CFI Code: Definition & Meaning | Bondfish
CFI code (Classification of Financial Instruments) is a six-letter code under the ISO 10962 standard that describes a security’s type and key features, assigned by national numbering agencies alongside its ISIN.
What it means
While an ISIN identifies which security you are looking at, the CFI code tells you what kind of security it is. The first letter gives the broad category — E for equities, D for debt, C for collective investment vehicles, and so on. The second letter gives the group within that category: for debt, B means bonds, C convertible bonds, T medium-term notes, Y money-market instruments, and D depositary receipts on debt instruments, such as a Global Depositary Note.
The remaining four letters describe attributes such as the interest type (fixed, floating or zero coupon), any guarantee or ranking, redemption terms, and whether the instrument is in bearer or registered form. Codes are assigned by the national numbering agencies that make up ANNA, at the same time as the ISIN; the current version of the standard is ISO 10962:2021.
Why it matters for bond investors
The CFI code is a quick, standardized way to check what a bond actually is before you buy — whether it is a plain bond, a convertible, or an asset-backed structure. Retail platforms rarely display it, but it appears in prospectuses, exchange listings and regulatory data. In practice, most investors search by ISIN instead — you can look up a bond by its ISIN in the Bondfish bond screener and see its key features side by side.
Example
A conventional bond’s CFI code starts with “DB” — D = debt, B = bond — and the next four letters encode the interest type, guarantee, redemption and form.
Related terms
This definition is for general information only and is not investment advice. Bond investing involves risk, including possible loss of principal.