencies as it may appear to be more stable and predictable than their domestic currency . Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets . The proceeds from the issuance of these bonds can be used by companies to break into foreign markets , or can be converted into the issuing company 's local currency to be used on existing operations through the use of foreign exchange swap hedges . Foreign issuer bonds can also be used to hedge foreign exchange rate risk . Some foreign issuer bonds are called by their nicknames , such as the `` samurai bond '' . These can be issued by foreign issuers looking to diversify their investor base away from domestic markets . These bond issues are generally governed by the law of the market of issuance , e.g. , a samurai bond , issued by an investor based in Europe , will be governed by Japanese law . Not all of the following bonds are restricted for purchase by investors in the market of issuance . Eurodollar bond , a U.S. dollar - denominated bond issued by a non-U.S. entity outside the U.S Baklava bond , a bond denominated in Turkish Lira and issued by a domestic or foreign entity in the Turkish market Yankee bond , a US dollar - denominated bond issued by a non-US entity in the US market Kangaroo bond , an Australian dollar - denominated bond issued by a non-Australian entity in the Australian market Maple bond , a Canadian dollar - denominated bond issued by a non-Canadian entity in the Canadian market Masala bonds an Indian rupee denominated bond issued outside India . Samurai bond , a Japanese yen - denominated bond issued by a non-Japanese entity in the Japanese market Uridashi bond , a non-yen - denominated bond sold to Japanese retail investors . Shibosai Bond , a private placement bond in the Japanese market with distribution limited to institutions and banks . Shogun bond , a non-yen - denominated bond issued in Japan by a non-Japanese institution or government Bulldog bond , a pound sterling - denominated bond issued in London by a foreign institution or government . Matryoshka bond , a Russian rouble - denominated bond issued in the Russian Federation by non-Russian entities . The name derives from the famous Russian wooden dolls , Matrioshka , popular among foreign visitors to Russia Arirang bond , a Korean won - denominated bond issued by a non-Korean entity in the Korean market Kimchi bond , a non-Korean won - denominated bond issued by a non-Korean entity in the Korean market Formosa bond , a non-New Taiwan Dollar - denominated bond issued by a non-Taiwan entity in the Taiwan market Panda bond , a Chinese renminbi - denominated bond issued by a non-China entity in the People 's Republic of China market Dim sum bond , a Chinese renminbi - denominated bond issued by a Chinese entity in Hong Kong . Enables foreign investors forbidden from investing in Chinese corporate debt in mainland China to invest in and be exposed to Chinese currency in Hong Kong . Huaso bond , a Chilean peso - denominated bond issued by a non-Chilean entity in the Chilean market . Lion City bond foreign currency denominated bond issued by foreign company in Singapore Komodo bonds , rupiah - denominated global bonds issued in Indonesia , `` The Komodo dragon is a very large species of lizards found in eastern Indonesia . '' Bond valuation ( edit ) See also : Bond valuation At the time of issue of the bond , the interest rate and other conditions of the bond will have been influenced by a variety of factors , such as current market interest rates , the length of the term and the creditworthiness of the issuer . These factors are likely to change over time , so the market price of a bond will vary after it is issued . The market price is expressed as a percentage of nominal value . Bonds are not necessarily issued at par ( 100 % of face value , corresponding to a price of 100 ) , but bond prices will move towards par as they approach maturity ( if the market expects the maturity payment to be made in full and on time ) as this is the price the issuer will pay to redeem the bond . This is referred to as `` Pull to Par '' . At other times , prices can be above par ( bond is priced at greater than 100 ) , which is called trading at a premium , or below par ( bond is priced at less than 100 ) , which is called trading at a discount . Most government bonds are denominated in units of $1000 in the United States , or in units of £ 100 in the United Kingdom . Hence , a deep discount US bond , selling at a price of 75.26 , indicates a selling price of $752.60 per bond sold . ( Often , in the US , bond prices are quoted in points and thirty - seconds of a point , rather than in decimal form . ) Some short - term bonds , such as the U.S. Treasury bill , are always issued at a discount , and pay par amount at maturity rather