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Definition of Agency BondDownload Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others
ExplanationAgency Bonds issued by organizations, namely, Government National Mortgage Association (popularly known as Ginnie Mae), Federal National Mortgage Association (popularly known as Fannie Mae), and Federal Home Loan Mortgage Association (popularly known as Freddie Mac). However, both federal agencies issued agency bonds that are explicitly backed by the government, making them equivalent to risk-free US Treasury securities, but also by government-sponsored enterprises (GSE), which are enacted through government charter. Agency Bonds are an important component of the US Debt market and contribute a substantial share after US Treasuries, Corporate Bonds, and Mortgage-Backed Securities.
Characteristics of Agency BondSome of the common characteristics of an Agency are enumerated below:
Investors receive a fixed interest rate on Agency Bonds, which issuers typically pay semi-annually.
The issuer of Agency Bonds typically pays them in a lump sum as a bullet payment at the end of the maturity, and they are generally non-callable.
The credit quality of Agency Bonds is Investment grade; However, issuers offer a relatively higher relative yield on such Agency Bonds than the yield offered on US Treasuries.
Interest rate risk is inherent in these bonds, and most agency bonds are tax-exempt, which means that investment in these bonds results in tax savings for the investor.
How does Agency Bond Work?An agency Bond usually issues like a normal bond with a minimum investment in most cases starting from $10000 and in denominations of $5000 each after that. The payment of interest coupons on these bonds is usually fixed; however, sometimes, these are floating, with most of them linked to an external benchmark rate such as LIBOR.
Usually, Agency bonds are issued to meet the financing needs of these corporations and federal agencies (short to medium term), and sometimes agency bonds can take the form of a Zero Coupon Bond as well.
Example of Agency BondIn the below example, we are showing a Medium-Term Bond issued by Fannie Mae with a callable feature as shown below:
Issue Amount $20,000,000
Issue Date 1st Jan 2023
Maturity Date 31st Dec 2024
Coupon Rate 3 percent
Payment Frequency Semi-Annual
Callable Yes
Call ability Feature enables date 2 years from the Issue date, i.e., 1st Jan 2023
Call Price 101 percent of the principal, along with Interest amount accrued
In the above example, the issuer has issued a Medium-term Agency bond with a callable feature that enables them to redeem the Bond if interest rates are favorable after the call redemption is permitted. Due to the call ability feature, the yield offered is higher than a non-callable Agency bond of the same tenor for the investors of these bonds.
Types of Agency BondThere are various types of Agency Bonds issued by Issuers. These Agency Bonds can segregate based on the time horizon and synthetic features. A few popular ones are below:
Short Term Notes: The Short Term Note bonds issue with maturity ranging from as low as one day to a maximum maturity of up to one year.
Medium-Term Notes: Also known as MTNs, they usually issue maturity ranging from one year above to up to ten years in some cases.
Zero-Coupon Bonds: Zero-Coupon Bonds normally issue at deep discounts, with the principal amount repaid at maturity and no cash interest flow in the form of coupons.
Callable Bonds: Issuers include callable features in these bonds, enabling them to recall the bonds before maturity at a predetermined price after a certain period has elapsed.
Fixed Coupon paying Bonds: The most common type of Agency bond carries a fixed coupon rate payable on a semiannual basis with the principal repayment on maturity.
Agency Bond Risk Advantages
It provides a high level of liquidity, making it easy for the holders to liquidate the investment in a short time frame and without many bids ask spread.
This carries a lower level of risk compared to Corporate Bonds.
It offers a better return than US Treasuries and carries an Investment grade rating scale.
Agency Bonds offer to return lower than Corporate Bonds and carry high-interest rate risk in a rising interest rate scenario.
Although Agency Bonds carry less risk than Corporate Bonds, these bonds still carry substantial risk compared to US Treasuries, which are risk-free.
