Understanding This Table

The Fidelity Bond Yield Table provides a quick and easy way to scan yields across the yield curves of various bond types at various maturities, as well as a quick search of Fidelity's bond inventory. To access other bonds from the Fidelity inventory that might not be shown in this table, select the Individual Bonds tab from the Fixed Income page.

How Bonds are Categorized

Maturities

Each column header in the yield table includes a time to maturity (TTM). These TTMs range from 3 months (3-Mo) to 30 years and beyond (30-Yr+). The table scans Fidelity's aggregated inventory for bonds and yields that meet the stated TTM. Each TTM represents a range of days, as follows:


  3-MO 6-MO 9-MO 1-Yr 2-Yr
Time Range 60-120 days 150-210 days 240-300 days 10 months - 14 months


(315-405 days)
1 year
10 months - 2 years

(675-765 days)

  3-Yr 5-Yr 10-Yr 20-Yr 30-Yr
Time Range 2 years
10 months - 3 years
4 months

(1,020-1,140 days)
4 years
9 months - 5 years
1 month

(1,710-1860 days)
9 years - 10 years
4 months


(3,420-3,780 days)
19 years
2 months - 20 years
2 months

(7.020-7,380 days)
29 years
2 months+



(10,620+ days)

Product Types & Ratings

A range of product types are listed in the left column of the yield table. The first is new issue certificates of deposit (CDs) and the others are various types of secondary bonds. In the case of corporate and municipal bonds, offerings are further sub-divided by Moody's and S&P credit ratings. The letter rating reflected is inclusive of the plus, minus and number modifiers of the same rating. For example, Corporate Aa/AA includes corporate bonds rated Aa1, Aa2, and Aa3 by Moody's, or AA+, AA, and AA- by S&P. Municipal A/A includes municipal bonds rated A1, A2, and A3 by Moody's, or A+, A, and A- by S&P. In instances where a bond is "Split-Rated" (eg: one that is rated A1 by Moody's and AA- by S&P), the bond will be placed in the lower ratings category - i.e. in the row labeled A/A in this example.

Municipal bonds in the rows with the ratings Aaa/AAA, Aa/AA, and A/A include only federally tax-exempt municipal bonds. Municipal bonds in the row labeled Taxable Municipal include only municipal bonds that are federally taxable and cover a rating range from Aaa to A3 from Moody's or AAA to A- from S&P.

Yields

The numerical values in the table in its initial, or "default", view reflect the Highest Yield from the short list of applicable bonds for each column/row intersection of the table (the highest-yielding bond displayed is from the range of bonds specified and was identified from Fidelity's current aggregated inventory).

At the top left of the yield table a link or toggle reading "Highest Yield" will be highlighted. To the right of the Highest Yield is another toggle labeled Median Yield. Clicking on Median Yield will display the median value for bonds meeting the ratings and maturity date selected.

Note that the yield represented is the Yield to Worst (the lesser of the Yield to Maturity and the Yield to Call in the case of a callable bond), although the TTM will always be based on the bond's maturity date. For example, the intersection of Corporate A/A and 2-Yr will scan the current inventory of secondary corporate bonds rated A1, A2, A3 and A+, A, or A- that have a remaining TTM ranging from 675 to 765 days. Pre-refunded bonds will appear with a TTM based on the pre-refunded redemption date. Please note that bonds with partial redemption provisions (such as sinking funds) are not included in the yield table.

Searching the Inventory

Clicking on any yield value in the table displays a list of all the bonds or CDs that meet the product type, ratings range, and TTM criteria you selected, and were identified in Fidelity's aggregated inventory. The Search Results page is sorted by Yield to Worst with the highest-yielding bond shown at the top.

Under the condition of the Median Yield toggle being selected as the view for the yield table, clicking on any yield value in the table will display a list of search results. The Search Results screen will appear with bonds sorted by YTW (highest to lowest), but this time with the median yielding bond(s) highlighted. You may click the "Jump to median yield" link in order to automatically navigate to the highlighted median yield bond(s) in the table.

In rare situations where there is only one eligible bond or CD per Yield Table cell, the yield displayed will remain the same under both the Highest Yield and Median Yield views. In cases where there are only two eligible bonds or CDs per Yield Table cell, the Yield Table will display the lower yielding of the two offerings under the Median Yield view.

Fidelity searches the fixed income marketplace to deliver you a wide selection of products and choice of fixed income inventory. In addition to securities owned by Fidelity Capital Markets Services, a division of National Financial Services LLC, Fidelity may source its offerings from various third-party providers.

Updates

The yields shown in the yield table are updated by an automatic scan of the inventory which is performed every 15 minutes. The time stamp below the table denotes the last update.

When you click on a yield value within the table, that same yield value should appear on the search results screen.

However, there may be instances when the yield value displayed in the yield table is not in sync with the yield value at the top of the search results screen. This is primarily due to the fact that the table is updated every 15 minutes, whereas the inventory and yields shown in the subsequent search can be updated on demand. These differences in yield could be the result of:

  • A change in the price, and resultant yield, of the bond since the most recent yield table update.
  • The bond offering with the highest yield in the table having been sold or withdrawn by the dealer since the last update so that it is no longer available, or is now available at a different price. •
  • A new bond having been offered with a higher yield than the one shown in the yield table since the last update.

Please note that outside of market trading hours, Fidelity's bond inventory is a snapshot of the closing offerings and yields from the previous trading day. The yields displayed on the yield table are reflective of this and remain static until the beginning of the next trading day.

Pop-Out Yield Table

Just above and to the right of the yield table, a link is displayed inviting user to "Pop out the yield table". Upon clicking this link a new browser window will open displaying a smaller version of the yield table as a standalone display. All the same functionality described above for the larger yield table will operate for the smaller pop-out yield table. The key differentiator and benefit of the pop-out yield table is the ability for the user to leave this smaller pop-out table displaying while navigating through the inventory and other areas of the fixed income site on the main browser window. Clicking on rates displayed on the pop-out yield table will display the Search Results table in the main browser window.