Andrii Yalanskyi Fixed income is an area in which, far too often, allocation is dictated by category rather than opportunity. There are various fixed income instruments: Treasuries Munis Investment grade bonds Corporate junk bonds Preferred stock ("preferreds"). Many or even most institutions will have strict rules on where they can allocate capital. Some, such as pensions or other highly regulated capital, can only invest in investment grade or treasuries, others can only do bonds. Preferreds are frequentl ...