ConclusionAgency Bonds offer a stable return to investors with a medium risk appetite and add diversification to the portfolio of investors comprising stocks and other fixed-income instruments. These bonds suffer from interest rate risk just like other bonds; despite the systemic risk about the general interest rate, these bonds are a good addition to create a diversified portfolio and offer a return above US Treasuries.
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How Does Internal Controls Work With Objectives?
Introduction to Internal Controls
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Internal controls are the various procedures and steps implemented by different business firms to ensure the highest integrity of their financial and accounting information and to promote accountability. Internal controls also come in handy to detect the concern areas of fraud and stop them from happening. Apart from the above-discussed functions, internal controls also come to use in operational efficiency, which enhances the accuracy and timeliness of financial reporting.
Objectives of Internal ControlsThe objectives of internal controls are as follows:
To make sure every transaction gets systematically recorded on a sequential basis.
Grant enough security to the company’s assets to prevent them from being used unauthorizedly.
To compare assets recorded in the books with the existing ones and to this in a fixed interval to find any discrepancy.
To systematically evaluate the complete accounting process used in the authorization of transactions?
Conduct proper checks and controls to review if the entire organization is in good shape and to find any loopholes.
To make sure optimum utilization of resources is taking place within the firm.
Ensure the financial statements are prepared following the accounting concepts and principles guidelines.
Principles of Internal Controls
The first and foremost principle of accounting control is establishing responsibilities.
Maintaining records in sequential order is very important.
The segregation of duties is also an essential principle of accounting control.
Rotation of employees on a mandatory basis is needed.
The usage of technology control is a must.
Regular independent audits or reviews must be conducted.
Insuring assets must be done by bonding with key employees.
How does it Work?Internal controls are guided by the Sarbanes-Oxley Act of 2002 when there were a lot number of fraud cases reported in early 2000 at many US companies. Corporate governance came under a lot of pressure, where managers were responsible for the financial reporting, and an audit trail was created. Managers who were found guilty of any discrepancy were penalized and faced criminal penalties.
Components of Internal Control
It is essential to the other four components and sets up the structure at the top of a business firm and decides on the discipline and design of the organization.
Risk Assessment: Identification and analysis of risk which could stop a firm from achieving its goals.
Control Activities: These are the steps and procedures to ensure the organization that all the directives given by the management are being followed.
Information and Communication: This is related to the timely transfer of information that helps other employees perform their responsibilities.
Monitoring: This is conducted by top management, enabling them to see that all controls are well in place and performed without any gap.
Examples 0f Internal Control
Bank Reconciliations: One very basic example of internal control can be bank reconciliations, where the records of all payments and receipts which are recorded in a business ledger are reconciled to the bank statement to see if there is any discrepancy.
Audit: Audit is one of the most prominent examples of internal control. An external party is hired to give their opinion on the accuracy and integrity of the company’s books of account.
Procurement Policies: One area where internal control can be applied is the company’s procurement policies. The firms can establish a set mechanism and vendor list to procure the required items and demonstrate a thorough check on them.
Responsibilities of Internal ControlsThe responsibilities of internal controls are as follows:
The CEO is the prime connect for applying internal control and makes sure he passes practical directives to his managers to conduct the business.
Internal controls ensure there is no scope for fraud in the system and prevent it from happening.
Internal control ensures that the financial and accounting information has the highest integrity and reliability.
Internal controls assure that all the necessary accounting principles have been followed.
It also protects the interest of the stakeholders who have invested in the company.
Scope of Internal Controls
The scope of internal control is for the firm’s overall governance and may reach broader areas like risk management and technology control.
It ensures that accounting transactions are reliable and recorded by following the accounting principles.
It is related to the distribution of authority and has a scope in the organization’s decision-making process.
Limitations
The Control system may turn out to become redundant with time.
It may not prevent the collusion of two or more people.
It still cannot fully safeguard a firm from human error.
Most of the controls will tend to go towards transactions of the usual nature.
It also bears a cost to implement the same in the business.
