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Definition of Comanger
A bank that ranks just below a lead manager in a syndicated Eurocredit or international bond
A bank machine, sometimes referred to as an automated teller machine (ATM).
A bond on which interest accrues, but is not paid to the investor during the time of accrual.
Publicly traded issues that may be collateralized by mortgages and MBSs.
Cash flow provided by operating
Net income adjusted to exclude selected nonrecurring and noncash items of reserve, gain, expense, and loss.
Conventional earnings before interest, taxes, depreciation, and amortization (EBITDA) revised to exclude the effects of mainly nonrecurring items of revenue or gain and expense or loss.
Operations Reported income from continuing operations
The net present value analysis of an asset if financed solely by equity
The entries needed at the end of an accounting period to properly state certain account balances.
IRS rules used to allocate income on export sales to a foreign sales corporation.
A form of organization commonly used by foreign banks to enter the U.S. market. An agency
Variations of mortgage instruments such as adjustable-rate and variablerate
Yield curve option-pricing models.
An alternative model to the capital asset pricing model developed by
A model for determining the required rate of return on an asset.
Asset pricing model
A model, such as the Capital Asset pricing Model (CAPM), that determines the required
BAN (Bank anticipation notes)
Notes issued by states and municipalities to obtain interim financing for
Money in a bank cheque account, the difference between receipts and payments.
Bank collection float
The time that elapses between when a check is deposited into a bank account and when the funds are available to the depositor, during which period the bank is collecting payment from the payer's bank.
Bank discount basis
A convention used for quoting bids and offers for treasury bills in terms of annualized
A draft addressed to a bank.
A guaranteed form of payment which is issued in amounts over $5,000.
Bank for International Settlements (BIS)
An international bank headquartered in Basel, Switzerland, which
Line of credit granted by a bank to a customer.
Money owed to the bank in a cheque account where payments exceed receipts.
The process of taking the balances from the bank statement and the general ledger and making adjustments so that they agree.
A comparison between the cash position recorded on a company’s
A computer message system linking major banks. It is used not for effecting payments, but as a
A short-term credit investment created by a non-financial firm and guaranteed by a
A bill of exchange, or draft, drawn by the borrower for payment on a specified date, and accepted by a chartered bank. Upon acceptance, the bill becomes, in effect, a postdated certified cheque.
State of being unable to pay debts. Thus, the ownership of the firm's assets is transferred from
The reorganization or liquidation of a firm that cannot pay its debts.
Bankruptcy cost view
The argument that expected indirect and direct bankruptcy costs offset the other
The risk that a firm will be unable to meet its debt obligations. Also referred to as default or insolvency risk.
The argument that expected bankruptcy costs preclude firms from being financed entirely
bonds that are not registered on the books of the issuer. Such bonds are held in physical form by
Also called on-the-run or current coupon issues or bellwether issues. In the secondary
Binomial option pricing model
An option pricing model in which the underlying asset can take on only two
Black-Scholes option-pricing model
A model for pricing call options based on arbitrage arguments that uses
bonds are debt and are issued for a period of more than one year. The U.S. government, local
A long-term, interest-bearing promissory note that companies may use to borrow money for periods of time such as five, ten, or twenty years.
A long-term debt instrument in which the issuer (borrower) is
Security that obligates the issuer to make specified payments
A financial asset taking the form of a promise by a borrower to repay a specified amount (the bond's face value) on a maturity date and to make fixed periodic interest payments.
Usually a fixed interest security under which the issuer contracts to pay the lender a fixed principal amount at a stated date in the future, and a series of interest payments, either semi-annually or annually. Interest payments may vary through the life of bond.
A debt security issued by a government or company. You receive regular interest payments at specified rates while you hold the bond and you receive the face value when it matures. Short-term bonds mature in less than five years; medium-term bonds mature in six to ten years; and long-term bonds mature in eleven years or greater.
Fixed interest security issued by a corporation or government, having a specific maturity date.
A contract for privately placed debt.
A contractual provision in a bond indenture. A positive covenant requires certain actions, and
The method used for computing the bond-equivalent yield.
Bond equivalent yield
bond yield calculated on an annual percentage rate method. Differs from annual
The annualized yield to maturity computed by doubling the semiannual yield.
Bond Equivalent Yield
bond yield calculated on an annual percentage rate method
The contract that sets forth the promises of a corporate bond issuer and the rights of
Designing a portfolio so that its performance will match the performance of some bond index.
A conventional unit of measure for bond prices set at $10 and equivalent to 1% of the $100 face
With respect to convertible bonds, the value the security would have if it were not convertible
A system that monitors and evaluates the performance of a fixed-income portfolio , as well as the
Amounts owed by the company that have been formalized by a legal document called a bond.
bonds issued by emerging countries under a debt reduction plan.
bond whose principal repayment is linked to the price of another security. The bonds are
Foreign bond issue made in London.
A bond that allows the issuer to buy back the bond at a
bond that may be repurchased by the issuer before maturity at specified call price.
Canada Savings Bonds
A bond issued each year by the federal government. These bonds can be cashed in at any time for their full face value.
Capital asset pricing model (CAPM)
An economic theory that describes the relationship between risk and
Capital Asset Pricing Model (CAPM)
A model for estimating equilibrium rates of return and values of
capital asset pricing model (CAPM)
Theory of the relationship between risk and return which states that the expected risk
A public agency responsible for regulating and controlling an economy's monetary and financial institutions. It is the sole money-issuing authority.
Cheapest to deliver issue
The acceptable Treasury security with the highest implied repo rate; the rate that a
Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value
Collateral trust bonds
A bond in which the issuer (often a holding company) grants investors a lien on
A privately owned, profit-seeking firm that accepts deposits and makes loans.
Insurance that a construction contract will be successfully completed.
System whereby customers make payments to a regional collection center which transfers funds to
Conflict between bondholders and stockholders
These two groups may have interests in a corporation that
A merchant banking subsidiary set up by several banks that may or may not be of the
bond that the holder may exchange for a specified number of shares.
bonds that can be converted into common stock at the option of the holder.
A eurobond that can be converted into another asset, often through exercise of
Debt obligations issued by corporations.
cost leadership strategy
a plan to achieve the position in a
A method of pricing in which a mark-up is added to the total product/service cost.
Any bond with a coupon. Contrast with discount bond.
The cumulative, after-tax, prior-year effect of a change in accounting
Cumulative Translation Adjustment (CTA) account
An entry in a translated balance sheet in which gains
Related: Benchmark issues
In Treasury securities, the most recently auctioned issue. Trading is more active in current
High-coupon bonds that sell at only at a moderate premium because they are callable at a
An unsecured bond whose holder has the claim of a general creditor on all assets of the
An asset requiring fixed dollar payments, such as a government or corporate bond.
Any financial asset corresponding to a debt, such as a bond or a treasury bill.
A bond issued with a very low coupon or no coupon and selling at a price far below par
The asset in a forward contract that will be delivered in the future at an agree-upon price.
Contracts such as options and futures whose price is derived from the price of the
Debt sold for less than its principal value. If a discount bond pays no interest, it is called a
A bond with no coupons, priced below its face value; the return on this bond comes from the difference between its face value and its current price.
Municipal revenue bonds for which quotes are given in dollar prices. Not to be confused with
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