Bonds

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The bond market is considered as a safe haven for Aussie investors and it’s easy to see why.

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Bonds have earned their safety reputation as they tend to offer the highest and most stable cash streams. There is also a persisting belief among bond investors that it’s the best vehicle for long-term savings. 

Investing in bonds seems easy. But investing well in bonds is a different story. Bonds can be more complicated to handle than they appear to be, and it’s easy to make mistakes that can have costly consequences. 

In this article, we’ll identify the most common mistakes in buying bonds that investors make and provide tips on how to avoid them to help you make better investment decisions.  

1. Betting big on high-yield bonds

The biggest and most common mistake a bond investor can make is relying too much on high-yield bonds. While it’s true that high-yielding (junk) bonds look like a sweet deal, because they historically offer high returns, there’s still a downside to them. 

Investors tend to reach for high-yielding bonds when interest rates are low or have recently declined. Another reason may be that they’re looking for higher yields than their current investments are providing. 

But it’s important to remember that the bonds in a portfolio provide a solid brace or foundation. And while we’re not discrediting the importance of interest payment (yields) from bonds — they certainly are an important factor — you should view your bonds as a steady income provider for when your other investments (such as your stocks) undergo market downturns.

Unfortunately, junk bonds can’t provide this stability to your portfolio. 

When the economy falters and stocks are hurt, junk bonds tend to also sink along with your other investments. Investment-grade bonds, such as Commonwealth Government Securities (CGS) and high-quality corporate bonds, usually can weather through difficult economic storms and may even climb in value when the going gets rough. 

Do not be tempted by higher yields offered by bonds with lower credit qualities. Remember, yield is only one of the many factors that an investor should consider when purchasing a bond, and make sure not to forget that a bond with a higher yield comes with higher risk.

2. Overreacting to interest rate movements

Interest rates and bond prices are observed to have an inverse relationship. This means that as rates rise, bond prices decline, and vice versa. If you choose to invest directly in bonds, you should expect to experience fluctuations over the term of the bond as interest rates fluctuate. Many investors fail to prepare for the price volatility during the period before a bond’s redemption on its maturity date.

With this said, is there a way to protect against this price volatility? The answer is no. But there is a bright side to this: remember that patience pays off with equity investments. If an investor holds a bond to maturity, the bond’s full nominal value will be paid out. For this reason, you should be prepared to maintain your position until the actual date of redemption. If you have to sell before the maturity date, you may suffer a loss if the interest rate moves against you.

3. Paying too much attention to the yield curve

When the yield curve is flat or when the yield between short-term and long-term bond rates is almost the same, some investors make the mistake of switching from long maturities to short maturities. At first glance, this investment strategy makes perfect sense. Why bind your money and deal with the greater risk that comes with long-term bonds if you are not getting higher yields? 

This is a common mistake that short-sighted bond investors make. Longer-term bonds still belong in your portfolio, even when the yield curve is flat or inverted (meaning that short-term bonds have higher yields than long-term bonds), which, thankfully, rarely happens.

As previously mentioned, you must remember that bonds in your investment portfolio provide stability when most of your other assets are experiencing a decline. If the economy weakens (which is usually when an inverted curve makes an appearance) and stocks suddenly hit the gutter, chances are that a good chunk of money will be poured into long-term, high-quality bonds. Interest rates will fall and long-term investment grade bonds will be coveted. Then you’ll have buyer’s (or rather seller’s) remorse and wish you were there to reap the gains.  

4. Disregarding inflation

Inflation can significantly eat into your bond interest payments quite easily. So, when there’s reports of inflation trends, investors need to pay attention.

For example, if inflation rose at an annual rate of 4 per cent, it means that each year it will take a 4 per cent greater return to preserve the same level of purchasing power. This is important especially for investors that buy bonds at or below the current rate of inflation, because they are actually ensuring that they are gonna lose money when they purchase the security.

This doesn’t mean that an investor should steer clear of a low-yielding bond issued by a highly rated corporation. But investors should realise that in order to hedge against inflation, they must get a higher rate of return from other investments in their portfolio such as common stocks and bonds with high yields.    

