The reason why you save and invest money is to achieve your financial goals and protect your future. This means that the investment decisions that you take should ensure the growth of your wealth as well as its protection. Generally, equity investments are considered as good vehicles for long-term growth, while debt investments are believed to be for portfolio protection. It is, however, important to note that even within the wide gamut of debt investments, not all categories of investments will provide the desired safety or risk-adjusted returns. At one end of the spectrum, you have bonds issued by the government or by Public Sector Undertakings (PSUs) that have zero to negligible credit risk and are considered safe from a default perspective. At the other end of the spectrum, you have bonds issued by investment grade corporates which are riskier than other categories.