ConclusionInternal control forms the crux of any business if appropriately applied. Indeed the benefits of it are a lot more than the limitations it faces. Internal controls instill the concept of assurance and reliability in the firm, and stakeholders also find such firms reliable enough to park their savings.
Recommended ArticlesThis is a guide to Internal Controls. Here we also discuss internal controls’ objectives and principles, with scope and responsibilities. You may also have a look at the following articles to learn more –
How Does Character Ai Work?
Discover the innovative chatbot web application, chúng tôi that offers endless opportunities for learning and fun. Interact with hundreds of AI bots, create unique characters, and explore different possibilities for free.
Character.AI is an exciting chatbot web application that uses a language model to generate human-like responses and engage in contextual conversations. Users can create unique AI characters and interact with popular fictional characters, world leaders, singers, actors, and more. The beta model was made available to the public in September 2023, and it offers endless possibilities for learning and fun. It was built by previous LaMDA developers Noam Shazeer and Daniel De Freitas. The website offers hundreds of AI bots, whether they are fictional characters to chat with for fun or AI bots that can help users write a story, learn a language, or improve their interviewing skills. Users can even play games using Character. AI.
Also read: How To Bypass chúng tôi NSFW Filter
To use Character AI, simply visit the website.
Choose a character you want to talk to.
Fill in the required information for Quick Creation or Advanced Creation.
Provide a name for the character, which will be used to refer to them in chat and for discovery by other users.
Write a greeting message that the character will use to introduce themselves.
Upload an avatar image with a square aspect ratio, which will appear next to the character during conversations.
After creating the character, you can chat with them and refine their attributes by opening the character settings. The AI’s personality is shaped by descriptions from the character’s perspective, their welcoming message, and dialogues that are turned into examples and adjusted to fit the desired dialect and identity. The AI learns from vast amounts of text data to generate contextually appropriate responses.
Character.AI offers a variety of features that make it a unique and innovative chatbot web application. Here are some of the key features:
Advanced Creation: The Advanced Creation option provides a more in-depth experience, allowing you to customize your character’s personality, responses, and more. You can choose from various voice and language options, design your character’s appearance, and even add custom animations.
Chat with famous personalities: Character AI offers an impressive selection of famous personalities to chat with, including Elon Musk, Pikachu, and God. With the ability to ask questions and engage in conversations, Character AI provides a unique and immersive experience.
No Sign-Up Required: You can try Character AI without signing up, but signing up or logging in provides a better experience. You can access additional features and create more characters by providing your email address and password.
Email Verification: After signing up, you must verify your email to access all of Character AI’s features.
Character AI can be used for a variety of purposes, including practicing social situations such as job interviews, learning a new language, improving interviewing skills, and playing games. Users can develop their own chatbots with distinct characteristics and submit them to the community for others to interact with. The platform offers hundreds of AI bots, ranging from fictional characters to chat with for fun to bots that can help with writing a story. The AI-generated characters can also be used for customer service, education, and entertainment purposes. Additionally, it can be used to generate text responses that sound like those of real people and engage in natural conversation.
With Character AI, users can create and chat with unique characters, including famous personalities like Elon Musk, Pikachu, and God. Whether you choose the Quick Creation or Advanced Creation option, creating a character is a simple and intuitive process. By verifying your email, you can access all of Character AI’s features and immerse yourself in an interactive and engaging experience.
Can I chat with more than one character at a time? Yes, you can create and chat with multiple characters simultaneously.
Can I change my character’s name or appearance after creation? Yes, you can edit your character’s name and appearance at any time in the “Edit Character” section.
Can I share my character with others? Yes, if you set your character’s visibility to “Unlisted,” you can share the link with others to chat with your character.
Can I teach my character new responses? Yes, using the Advanced Creation option, you can program your character with new responses and even create custom animations.
Is Character AI free to use? Yes, Character AI offers a free plan with limited features. However, signing up or logging in provides access to additional features and characters.
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Does Pixel Watch Work With Iphone? Does It Support Ios?