than paying coupons . This is called a discount bond . The market price of a bond is the present value of all expected future interest and principal payments of the bond discounted at the bond 's yield to maturity , or rate of return . That relationship is the definition of the redemption yield on the bond , which is likely to be close to the current market interest rate for other bonds with similar characteristics . ( Otherwise there would be arbitrage opportunities . ) The yield and price of a bond are inversely related so that when market interest rates rise , bond prices fall and vice versa . The market price of a bond may be quoted including the accrued interest since the last coupon date . ( Some bond markets include accrued interest in the trading price and others add it on separately when settlement is made . ) The price including accrued interest is known as the `` full '' or `` dirty price '' . ( See also Accrual bond . ) The price excluding accrued interest is known as the `` flat '' or `` clean price '' . The interest payment ( `` coupon payment '' ) divided by the current price of the bond is called the current yield ( this is the nominal yield multiplied by the par value and divided by the price ) . There are other yield measures that exist such as the yield to first call , yield to worst , yield to first par call , yield to put , cash flow yield and yield to maturity . The relationship between yield and term to maturity ( or alternatively between yield and the weighted mean term allowing for both interest and capital repayment ) for otherwise identical bonds is called a yield curve . The yield curve is a graph plotting this relationship . Bond markets , unlike stock or share markets , sometimes do not have a centralized exchange or trading system . Rather , in most developed bond markets such as the U.S. , Japan and western Europe , bonds trade in decentralized , dealer - based over-the - counter markets . In such a market , market liquidity is provided by dealers and other market participants committing risk capital to trading activity . In the bond market , when an investor buys or sells a bond , the counterparty to the trade is almost always a bank or securities firm acting as a dealer . In some cases , when a dealer buys a bond from an investor , the dealer carries the bond `` in inventory '' , i.e. holds it for their own account . The dealer is then subject to risks of price fluctuation . In other cases , the dealer immediately resells the bond to another investor . Bond markets can also differ from stock markets in that , in some markets , investors sometimes do not pay brokerage commissions to dealers with whom they buy or sell bonds . Rather , the dealers earn revenue by means of the spread , or difference , between the price at which the dealer buys a bond from one investor -- the `` bid '' price -- and the price at which he or she sells the same bond to another investor -- the `` ask '' or `` offer '' price . The bid / offer spread represents the total transaction cost associated with transferring a bond from one investor to another . Investing in bonds ( edit ) Bonds are bought and traded mostly by institutions like central banks , sovereign wealth funds , pension funds , insurance companies , hedge funds , and banks . Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates . They buy the bonds to match their liabilities , and may be compelled by law to do this . Most individuals who want to own bonds do so through bond funds . Still , in the U.S. , nearly 10 % of all bonds outstanding are held directly by households . The volatility of bonds ( especially short and medium dated bonds ) is lower than that of equities ( stocks ) . Thus , bonds are generally viewed as safer investments than stocks , but this perception is only partially correct . Bonds do suffer from less day - to - day volatility than stocks , and bonds ' interest payments are sometimes higher than the general level of dividend payments . Bonds are often liquid -- it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much , which may be more difficult for equities -- and the comparative certainty of a fixed interest payment twice a year and a fixed lump sum at maturity is attractive . Bondholders also enjoy a measure of legal protection : under the law of most countries , if a company goes bankrupt , its bondholders will often receive some money back ( the recovery amount ) , whereas the company 's equity stock often ends up valueless . However , bonds can also be risky but less risky than stocks : Fixed rate bonds are subject to interest rate risk , meaning that their market prices will decrease in value when the generally prevailing interest rates rise . Since the payments are fixed , a decrease in the market price of the bond means an increase