{"id":175585,"date":"2020-09-01T19:27:00","date_gmt":"2020-09-01T23:27:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/default-risk\/"},"modified":"2026-06-30T15:28:31","modified_gmt":"2026-06-30T19:28:31","slug":"default-risk","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/default-risk\/","title":{"rendered":"Default Risk"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Already an Interactive Brokers Client?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taCorpsRTP&#038;url=%2Fsso%2Fresolver%3Faction%3DAccountSettings%26config%3DTradingPermissions\" target=\"_blank\" rel=\"noreferrer noopener\">Request Trading Permissions<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>New to Interactive Brokers?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taCorpsAcc&#038;url=%2FUniversal%2FApplication\" target=\"_blank\" rel=\"noreferrer noopener\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n \u00a0\n\n<p class=\"wp-block-paragraph\">A corporate bond&nbsp;is essentially a contract made between an issuing company and an investor, who, unlike a shareholder of a stock, becomes a creditor of that company \u2013 not an equity owner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The basic structure of the contract typically requires that the firm pay the investor all interest payments due over the time the bond is held, as well as the bond\u2019s par value when it matures. If the issuer fails in any way to satisfy this debt service, it will be said to be in&nbsp;default.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/into-to-corp-bonds_lesson-2_1.jpg\" alt=\"corporate bonds contract\" class=\"wp-image-2493 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>If an issuer sells a ten-year corporate bond with a par value of $1,000 at a fixed, annual&nbsp; interest rate, or coupon, of 2.5%, then the investor under these terms must be paid $12.50 every six months over the ten year period, as well as receive the initial $1,000 investment when the bond retires. If any of these payments are missed, the issuer will be&nbsp;in&nbsp;default.&nbsp;&nbsp;&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What happens if a company goes into&nbsp;default&nbsp;or files for bankruptcy?<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/into-to-corp-bonds_lesson-2_2.jpg\" alt=\"\" class=\"wp-image-2495 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a creditor of the company, a corporate bond holder owns a claim on the issuing firm\u2019s&nbsp;assets and cash flows. However, the terms of the bond held will dictate the priority on that claim, and these are based, for example, on whether the bond is secured \u2013 meaning the issuer may have&nbsp;pledged certain collateral such as&nbsp;property, equipment, or other assets that it owns&nbsp;as security&nbsp;\u2014 or&nbsp;if it is&nbsp;unsecured.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Priority claims are generally addressed in the following order:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>First, holders\u00a0of senior secured\u202fbonds\u00a0are paid, then<\/li>\n\n\n\n<li>Those holding senior unsecured\u202fbonds, then<\/li>\n\n\n\n<li>Senior subordinated\u00a0notes, then<\/li>\n\n\n\n<li>Junior subordinated\u00a0notes, then<\/li>\n\n\n\n<li>Convertible bonds, then<\/li>\n\n\n\n<li>Preferred stocks, then<\/li>\n\n\n\n<li>Holders of ordinary stocks.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Holders of corporate bonds are also not the company\u2019s only creditors, considering that&nbsp;it&nbsp;may also have&nbsp;obligations&nbsp;it owes&nbsp;to&nbsp;banks, its customers and suppliers, as well as employees, pensioners, and others, with some possibly competing on the same,&nbsp;or higher priority level,&nbsp;as&nbsp;certain bond&nbsp;holders.&nbsp;Typically, these claims are resolved through the&nbsp;bankruptcy court.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since it is this&nbsp;default&nbsp;risk&nbsp;that a corporate bond investor is typically most concerned with, it is important to conduct a deep&nbsp;analysis of the financial health, creditworthiness, and overall operational strength of the issuing company, as well as the&nbsp;internal and external risks it faces.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/into-to-corp-bonds_lesson-2_3.jpg\" alt=\"\" class=\"wp-image-2496 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before investing in a corporate bond, an investor may ask, for example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What is the company going to use the proceeds from this bond sale for, and will it significantly alter its credit profile?\n<ul class=\"wp-block-list\">\n<li>Is it to finance an acquisition, repurchase stock,\u00a0or\u00a0pay down existing debt at a lower interest rate?<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Has the company been profitable?<\/li>\n\n\n\n<li>Does it have healthy free cash flow?<\/li>\n\n\n\n<li>How well has it been managing its existing leverage?<\/li>\n\n\n\n<li>Where does the bond fall in terms of the company\u2019s priority of payments in the event of bankruptcy?\n<ul class=\"wp-block-list\">\n<li>Is it secured or guaranteed?<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Will U.S.\u00a0interest rates\u00a0make future\u00a0financing or refinancing\u00a0more difficult for the firm?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Other considerations include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The stability, effectiveness and reputation of\u00a0the company\u2019s\u00a0management,<\/li>\n\n\n\n<li>Whether it faces any significant fallout from\u00a0unresolved\u00a0legal actions,\u00a0and<\/li>\n\n\n\n<li>Whether any adverse\u00a0economic or political conditions\u00a0pose a material\u00a0impact\u00a0on\u00a0the firm, or the sector, in which it operates.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A corporate bond investor may also appeal&nbsp;to the analysis conducted by a nationally recognized statistical rating organization (NRSRO) such as&nbsp;Moody\u2019s Investors Service&nbsp;or&nbsp;S&amp;P Global Ratings, which are&nbsp;SEC-approved credit ratings&nbsp;agencies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While&nbsp;we\u2019ll&nbsp;discuss these credit ratings in more depth in a later lesson, it is important to keep in mind that&nbsp;a firm\u2019s credit rating&nbsp;may change over time,&nbsp;depending on the credit conditions of the issuer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This lesson highlights the importance of default risk for corporate bond investors and ways in which it may be addressed.<\/p>\n","protected":false},"author":899,"featured_media":180994,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13125,13128,13132],"class_list":["post-175585","trading-lessons","type-trading-lessons","status-publish","has-post-thumbnail","contributors-categories-interactive-brokers","traders-academy-beginner-trading","traders-academy-level","traders-academy-trading-lesson"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" content=\"If the issuer fails in any way to pay the investor all interest payments due over the time the bond is held, as 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