Inflation-linked bonds (also called linkers, inflation bonds or inflation-indexed bonds) are securities for long-term loan financing whose coupon and/or nominal value is linked to a consumer price index. An inflation-linked bond offers an investor protection against inflation risk. Typical examples of this type of bond adjust the nominal or interest rate to an inflation index after a predefined period. Inflation-linked bonds are similar to a floating-rate bond in terms of their interest distribution. During inflation, the interest payment rises continuously, whereas it can fall again during deflation. In extreme cases, negative interest payments may even be due on the coupon date. The investor pays a relatively small real coupon. However, this coupon is paid out together with the inflation that has occurred up to the time of payment. Another difference is that the nominal is not paid back at 100% at the end of the term, but also including the inflation that has accrued up to that point.