A financial asset whose owners/ holders are entitled to receive- from the other party, i.e., a borrower/ issuer, a stream of interest payments over the lifespan of the security. Debt securities require the borrower/ issuer to repay the principal amount at maturity or in installments (in addition to interest payments) over their lifespan. Debt securities include bonds, notes, bills, or money market instruments that are issued by governments or the private sector. More specifically, debt securities may come in the form of Treasury bills, corporate bonds, commercial paper, and mortgage-backed bonds (MBB).