Tenor

Tenor — the lifespan of a bond, deposit, or loan: the time from issuance until principal is returned. RTB-31’s tenor is 5 years; T-bills run under a year; some FXTNs run 10–25. Longer tenors usually pay more, but their prices swing harder when rates move — the seed of bond math that Level 2 grows into a full lesson.

First used in: 1.4 · The PH cheat codes: MP2, PERA, RTBs