in its yield . When the market interest rate rises , the market price of bonds will fall , reflecting investors ' ability to get a higher interest rate on their money elsewhere -- perhaps by purchasing a newly issued bond that already features the newly higher interest rate . This does not affect the interest payments to the bondholder , so long - term investors who want a specific amount at the maturity date do not need to worry about price swings in their bonds and do not suffer from interest rate risk . Bonds are also subject to various other risks such as call and prepayment risk , credit risk , reinvestment risk , liquidity risk , event risk , exchange rate risk , volatility risk , inflation risk , sovereign risk and yield curve risk . Again , some of these will only affect certain classes of investors . Price changes in a bond will immediately affect mutual funds that hold these bonds . If the value of the bonds in their trading portfolio falls , the value of the portfolio also falls . This can be damaging for professional investors such as banks , insurance companies , pension funds and asset managers ( irrespective of whether the value is immediately `` marked to market '' or not ) . If there is any chance a holder of individual bonds may need to sell their bonds and `` cash out '' , interest rate risk could become a real problem ( conversely , bonds ' market prices would increase if the prevailing interest rate were to drop , as it did from 2001 through 2003 . One way to quantify the interest rate risk on a bond is in terms of its duration . Efforts to control this risk are called immunization or hedging . Bond prices can become volatile depending on the credit rating of the issuer -- for instance if the credit rating agencies like Standard & Poor 's and Moody 's upgrade or downgrade the credit rating of the issuer . An unanticipated downgrade will cause the market price of the bond to fall . As with interest rate risk , this risk does not affect the bond 's interest payments ( provided the issuer does not actually default ) , but puts at risk the market price , which affects mutual funds holding these bonds , and holders of individual bonds who may have to sell them . A company 's bondholders may lose much or all their money if the company goes bankrupt . Under the laws of many countries ( including the United States and Canada ) , bondholders are in line to receive the proceeds of the sale of the assets of a liquidated company ahead of some other creditors . Bank lenders , deposit holders ( in the case of a deposit taking institution such as a bank ) and trade creditors may take precedence . There is no guarantee of how much money will remain to repay bondholders . As an example , after an accounting scandal and a Chapter 11 bankruptcy at the giant telecommunications company Worldcom , in 2004 its bondholders ended up being paid 35.7 cents on the dollar . In a bankruptcy involving reorganization or recapitalization , as opposed to liquidation , bondholders may end up having the value of their bonds reduced , often through an exchange for a smaller number of newly issued bonds . Some bonds are callable , meaning that even though the company has agreed to make payments plus interest towards the debt for a certain period of time , the company can choose to pay off the bond early . This creates reinvestment risk , meaning the investor is forced to find a new place for their money , and the investor might not be able to find as good a deal , especially because this usually happens when interest rates are falling . Bond indices ( edit ) See also : Bond market index A number of bond indices exist for the purposes of managing portfolios and measuring performance , similar to the S&P 500 or Russell Indexes for stocks . The most common American benchmarks are the Barclays Capital Aggregate ( ex Lehman Aggregate ) , Citigroup BIG and Merrill Lynch Domestic Master . Most indices are parts of families of broader indices that can be used to measure global bond portfolios , or may be further subdivided by maturity or sector for managing specialized portfolios . See also ( edit ) Bond credit rating Bond fund Bond market Bond market index Collective action clause Debenture Deferred financing costs GDP - linked bond Government bond / Sovereign bonds Immunization ( finance ) Promissory note Short - rate model Penal bond Structured note Market specific Brady Bonds Build America Bonds Eurobond General Criticism of debt Fixed income List of accounting topics List of economics topics List of finance topics References ( edit ) Jump up ^ O'Sullivan , Arthur ; Sheffrin , Steven M. ( 2003 ) . Economics : Principles in action . Upper Saddle River , New Jersey 07458 : Pearson Prentice Hall . pp. 197 , 507 . ISBN 0 - 13 - 063085 - 3 . Jump up ^ Bonds , accessed : 2012 - 06 - 08 Jump up ^ Absolute Priority , accessed : 2013 - 10 - 8 Jump up ^ Harper , Douglas . `` bond '' . Online Etymology Dictionary . Retrieved 2017 - 07 - 23 . Jump up ^ `` UK Debt Management Office '' . Dmo.gov.uk . Retrieved 2012 - 03 - 22 . Jump up ^ `` Affordable Housing Finance '' . Housingfinance.com . Retrieved 2012 - 03 - 22 . Jump up ^ Tap issue at Investopedia Jump up ^ `` Dirty Price '' . Investopedia . Retrieved 8 November 2014 . ^ Jump up to : Jenn , Sarah ( 2015 - 06 - 15 ) . `` UBS Bank to Launch Cryptosecurites Also ? '' . NewsBTC . Retrieved 2016 - 05 - 27 . Jump up ^ Tapscott , Don ; Tapscott , Alex ( May 2016 ) . The Blockchain Revolution : How the Technology Behind Bitcoin is Changing Money , Business , and the World . pp. 72 , 83 , 101 , 127 . ISBN 978 - 0670069972 . Jump up ^ Ross , Rory ( 2015 - 09 - 12 ) . `` Smart Money : Blockchains Are the Future of the Internet '' . Newsweek . Retrieved 2016 - 05 - 27 . Jump up ^ Wigan , David ( 2015 - 06 - 11 ) . `` Bitcoin technology will disrupt derivatives , says banker '' . IFR Asia . Retrieved 2016 - 05 - 27 . Jump up ^ Eason , Yla ( June 6 , 1983 ) . `` Final Surge in Bearer Bonds '' New York Times . Jump up ^ Quint , Michael ( August 14 , 1984 ) . `` Elements in Bearer Bond Issue '' . New York Times . Jump up ^ Benjamin Shepherd . `` A Slice of the Pie '' . InvestingDaily.com . Retrieved 2010 - 01 - 19 . Jump up ^ no byline ( July 18 , 1984 ) . `` Book Entry Bonds Popular '' . New York Times . Jump up ^ Dual currency bond , accessed 2012 - 06 - 08 . Jump up ^ https://web.archive.org/web/20130209161432/http://www.cfo-insight.com/financing-liquidity/loans-and-bonds/enquest-cfo-swinney-on-issuing-first-industrial-retail-bond/ . Archived from the original on February 9 , 2013 . Retrieved February 6 , 2013 . Missing or empty title = ( help ) Jump up ^ http://www.hedgefundonline.com/ Jump up ^ `` Eurodollar deposit '' . Archived from the original on 2008 - 12 - 26 . Retrieved 2009 - 01 - 05 . Jump up ^ Memili , Ümit ( 2012 ) . Baklava Bonds : Sweet Margins in Turkey . Evaluating Turkish Corporate Bonds in Local Currency . p. 117 . Jump up ^ no byline ( 2005 - 12 - 05 ) . `` Ninja loans may yet overtake samurais '' . The Standard . Archived from the original on 2007 - 09 - 29 . Retrieved 2008 - 12 - 09 . Jump up ^ http://lexicon.ft.com/Term?term=bulldog-bond&mhq5j=e2 . Missing or empty title = ( help ) Jump up ^ Batten , Jonathan A. ; Peter G. Szilagyi ( 2006 - 04 - 19 ) . `` Developing Foreign Bond Markets : The Arirang Bond Experience in Korea '' ( PDF ) . IIS Discussion Papers ( 138 ) . Retrieved 2007 - 07 - 06 . Jump up ^ Gwon , Yeong - seok ( 2006 - 05 - 24 ) . `` ' 김치 본드 ' 내달 처음 으로 선보인다 ( Announcement : first ' Kimchi Bonds ' next month ) '' . The Hankyoreh . Retrieved 2007 - 07 - 06 . Jump up ^ Chung , Amber ( 2007 - 04 - 19 ) . `` BNP Paribas mulls second bond issue on offshore market '' . Taipei Times . Retrieved 2007 - 07 - 04 . Jump up ^ Areddy , James T. ( 2005 - 10 - 11 ) . `` Chinese Markets Take New Step With Panda Bond '' . The Wall Street Journal . Retrieved 2007 - 07 - 06 . Jump up ^ Stein , Peter ( 2010 - 11 - 01 ) . `` Dim Sum Bonds ' on the Menu for Foreign Investors '' . The Wall Street Journal . Retrieved 2010 - 11 - 01 . Jump up ^ Moura , Fabiola ( 2011 - 03 - 26 ) . `` Chile Expects More ' Huaso ' Bond Sales in Coming Months , Larrain Says '' . Bloomberg . Jump up ^ `` https://www.bizjournals.com/washington/stories/2003/06/16/daily13.html '' . www.bizjournals.com . Retrieved 2018 - 02 - 09 . External link in title = ( help ) External links ( edit ) Wikimedia Commons has media related to Bond certificates . Bonds links at Curlie ( based on DMOZ ) Estate planner victimized terminally ill , FBI Bond market Bond Debenture Fixed income Types of bonds by issuer Agency bond Corporate bond Senior debt Subordinated debt Distressed debt Emerging market debt Government bond Municipal bond Types of bonds by payout Accrual bond Auction rate security Callable bond Commercial paper Contingent convertible bond Convertible bond Exchangeable bond Extendible bond Fixed rate bond Floating rate note High - yield debt Inflation - indexed bond Inverse floating rate note Perpetual bond Puttable bond Reverse convertible securities Zero - coupon bond Bond valuation Clean price Convexity Coupon Credit spread Current yield Dirty price Duration I - spread Mortgage yield Nominal yield Option - adjusted spread Risk - free bond Weighted - average life Yield curve Yield spread Yield to maturity Z - spread Securitized products Asset - backed security Collateralized debt obligation Collateralized mortgage obligation Commercial mortgage - 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Question: a bond that the issuer has the right to pay off before its maturity date