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<title>Maturity (finance)</title>

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<p>In finance, <b>maturity</b> or <b>maturity date</b> is the date on which the final payment is due on a <a href="Loan" title="Loan">loan</a> or other <a href="Financial_instrument" title="Financial instrument">financial instrument</a>, such as a <a href="Bond_(finance)" title="Bond (finance)">bond</a> or <a href="Term_deposit" class="mw-redirect" title="Term deposit">term deposit</a>, at which point the <a href="Bond_(finance)#Principal" title="Bond (finance)">principal</a> (and all remaining <a href="Interest" title="Interest">interest</a>) is due to be paid.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>

</p><p>Most instruments have a <i>fixed maturity date</i> which is a specific date on which the instrument matures. Such instruments include fixed interest and variable rate loans or debt instruments, however called, and other forms of security such as redeemable preference shares, provided their terms of issue specify a maturity date. It is similar in meaning to "redemption date".

</p><p>Some instruments have <i>no fixed maturity date</i> which continue indefinitely (unless repayment is agreed between the borrower and the lenders at some point) and may be known as "perpetual stocks". Some instruments have a range of possible maturity dates, and such stocks can usually be repaid at any time within that range, as chosen by the borrower.

</p><p>A <i>serial maturity</i> is when bonds are all issued at the same time but are divided into different classes with different, staggered redemption dates.

</p><p>In the financial press, the term "maturity" is sometimes used as shorthand for the security itself, for example, <i>In the market today the yields on ten-year maturities increased</i> means the prices of bonds due to mature in ten years fell, and thus the <a href="Redemption_yield" class="mw-redirect" title="Redemption yield">redemption yield</a> on those bonds increased.

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<ul><li><a href="Deferred_financing_cost" title="Deferred financing cost">Deferred financing cost</a></li>

<li><a href="Rolling_(finance)" title="Rolling (finance)">Rolling (finance)</a></li>

<li><a href="Maturity_transformation" title="Maturity transformation">Maturity transformation</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20230321005905/https://am.jpmorgan.com/us/en/asset-management/adv/resources/glossary-of-investment-terms/">"Glossary of Investment Terms"</a>. Archived from <a rel="nofollow" class="external text" href="https://am.jpmorgan.com/us/en/asset-management/adv/resources/glossary-of-investment-terms/">the original</a> on 2023-03-21<span class="reference-accessdate">. Retrieved <span class="nowrap">2023-12-02</span></span>.</cite></span>

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<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20091125022511if_/http://www.investopedia.com:80/terms/m/maturitydate.asp">"Maturity Date"</a>. <i>web.archive.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-12-02</span></span>.</cite></span>

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<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20211019013640/https://dfpi.ca.gov/glossary-of-financial-terms/">"Glossary of Financial Terms"</a>. <i>The Department of Financial Protection and Innovation</i>. Archived from <a rel="nofollow" class="external text" href="https://dfpi.ca.gov/glossary-of-financial-terms/">the original</a> on 2021-10-19<span class="reference-accessdate">. Retrieved <span class="nowrap">2023-12-02</span></span>.</cite></span>

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</style><div id="Bond_market189" style="font-size:114%;margin:0 4em"><a href="Bond_market" title="Bond market">Bond market</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div>

<li><a href="Debenture" title="Debenture">Debenture</a></li>

<li><a href="Fixed_income" title="Fixed income">Fixed income</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by issuer</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Agency_debt" title="Agency debt">Agency bond</a></li>

<li><a href="Corporate_bond" title="Corporate bond">Corporate bond</a>

<ul><li><a href="Senior_debt" title="Senior debt">Senior debt</a></li>

<li><a href="Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li></ul></li>

<li><a href="Distressed_securities" title="Distressed securities">Distressed debt</a></li>

<li><a href="Government_bond" title="Government bond">Government bond</a></li>

<li><a href="Infrastructure_bond" title="Infrastructure bond">Infrastructure bond</a></li>

<li><a href="Municipal_bond" title="Municipal bond">Municipal bond</a></li>

<li><a href="Global_bond" title="Global bond">Global bond</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by payout</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Accrual_bond" title="Accrual bond">Accrual bond</a></li>

