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Guaranteed Investment Contracts
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

Public bonds that typically promise a fixed rate of return for relatively short periods, often two to ten years.  Such third-party guaranteed bonds are collateralized issues secured by assets whose value exceeds the outstanding face value of the bond issue.  Housing or mortgage issues backed by bank CDs or insurance company-guaranteed investment contracts (GICS) possess interest and principal payments that match debt service requirements on the bonds they secure.

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