After years of anticipation, Google has finally unveiled its own wearable – the Pixel Watch. The smartwatch comes with a circular Always-on display, built-in speaker and microphone, NFC, built-in GPS, compass, and a bunch of health sensors including an optical heart rate sensor, blood oxygen sensor, and a multipurpose electrical sensor. The Pixel Watch runs on Wear OS 3.5, an operating system that many may have been familiar with most non-Apple smartwatches.
If you’re already impressed and want to buy one, one thing you might wonder is whether the Pixel Watch can work with your iPhone which is what we’ll try to explain in this post.
Does Pixel Watch work with an iPhone?
Unfortunately, the answer is no. On the Pixel Watch Help page, Google clearly states that iOS devices aren’t supported to connect with the Pixel Watch. Google has gone the Apple route by limiting the compatibility of the Pixel Watch to just phones that run on Android, similar to how Apple Watches can only be paired with an iPhone.
Which phones support Pixel Watch?
In order to set up a Pixel Watch, you need to own an Android phone that runs on Android 8.0 or higher. This means you may be able to use a Pixel Watch not just with new Android phones but also the older ones. Since the current line of Android phones run on Android 13, you can essentially pair your Pixel Watch with an Android device that came out even 3-4 years earlier.
You can thus use the Pixel Watch with any Android phone as long as it’s signed in to a Google account. The wearable will thus work on any Android phones released in 2023 or later which includes all Google Pixel phones as well as devices from Samsung, Oppo, OnePlus, Xiaomi, Motorola, Nokia, Vivo, and Sony.
Can you use Pixel Watch without an Android phone?
No. To set up your Pixel Watch, you need an Android phone running Android version 8.0 or higher along with the Google Pixel Watch app that’s only available on the Google Play Store.
Even if you manage to use an Android device for the initial setup, you won’t be able to use the Pixel Watch with an iPhone since there’s no dedicated Google Pixel Watch app for iOS. In order to customize different elements like watch faces, notifications, preferences, and other settings, you will require the Google Pixel Watch app that’s installed on an Android device.
Can I set up Pixel Watch with Fitbit or Wear OS apps on iOS?
No. Unlike Fitbit wearables or Wear OS smartwatches in the past, the Pixel Watch cannot be set up using the Fitbit app or the Wear OS app on an iPhone. Google has developed a Google Pixel Watch app to specifically work with its new Pixel Watch and this app isn’t available on the App Store on iPhones.
Will my iPhone support the Pixel Watch in the future?
For a long time, Google offered the Wear OS app on iOS and Android to connect and pair Wear OS smartwatches from major wearable makers. Although the Pixel Watch runs on the Wear 3 operating system that launched a year ago for Wear OS devices, Google has decided to limit support for its own wearable in such a way that it can only be used with the Google Pixel Watch app.
Similar to how Apple Watches can only be paired with an iPhone, the Pixel Watch will also work only on Android and we don’t expect this to change anytime soon. While new Wear OS devices may continue to remain supported on iPhone’s Wear OS app, the Pixel Watch probably wouldn’t be compatible with iOS for the foreseeable future.
That’s all you need to know about whether the Google Pixel Watch supports iPhone and iOS.
How Does Redirect Work In Javascript?
Introduction to JavaScript Redirect
JavaScript redirect is the process of sending requests form one page to another page through accessing the corresponding URL (Unified Resource Locator). Redirecting URL is also used for sending the user from one URL to another URL. location is the function used in JavaScript to redirect at the specific URL.
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Real Time Scenario:
Advantage:
We can add more information within a single page by this URL redirect.
Pre-requisites:
Basic HTML
Basic JavaScript
How does Redirect Work in JavaScript?JavaScript redirect is working based on different types of redirect methods. Each redirect has its own specification.
