At the time of issuance, which of the following securities typically has the longest period of expiration?

Warrants are typically issued with the longest expiration period compared to other types of securities. A warrant is a security that gives the holder the right to purchase a company’s stock at a specific price within a specified time frame. The expiration period for warrants can often extend up to 10 years or more, which is significantly longer than the maturity periods of corporate bonds and municipal bonds.

Corporate bonds usually have fixed maturity dates, often ranging from 1 to 30 years, while municipal bonds similarly have set maturity dates based on the terms of the bond issued. Common stock, on the other hand, does not have an expiration or maturity date at all; it represents ownership in a company and remains outstanding until the company is dissolved or liquidated.

Thus, when considering the time until expiration, warrants distinctly hold a longer duration, allowing investors more time to decide whether to exercise their purchase rights as compared to bonds or common stock.