Investors who require regular income and who prefer a greater certainty of capital repayment are best served by fixed income strategies which allocate to bonds issued by various entities including banks, corporates and governments. The term “fixed income” is slightly misleading as the strategy also includes bonds and notes which do not pay an income (like zero-coupon bonds) and includes many with variable income, like inflation-linked securities. What they have in common is some or all of a predetermined income stream, a maturity date, a return of capital and priority over equity investors in the capital structure. Fixed income markets are categorised by geography, currency and the creditworthiness of the issuer – for example, governments versus lower-rated corporates.