Syntax:
location = "URL";Description: It will set the new location for the current window.
location.href = "URL";Description: It will set the new href for the current window.
location.assign("URL");Description: It will assign the new URL to the current window.
location.replace("URL");Description: It will replace the current window location with a new location.
location = "URL";Description: It will just set the current window location itself.
location = "URL";Description: It will set the topmost window location with a current window location.
Note: The difference between href and replace method is replace() method removes the URL of the current document from the document history, means it is not possible to use the “back” button for navigating to the original document.
Examples of JavaScript RedirectGiven below are the examples mentioned:
Example #1Window location URL.
h1 { text-align: center; color: green; } p { font-size: 28px; border: solid 3px blue; color: maroon; } page to other page through accessing the corresponding URL (Unified Resource Locator). Redirecting URL is also used for sending the user from one URL to another URL. Window.location is the function used in website, while I am reading, I have some doubts with specific topics. Instead of providing everything there itself, we can simply summarize the topic and in between doubtable points can be provide with URL window.location = url;
Output:
After few milliseconds (1sec) moved to URL:
Example #2Window Location Redirect with Time Limit.
Code:
h1 { text-align: center; color: brown; } p { font-size: 28px; border: solid 3px red; color: green; } input { text-align: center; color: navy; } button { font-size: 22px; font-weight: bold; color: white; background: lightblue; } page to other page through accessing the corresponding URL (Unified Resource Locator). Redirecting URL is also used for sending the user from one URL to another URL. Window.location is the function used in website, while I am reading, I have some doubts with specific topics. Instead of providing everything there itself, we can simply summarize the topic and in between doubtable points can be provide with URL Type URL :<input type=”text” name=”url” function getMyRedirectURL() { var url = document.getElementById(“urlID”).value; document.write(“It will redirect within 3 seconds…..please wait…”);//it will redirect after 3 seconds setTimeout(function() { window.location = url; }, 3000); }
Output:
Example #3Replace Function URL.
Code:
h1 { text-align: center; color: navy; } p { font-size: 28px; border: double 2px teal; color: lime; } input { text-align: center; color: fuchsia; } .button { text-align: center; } button { font-size: 22px; font-weight: bold; color: white; background: red; } page to other page through accessing the corresponding URL (Unified Resource Locator). Redirecting URL is also used for sending the user from one URL to another URL. Window.location is the function used in website, while I am reading, I have some doubts with specific topics. Instead of providing everything there itself, we can simply summarize the topic and in between doubtable points can be provide with URL function getMyReplaceFun() { }
Output:
Recommended ArticlesThis is a guide to JavaScript Redirect. Here we discuss the introduction to JavaScript Redirect, working, and examples respectively. You may also have a look at the following articles to learn more –
How Does Sprintf Work In Python?
Definition of sprintf in Python
The sprintf is a function to display the output of the given input using a python programming language.
The sprintf is a print function to shows the output of the format strings in the python language.
It is a coding element to assigns the “f get” method and displays string format output.
The sprintf is a print element to contain string – buffer data of the application and display in the string format using python technology.
The sprintf is a function similar to print, vprint for display buffer output hustle-free.
The python programming language is using the sprintf function to declare argument and constructor elements.
It is an output function to displays all data types like string and array elements.
Syntax:
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The sprintf python works with different data types, lengths of the data, and width.
It has used the percentage sign (%) before the type of the data.
The basic syntax of a sprintf shows below.
% [FLAG WIDTH. (DOT) PRECISION] TYPE
The sprintf python is using the “print” keyword to display output.
print("% [flag width . (dot) precision] type" % (value or object))
The sprintf is used precision and type depends on the data type of the variable. This syntax helps to assign a signed decimal number. The length value of a decimal is 2.
%2d
This syntax helps to assign a binary number. The length value of binary is 4.
%4b
This syntax helps to assign a floating number. The length value of a decimal is 2.1.
%2.1f or %2.1F
This syntax helps to assign ASCII values.
%c
This syntax helps to assign unsigned decimal values.
%u
This syntax helps to assign an octal number.
%o
This syntax helps to assign a hexadecimal number.
