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@Dmitrij: Thank you for the reply. Any idea where D more than maturity. Somewhere I read the term 'risk adj D' where in due to default of a security, the recovery may take more time beyond maturity of security, in that case, D > maturity. Any thoughts

As per the definition "Duration is the average time one has to wait till the payment is received". Going by this if, say, duration is 2.5 years means I would receive my money in ~2.5 years. Well. But, as you may be aware, there are some securities IO strips and FRNs, which are said to exhibit...