5. Picking a bond fund based on short-term performance

A bond’s performance in the short term (around one to three years back) may look impressive, but it may not mean anything significant. Usually, a fund’s short-term performance has more to do with the type of bond fund it is than with any investing prowess. 

Let’s look at the performance of a high-yielding bond during a good year. During these times, even a high-yielding but weak-performing bond will likely see impressive figures. If foreign bonds saw a great year, foreign-bond funds would see a rally. If interest rates have recently fallen, all bond funds will look good in investors’ eyes. 

So, don’t be blinded by the shiny, short-term figures. What matters isn’t the “raw” performance but a bond’s performance relative to similar funds. And most importantly, you should check the long-term performance of a bond, which can span to five years and beyond. 

Learn everything you need to know about investing your money. With nestegg, you can get fresh, spot-on information about cryptocurrencies, mutual funds, properties, sharemarkets and other platforms you can use to invest your money effectively. Explore our website today or follow us on our social media channels! 

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The bond market is considered as a safe haven for Aussie investors and it’s easy to see why.

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A 23-year-old student has filed a lawsuit against the Australian government after alleging that it failed to disclose climate change-related risks to investors in the country’s sovereign bonds.

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According to the litigation filed on Wednesday, Kathleen O’Donnell claims investors who buy Australian government bonds should be made aware of the risks the country faces due to climate change, which could put the repayment of the bond at risk.

The claim also alleges that the nation’s economy and reputation in international financial markets will be significantly affected by climate change and how the government responds.

This could lead to bonds facing material risk from climate change, meaning investors should have the information disclosed to them.

By failing to disclose climate change risks to investors, the lawsuit alleged that the Commonwealth of Australia has breached its duty of disclosure and could be misleading or deceiving investors. 

The claim follows a summer where Australia had its most intense bushfires for four months, which killed 33 people and burnt through over 12.5 minion hectares. 

The claim seeks declaration that the Commonwealth breached the law, as well as an injunction from the Federal Court to prevent further promotion of bonds without informing investors about climate change risks. 

Ms O’Donnell owns government bonds that mature in 2050, by which time, should the government fail to enact effective policies, the impacts of climate change are expected to have taken hold.

Australia has more than $600 billion of sovereign bonds on issue, which have been rated as AAA by the three major ratings agencies. 

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A 23-year-old student has filed a lawsuit against the Australian government after alleging that it failed to disclose climate change-related risks to investors in the country’s sovereign bonds.

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Dampening downside risk during a global economic downturn requires active management and informed decisions, writes Justin Tyler.

" ["fulltext"]=> string(6381) "

Australia is in its first recession for 29 years, and for many investors, this is the first time they have had to navigate this investment environment and construct a defensive portfolio that can weather a bear market.

An added challenge for investors is that finding assets that can both mitigate risk and provide consistent returns is more difficult than ever. 

Balanced portfolios have traditionally relied on having a mix of growth and defensive assets, which outperform at various times in the market cycle. However, in recent years the negative correlation between equity and bond prices has been stripped away, as prices often rose in tandem.

Given the current ultra-low interest rate environment, this has created a dilemma for asset allocators, who are concerned about market volatility and declining dividend yields but are having to pay increasingly high prices for low-yielding bonds. When bond yields are low, as they are today, they deliver less income and become inherently less defensive.

Market dislocation

One of the key reasons for the current high prices of many bond investments is the dislocation between global economies and markets.

In recent years we have seen a number of market-changing events that have combined to slow growth in developed economies – coronavirus, the US-China trade war, Brexit – the list is long. This has resulted in more cautious behaviour from both consumers and businesses, and low interest rates have failed to stimulate demand.

However, this risk aversion has not been reflected in asset prices and for many it is hard to reconcile the high pricing and resilience of equity and bond markets with the economic damage brought on by the pandemic.

In its Global Financial Stability Report, the International Monetary Fund (IMF) recently noted the gap between the bullish mood among investors and the huge uncertainties about the extent and speed of economic recovery. 

The IMF cut its forecast for 2020 global economic growth, saying the pandemic has had a much stronger negative impact than previously thought. This highlights the increasing importance for investors of managing downside risks in their portfolios.

Historically bond duration, a feature of longer-dated bonds such as government bonds, has played a crucial role in portfolio construction and diversification, with long-dated bonds typically performing well in periods of market stress and volatility.

