Tenor

Tenor refers to the original maturity of a bond at issuance and serves as a key classification attribute for maturity buckets, supporting the analysis of duration risk, yield sensitivity, and investment horizon.

Tenor should not be confused with remaining maturity, which reflects the time left until a bond’s maturity date and decreases over time.

Bonds are classified into the following categories according to their tenor:

Short-term

• ≤ 1 year
• 1–2 years
• 2–3 years

Medium-term

• 3–5 years
• 5–7 years

Long-term

• 7–10 years
• 10–20 years
• 20–30 years
• 30+ years (includes perpetual)
  
  

Notes

Embedded features such as call, put, sink, or extend options are not considered when determining tenor.