<li><a href="Auction_rate_security" title="Auction rate security">Auction rate security</a></li>

<li><a href="Commercial_paper" title="Commercial paper">Commercial paper</a></li>

<li><a href="Consol_(bond)" title="Consol (bond)">Consol</a></li>

<li><a href="Convertible_bond" title="Convertible bond">Convertible bond</a>

<ul><li><a href="Contingent_convertible_bond" title="Contingent convertible bond">Contingent</a></li>

<li><a href="Reverse_convertible_securities" title="Reverse convertible securities">Reverse</a></li></ul></li>

<li><a href="Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li>

<li><a href="Extendible_bond" title="Extendible bond">Extendible bond</a></li>

<li><a href="Fixed_rate_bond" class="mw-redirect" title="Fixed rate bond">Fixed rate bond</a></li>

<li><a href="Floating_rate_note" title="Floating rate note">Floating rate note</a>

<ul><li><a href="Inverse_floating_rate_note" title="Inverse floating rate note">Inverse</a></li>

<li><a href="Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed</a></li></ul></li>

<li><a href="High-yield_debt" title="High-yield debt">High-yield debt</a></li>

<li><a href="Lottery_bond" title="Lottery bond">Lottery bond</a></li>

<li><a href="Perpetual_bond" title="Perpetual bond">Perpetual bond</a></li>

<li><a href="Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Bond_option" title="Bond option">Bond options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Callable_bond" title="Callable bond">Callable bond</a></li>

<li><a href="Convertible_bond" title="Convertible bond">Convertible bond</a></li>

<li><a href="Embedded_option" title="Embedded option">Embedded option</a></li>

<li><a href="Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li>

<li><a href="Extendible_bond" title="Extendible bond">Extendible bond</a></li>

<li><a href="Puttable_bond" title="Puttable bond">Puttable bond</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Bond_valuation" title="Bond valuation">Bond valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Clean_price" title="Clean price">Clean price</a></li>

<li><a href="Bond_convexity" title="Bond convexity">Convexity</a></li>

<li><a href="Coupon_(finance)" title="Coupon (finance)">Coupon</a></li>

<li><a href="Yield_spread" title="Yield spread">Credit spread</a></li>

<li><a href="Current_yield" title="Current yield">Current yield</a></li>

<li><a href="Dirty_price" title="Dirty price">Dirty price</a></li>

<li><a href="Bond_duration" class="mw-redirect" title="Bond duration">Duration</a></li>

<li><a href="I-spread" title="I-spread">I-spread</a></li>

<li><a href="Mortgage_yield" title="Mortgage yield">Mortgage yield</a></li>

<li><a href="Nominal_yield" title="Nominal yield">Nominal yield</a></li>

<li><a href="Option-adjusted_spread" title="Option-adjusted spread">Option-adjusted spread</a></li>

<li><a href="Weighted-average_life" title="Weighted-average life">Weighted-average life</a></li>

<li><a href="Yield_curve" title="Yield curve">Yield curve</a></li>

<li><a href="Yield_spread" title="Yield spread">Yield spread</a></li>

<li><a href="Yield_to_maturity" title="Yield to maturity">Yield to maturity</a></li>

<li><a href="Z-spread" title="Z-spread">Z-spread</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securitized products</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Asset-backed_security" title="Asset-backed security">Asset-backed security</a></li>

<li><a href="Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</a></li>

<li><a href="Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</a></li>

<li><a href="Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</a></li>

<li><a href="Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Commercial_Mortgage_Securities_Association" title="Commercial Mortgage Securities Association">Commercial Mortgage Securities Association</a> (CMSA)</li>

<li><a href="International_Capital_Market_Association" title="International Capital Market Association">International Capital Market Association</a> (ICMA)</li>

<li><a href="Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA)</li></ul>

</div></td></tr></tbody></table></div>

<div class="navbox-styles"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox390" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Authority control databases: National </th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4360413-4">Germany</a></span></li></ul></div></td></tr></tbody></table></div>

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