However, unconventional monetary easing programs across the globe have stripped away the supply of duration from US bonds markets, making sovereign bonds historically expensive and lowering yields. In fact, in many cases the returns on offer do not even match inflation and in a few countries around the world investors are now committing to receiving zero interest.

So, if equity markets are risky and traditional ‘safe-haven’ assets are not providing the security they once did, how can asset allocators best manage the risk in the current market?

An active approach

We believe long duration as a mainstay of a balanced portfolio needs a rethink. With yields so low on long-dated bonds, it simply doesn’t make sense to commit to locking up capital for a decade or more.

Instead our analysis shows there is a compelling case for asset allocators to reduce equity allocations in favour of cash and short-term corporate credit.  This is particularly relevant for those seeking more reliable income without taking on significantly higher risk, which is possible. 

While investors may be tempted to try to build their own portfolios of fixed income securities, the fixed income universe is enormously diverse and, in many cases, trading is done over the counter, making pricing less transparent than in equity markets.  Bond investment is about avoiding losers – not picking winners – and therefore holding different types of bonds is critical. 

Bond investments also come with interest rate risk and credit risk (or the risk of a borrower defaulting on its debt obligations), so simply investing in the highest-yielding assets at any given time can be a flawed approach which does not justify the risk being taken. 

In our view, it is possible to create a defensive bond portfolio in these challenging markets, but this requires an active, diversified approach to assessing and managing risk. 

Active managers can not only identify opportunities when markets are volatile but also have the skills and know-how to identify signs of distress that may impact a borrower’s ability to repay debt. As the economic downturn continues, the importance of understanding credit risk will only increase.

In addition, diversification as a means of risk management should be on the mind of all investors.  Currently, one of the greatest challenges for bond investors is finding assets with a negative correlation to equities at a reasonable price. Therefore, it is increasingly important for investors to hedge equity exposures with a wider range of defensive asset classes.

A well-diversified bond portfolio should include a number of sectors and regions to mitigate the downside risk if something goes wrong. Investors who do diversify can earn their target yield without risking a sizable portion of their capital.

Justin Tyler is a director of Daintree Capital.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2020-07-14 02:24:35" ["slug"]=> string(52) "15436:bonds-in-the-new-normal-navigating-a-recession" ["event"]=> object(stdClass)#11425 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

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Dampening downside risk during a global economic downturn requires active management and informed decisions, writes Justin Tyler.

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Investors are being urged not to fall into the trap of buying inferior-quality bonds in a low-yielding environment, despite the promises of higher returns, an industry expert has warned.

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During a recent Pitcher Partners function, advisory board chairman of Jamieson Coote Bonds Mark Burgess sounded a timely warning for Australian investors as the level of national debt continues to rise. 

Mr Burgess said silent risks in debt markets were rising given the growth in poorer-quality assets, which he referred to as “covenant lite”, implying weakness in some of the lenders’ protections.

“The ideal time to get your asset allocation right is right now,” he said. “There are unknown risks inside some assets that some investors often don’t fully understand,” Mr Burgess said.

To mitigate against downside risk, Jamieson Coote Bonds specialist bond manager and co-founder Angus Coote told investors to purchase quality AAA-rated government bonds.

This is because exposure to high-grade sovereign bonds can outperform riskier assets such as equities and high-yield credit during periods of market stress given their negative correlation, he explained.

Mr Burgess agreed that adding high-grade bonds alongside other risky assets in diversified portfolios was a crucial measure to get the balance right between risk and return.

He said that “asset managers had benefited from positive tailwinds such as low volatility, central bank support, high corporate growth and the rise of China which had bolstered profits since the 1980s”, but he warned these days were done.

“We have got asset classes that have simply had tailwinds behind them — in private equity, infrastructure and real estate,” he said.

“Every infrastructure manager thinks they’re a genius. I stand here and tell you they’re not.”

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2020-03-09 01:27:17" ["slug"]=> string(51) "14754:buyers-beware-of-silent-risks-in-bond-markets" ["event"]=> object(stdClass)#11436 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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Investors are being urged not to fall into the trap of buying inferior-quality bonds in a low-yielding environment, despite the promises of higher returns, an industry expert has warned.