%x OR %X
This syntax helps to assign scientific notation of a lowercase.
%e
This syntax helps to assign scientific notation of an uppercase.
%E
This syntax helps to return the type of data format.
%%type How does sprintf work in Python?Download python software from the respective website. Create a page with the dot (.) py extension. The file name is the “function.py” to write a python program. Create a variable with initializing the required data type value.
Varble_name = 34Use the print keyword for the string format of the sprint python.
print (write sprint format)Use percentage sign to return value.
print (" text : %d ")Display length of the variable or value before data type.
print (" text : %2d ")Display the type of the variable value in the format helping of the sprint. Use parameter of the percentage sign to end of the sprintf function end. Add variable to interconnect return function and application data.
print (" text : %2d " % (Varble_name))Use direct value in sprint function to display decimal value.
print("decimal number : %2d " % (7))Use float type with sprintf formatted value in the return function.
print("Float number : %5.2f" % ( 23.11))Combine the working procedure of the sprintf python to better understanding.
x = 34 print ("decimal number : %2d " % (x)) print ("decimal number : %2d " % (7)) print ("Float number : %5.2f" % ( 23.11)) Examples Example #1 – BasicCode:
e_var = 34 print ("decimal number: %2d " % (e_var)) print ("decimal number: %2d " % (7)) print ("Float number: %5.2f" % ( 23.11)) print ("Float number: %5.4f" % (e_var)) print ("Octal number: %5o" % (e_var)) print ("Octal number: %3o" % (42))Output:
Example #2 – With different typesCode:
e_var = 341234673 print ("decimal number: %d " % (e_var)) print ("Float number: %f" % (e_var)) print ("Float number: %F" % (e_var)) print ("unsigned decimal number: %u" % (e_var)) print ("Octal number: %o" % (e_var)) print ("first string value: %s" % (e_var)) print ("second string value: %s" % ("string data")) print ("first hexadecimal value: %x" % (e_var)) print ("second hexadecimal value: %X" % (e_var)) print ("ASCII value: %c" % ("A")) print ("lowercase scientific notation: %e" % (e_var)) print ("uppercase scientific notation: %E" % (e_var)) print ("first value: %g" % (e_var)) print ("second value: %G" % (e_var))Output:
Example #3 – With positive and negative value e_var = 341234673 f_var = -341234673 print ("decimal number: %d " % (e_var)) print ("decimal number: %d n " % (f_var)) print ("unsigned decimal number: %u" % (e_var)) print ("unsigned decimal number: %u n" % (f_var)) print ("Octal number: %o" % (e_var)) print ("Octal number: %o n" % (f_var)) print ("first hexadecimal value: %x " % (e_var)) print ("first hexadecimal value: %x n" % (f_var)) print ("second hexadecimal value: %X " % (e_var)) print ("second hexadecimal value: %X n" % (f_var)) print ("lowercase scientific notation: %e" % (e_var)) print ("lowercase scientific notation: %e n" % (f_var)) print ("uppercase scientific notation: %E" % (e_var)) print ("uppercase scientific notation: %E n" % (f_var)) print ("first value: %g" % (e_var)) print ("second value: %G" % (f_var))Output:
Example #4 – With different lengthCode:
e_var = 341234673 f_var = -341234673 print ("decimal number: %2d " % (e_var)) print ("unsigned decimal number: %1u n" % (f_var)) print ("Octal number: %2o n" % (e_var)) print ("first hexadecimal value: %1x " % (e_var)) print ("second hexadecimal value: %5X n" % (e_var)) print ("lowercase scientific notation: %2e" % (e_var)) print ("uppercase scientific notation: %1E n" % (f_var)) print ("Float value: %2.1f" % (e_var)) print ("Float value: %1.2f n" % (f_var)) print ("Octal value: %2o" % (e_var))Output:
Conclusion
It is easy to return data in any format per application requirement.
It helps to create web applications attractive, understandable, and user-friendly.
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