Fixed rate bonds pay a pre-defined interest that are payable at specified intervals. Such bonds are also called as the plain vanilla bonds.
Bonds whose coupon rate is not fixed, but reset with reference to a benchmark rate, are called floating rate bonds. The other names, by which floating rate bonds are known, are variable rate bonds and adjustable rate bonds.
Inflation Indexed Bonds (IIB) are a category of floating rate bonds where the bench mark is the inflation rate. Such instruments are generally government securities issued by the RBI which provides inflation protected returns to the investors.
The structure of some bonds may be such that the principal is not repaid at the end/maturity, but over the life of the bond. A bond in which payments that are made by the borrower includes both interest and principal, is called an amortising bond.
Auto loans, consumer loans and home loans are examples of amortising bonds. The maturity of the amortising bond refers only to the last payment in the amortising schedule, because the principal is repaid over time i.e. redemption in more than one instalment.
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