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int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(65) "/invest-money/bonds/buyers-beware-of-silent-risks-in-bond-markets" ["image"]=> string(51) "images/article-826x550/graph-line-going-down-ne.jpg" ["image_alt"]=> string(12) "bond markets" } [4]=> object(stdClass)#10910 (57) { ["id"]=> int(14796) ["title"]=> string(37) "Reasons to invest in government bonds" ["alias"]=> string(37) "reasons-to-invest-in-government-bonds" ["introtext"]=> string(156) "

Many investment experts recommend adding government bonds to an investment portfolio in order to reap its benefits while limiting risks and losses.

" ["fulltext"]=> string(3067) "

Government bonds are one of the safest assets that you can add to your investment portfolio, but there are other reasons why this asset class should be added to your portfolio.

Consider the top reasons below.

1. Safety and stability
   Government bonds, especially AGBs, are some of the safest and most stable securities you can add to your portfolio – to date, the Australian government has never defaulted on its bonds.
   
   AGBs are investment grade – and so are many international government bonds – which means experts are confident that the bond issuer is not at risk of defaulting.
   
   
2. Assured income
   Majority of government bonds are fixed-income investments, which means investors can expect to receive interest payments regularly.
   
   This assurance also means government bonds offer more liquidity, and they can easily be traded anytime should you need cash quickly.
   
   

3. Lower risk

   The biggest risk in bonds are inflation and interest rates, which are inversely proportional. This means:
   
   When inflation is low, interest rates rise and returns increase, but bond prices decrease.
   When inflation goes up, interest rates decline and returns decrease, but bond prices increase.
   
   Inflation may decrease the value of the accumulated income by the time the bond matures, but using different strategies may ensure that the benefits would outweigh the risks.
   
   For instance, the bond laddering strategy requires investment in bonds with different maturities and reinvesting the principal amount and gains in the next maturing bond. This strategy helps mitigate inflation risk while also ensuring that a portion of your money retains liquidity.
   
   Another thing to note is that there are AGBs that can protect against inflation – the face value of exchange-traded Treasury Indexed Bonds are adjusted quarterly based on the consumer price index.
   
   

4. Liquidity

   Government bonds are offered in the primary market as large parcels worth at least $1 million, but AGBs may also be purchased in smaller parcels in the secondary market.
   
   AGBs are listed in the Australian Securities Exchange in the form of CHESS depositary interests (CDIs), and this allows retail investors to gain beneficial ownership of small parcels. 
   
   Since smaller parcels allow retail investors to participate in holding AGBs, offering them as CDIs produces a greater demand from investors and increases its liquidity.
   
   

5. Tax benefits

   Some AGBs benefit from tax exemptions. However, not all AGBs are created equal, and some tax conditions differ depending on the bond issuer.
   
   For instance, municipal bonds may only receive a tax exemption at the municipal level, while some AGBs may offer a full tax exemption on its earnings.

Explore nestegg to learn more about bonds and other debt securities.

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Consider these top reasons to invest in AGBs." 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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-17 02:41:34" ["slug"]=> string(43) "14796:reasons-to-invest-in-government-bonds" ["event"]=> object(stdClass)#11447 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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Many investment experts recommend adding government bonds to an investment portfolio in order to reap its benefits while limiting risks and losses.

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["alias"]=> string(45) "what-is-credit-investing-and-how-does-it-work" ["introtext"]=> string(188) "

A well-diversified investment portfolio typically includes credit investments to balance risk and return. Here’s what you need to know about credit investing and how it works. 

" ["fulltext"]=> string(5011) "

Credit investing refers to investment in credit or debt instruments – it’s basically what institutional, professional and independent investors do when they include debt securities in their portfolio.

Debt securities can be used as defensive assets to protect your investment portfolio against market volatility and inflation – and you may already be doing it if you’re a bondholder.

Credit investing can be a good way to balance risk in your portfolio, but bonds aren’t the only products you can access.

Here’s what you need to know about credit investments and how it works.

Debt v equity investment

A diversified investment portfolio that is aimed at maximising returns and minimising risk typically includes both debt and equity investments to balance risk and return.

