The main features which you need to check for any debt security are as under:

Coupon (or the discount implied by the price as in the case of zero coupon bonds) and the frequency of interest payments. The securities can also be chosen in such a manner so that the interest payments coincide with any requirements of funds at that point of time.

Timing of Cash Flows - In case the interest and redemption proceeds, at one single point or at different points of time, are planned to be used for meeting certain planned expenses in the future.

Information about the Issuer and the Credit Rating - It is essential to obtain enough information about the background, the business operations, the financial position, the use of the funds being collected and the future projections to satisfy oneself of the suitability of the investment. As per the regulations in force in the capital markets, it is essential for any corporate debt security to obtain a credit rating from any of the major credit rating agencies. A proper analysis of the background and the financials of the issuer of any non-govt. debt instrument and especially the credit rating would lend greater safety to your investments.

Other Terms and conditions - It is also advisable to check on certain terms of the issue like the use of the issue proceeds, the monitoring agency, the formation of trustees, the secured or unsecured nature of the bonds, the assets underlying the security and the credit-worthiness of the organization.