B

Bank bills: Cash is always a short-term investment. It may take various forms ranging from a simple cash deposit held at a bank, to tradable short-term securities such as bank bills that are traded between investors on the money market. GESB invests in bank bills and other short-term to medium-term investments. Cash investments such as bank bills carry a low level of investment risk and returns are generally very stable and relatively low.

(Investment grade) bond: A bond whose credit quality is considered to be among the most secure by any independent bond-rating agency.