[The objective of this glossary is to have terms definitions so we can cross reference with the Taxonomy map and elsewhere]
Bonds
A bond is a fixed income instrument that represents a loan made by an investor to a borrower for a determined period of time and in which the borrower pays the lender a coupon (annually or semiannually) and the face value at the end of the period (bullet) or following an agreed amortizing schedule (amortising). Bond are called fixed-income instruments because returns are fixed. Compared to Equity instruments, bonds do not carry any kind of ownership of a company and therefore rank senior to equity instruments. Bonds represent the largest segment of capital markets in terms of size ($100.13 trillion in 2017 according to Wikipedia).
Corporate
High Yield ("HY" or Junk)
High Yield describes the bonds that are rated BB+ or below by rating agencies, denoting a higher probability of default (high risk product). Given the higher risk, High Yield bonds bear a higher coupon.
Investment Grade - ("IG")
Investment Grade describes the bonds that are rated BBB- or above by rating agencies, denoting a lower probability of default. Given the safer nature of the instrument, the investor base is more broad compared to High Yield bonds, and it is normal to see insurance and pension companies buying this type of bonds as for these investors it is more important to preserve capital.
Municipal
Sovereign
Financials FIG
FIG stands for Financial Institutions, In capital markets practice, FIG is the sector that represents Banks, Insurance and Pension companies, Asset Managers and Brokerage firms.