Debt investments function like an IOU because the bond issuer promises bondholders steady interest payments for a fixed period and full payment of the debt upon maturity. Investing in debt securities, such as bonds, is a good way to preserve their capital while earning a fixed income.

Equity investment refers to investments in publicly listed entities or companies whose equity shares are traded in exchanges. The shares investors purchase entitle them to partial or beneficial ownership in the underlying asset.

How debt securities work

Most debt securities work like bonds – with the issuer promising to pay an agreed interest on the borrowed money periodically until maturity when they must pay the face value. However, the income derived from bonds may be greater or lesser than expected depending on the type of interest rate on offer.

• Fixed-rate securities apply the same coupon rate for the entire life of the bond despite market fluctuations. This is the simplest and most common type of bond.
• Floating-rate securities refer to debt securities with coupon rates that move according to benchmark rates, such as the bank bill swap rate. This movement offers protection from the effects of inflation.
• Zero-coupon securities are debt securities that do not pay out the published coupon regularly. Instead, the issuer keeps the expected coupon payments for the duration of the bond and only pays everything – all coupon payments and the face value – upon maturity or redemption.

Note that investors must still pay tax on the coupon each year even if they don’t receive it.

Common types of debt investments

Bonds
Adding bonds to an investment portfolio is a good defensive measure to counter the volatility of equities; however, not all bonds guarantee protection and consistent returns. 

• Australian government bonds
  Government bonds are debt securities issued by municipal, state and national governments through their respective treasury departments. 
  
  Most government bonds are fixed-term fixed-income investment assets, but they are generally safer than other debt securities because the issuers are government entities.
  
  
• Corporate bonds
  A corporate bond is a debt security that corporate entities issue as a way to raise money for their endeavours. Investors who purchase the bond are, in essence, lenders to the issuing companies.
  
  There are different types of corporate bonds with varying conditions and exposure to risk. But while the safety of your money isn’t always guaranteed, corporate bonds often offer higher interest rates – exercise due diligence and choose wisely.

Commercial paper
Commercial paper refers to short-term unsecured debt securities issued by corporate entities that are usually issued at a discount from its face value.

Mortgage-backed security
Mortgage-backed securities (MBS) are similar to bonds, but instead of lending money to government or corporate entities, the investor lends money to home buyers without being the actual lenders.

That is, home buyers still take out home loans from banks and similar lenders, but these lenders pool different home loans together and sell the mortgages at a discount to be packaged as MBS. The MBS are then sold to investors who will receive coupon payments periodically until maturity – similar to bonds.

Distressed debt investing
Distressed debt investing is similar to buying bonds but with a focus on purchasing debt investments that are trading at a significant discount because the underlying entities are at a risk of bankruptcy.

These types of assets are considered below investment grade and are therefore high-risk investments.

Explore nestegg to learn more about investing.

 

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A well-diversified investment portfolio typically includes credit investments to balance risk and return. Here’s what you need to know about credit investing and how it works. 

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"" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#11485 (33) { ["id"]=> int(4) ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> int(2351) ["ordering"]=> int(1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11114 (3) { ["data":protected]=> object(stdClass)#11112 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11113 (3) { ["data":protected]=> object(stdClass)#11141 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" 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int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> int(2351) ["ordering"]=> int(2) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11109 (3) { ["data":protected]=> object(stdClass)#11143 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11140 (3) { ["data":protected]=> object(stdClass)#11145 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) 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object(stdClass)#11150 (1) { ["options"]=> object(stdClass)#11148 (2) { ["options0"]=> object(stdClass)#11147 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#11149 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11144 (3) { ["data":protected]=> object(stdClass)#11152 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#11390 (33) { ["id"]=> int(5) ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> int(2351) ["ordering"]=> int(4) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11146 (3) { ["data":protected]=> object(stdClass)#11154 (4) { ["buttons"]=> string(0) "" 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NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#11493 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11153 (3) { ["data":protected]=> object(stdClass)#11158 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11155 (3) { ["data":protected]=> object(stdClass)#11160 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(65) "/invest-money/bonds/what-is-credit-investing-and-how-does-it-work" ["image"]=> string(52) "images/article-826x550/australian-coins-stack-ne.jpg" ["image_alt"]=> string(16) "credit investing" } }