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Definition of Extension
Voluntary arrangements to restructure a firm's debt, under which the payment date is postponed.
The day on which the first option either expires or is extended.
Extending maturity through a swap, e.g. selling a 2-year note and buying one with a slightly
The fee paid on the extension date if the buyer wishes to continue the option.
Liquidating an existing position and simultaneously reinstating a position in another futures
An extension of cash flow matching that allows for the short-term borrowing of
an extension of activitybased costing using cost-benefit analysis (based on increased customer utility) to choose the product attribute
swap in which the principal or national amount rises (falls) as interest rates
date on which particular news concerning a given company is announced to the public.
Creditors exchange the debt of one defaulting borrower for the debt of another
An interest rate swap used to alter the cash flow characteristics of an institution's assets so as to
A date before maturity, specified at issuance, when the issuer of a bond may retire part of the bond
A swaption in which the buyer has the right to enter into a swap as a fixed-rate payer. The
A fixed rate currency swap against floating U.S. dollar LIBOR payments.
An agreement to swap a series of specified payment obligations denominated in one currency
date dividend checks are mailed.
Date of record
date on which holders of record in a firm's stock ledger are designated as the recipients of
Treating cash flows as being received on exact dates - date 0, date 1, and so forth - as
A set of transactions (also called a debt-equity swap) in which a firm buys a country's dollar bank
The date on which a firm's directors meet and announce the date and amount of the next
swap between two LIBO rates of interest, e.g. yen LIBOR for dollar LIBOR. Payments are
In an interest rate swap, the date the swap begins accruing interest.
A swap in which the cash flows that are exchanged are based on the total return on some stock
The last day (in the case of American-style) or the only day (in the case of European-style)
The first day of trading when the seller, rather than the buyer, of a stock will be entitled to
The date on which a share of common stock begins trading ex-rights.
In the Euromarket the standard periods for which Euros are traded (1 month out to a year out) are
Foreign exchange swap
An agreement to exchange stipulated amounts of one currency for another currency
The date on which holders of record in a firm's stock ledger are designated as the
Interest rate swap
A binding agreement between counterparties to exchange periodic interest payments on
Intermarket spread swaps
An exchange of one bond for another based on the manager's projection of a
Usually the date when goods are shipped. Payment dates are set relative to the invoice date.
An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so
The day the option is either exercised or expires.
The date on which each shareholder of record will be sent a check for the declared dividend.
Projected maturity date
With CMOs, final payment at the end of the estimated cash flow window.
Pure yield pickup swap
Moving to higher yield bonds.
A financial tool in which the buyer has the right, or option, to enter into a swap as a floatingrate
See: differential swap.
Rate anticipation swaps
An exchange of bonds in a portfolio for new bonds that will achieve the target
1) date by which a shareholder must officially own shares in order to be entitled to a dividend.
The date on which payment is made to settle a trade. For stocks traded on US exchanges,
A swap in which a money manager exchanges one bond for another bond that is similar in
An arrangement whereby two companies lend to each other on different terms, e.g. in different
Related: swap sale.
The sale of an interest rate swap by one counterparty to the other, effectively ending the swap.
The difference between spot and forward rates expressed in points, e.g., $0.0001 per pound sterling.
An interest rate swap designed to end a counterparty's role in another interest rate swap,
Also called a swap assignment, a transaction that ends one counterparty's role in an interest rate
Options on interest rate swaps. The buyer of a swaption has the right to enter into an interest rate
swapping two similar bonds to receive a tax benefit.
In an interest rate swap, the date that the counterparties commit to the swap. Also, the date on
In the market for Eurodollar deposits and foreign exchange, value date refers to the delivery date
The date on which the board of directors has declared a dividend.
The date established for the payment of a declared dividend.
The date used to decide which shareholders will receive the dividend. The owners of the shares at the end of this day are entitled to the dividend.
An exchange of cash flows between two counterparties. The
The dates when the coupons are paid. Typically a bond pays
The date a security is first offered for sale. That date usually
The date when the issuer returns the final face value of a bond
The date when money first changes hands; i.e., when a buyer
A contract between two parties to exchange cash flows in the future
A swap option; an option on an interest-rate swap. The option gives
date that determines whether a stockholder is entitled to a dividend payment; anyone holding stock before this date is entitled to a dividend.
Arrangement by two counterparties to exchange one stream of cash flows for another.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
A federal Act
date on which a debt is due for payment.
date on which a policy is approved.
date on which the insurance company assumes responsibilities for the obligations outlined in a policy.
date on which valuation occurs.
For a bond, the date on which the principal is required to be repaid. In an interest rate swap, the
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