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Definition of Issue
A particular financial asset.
When an item is approved and released for sale, or when a policy or sales contract is accepted.
Also called on-the-run or current coupon issues or bellwether issues. In the secondary
The acceptable Treasury security with the highest implied repo rate; the rate that a
In Treasury securities, the most recently auctioned issue. Trading is more active in current
Related: Benchmark issues
Eurobonds that pay coupon interest in one currency but pay the principal in a different
Securities sold in the Euromarket. That is, securities initially sold to investors
Total amount of shares that are in issue. Related: outstanding shares.
An entity that issues a financial asset.
Under the GNMA-II program, pools formed through the aggregation of individual
The market in which a new issue of securities is first sold to investors.
Debt that is initially offered at a price below par.
Investors are not able to buy all of the shares or bonds they want, so underwriters must
that is sold out before the coupon announcement.
The Treasury, when it wants to sell additional securities, will occasionally sell more of an
issue of a security for which there is an existing market. Related: Unseasoned issue.
Seasoned new issue
A new issue of stock after the company's securities have previously been issued. A
1) Procedure for selling blocks of seasoned issues of stocks.
Small issues exemption
Securities issues that involve less than $1.5 million are not required to file a
Specific issues market
The market in which dealers reverse in securities they wish to short.
issue of a security for which there is no existing market. See: seasoned issue.
A security issue that has no unusual features.
The number of shares that the company has sold to the public.
The date a security is first offered for sale. That date usually
Stock that has been authorized for use, but which has not yet been
Shares that have been issued by the company.
issue of securities offered only to current stockholders.
Emerging Issues Task Force (EITF)
A special committee of the Financial Accounting Standards Board established to reach consensus of how to account for new and unusual financial transactions that have the potential for creating differing financial reporting practices.
Emerging Issues Task Force (EITF)
A separate committee within the Financial Accounting Standards Board composed of 13 members representing CPA firms and preparers of financial statements
A transaction used to record the reduction in inventory from a location,
Age of an insured as at the policy issue date, using "age nearest" next birthday formula.
Date on which a policy is approved.
Adjustable rate preferred stock (ARPS)
Publicly traded issues that may be collateralized by mortgages and MBSs.
A means of compensating the broker of a program trade solely on the basis of commission
An arrangement whereby a security issue is canceled if the underwriter is unable
American Depositary Receipts (ADRs)
Certificates issued by a U.S. depositary bank, representing foreign
Securities certificates issued in the U.S. by a transfer agent acting on behalf of the foreign
Also known as a trading index (TRIN)= (number of advancing issues)/ (number of declining
BAN (Bank anticipation notes)
Notes issued by states and municipalities to obtain interim financing for
Bonds that are not registered on the books of the issuer. Such bonds are held in physical form by
Benchmark interest rate
Also called the base interest rate, it is the minimum interest rate investors will
A method of securities distribution/ underwriting in which the securities firm agrees to sell
State laws covering the issue and trading of securities.
Bonds are debt and are issued for a period of more than one year. The U.S. government, local
The contract that sets forth the promises of a corporate bond issuer and the rights of
The managing underwriter for a new issue. The book runner maintains the book of securities sold.
Security issue where one or two underwriters buy the entire issue.
A term signifying the extent an underwriter's commitment in a new issue, e.g., major bracket or
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.
The risk that the cash flow of an issuer will be impaired because of adverse economic
List of new issues scheduled to come to market shortly.
A date before maturity, specified at issuance, when the issuer of a bond may retire part of the bond
The price, specified at issuance, at which the issuer of a bond may retire part of the bond at a
An embedded option granting a bond issuer the right to buy back all or part of the issue prior
A financial security such as a bond with a call option attached to it, i.e., the issuer has the right to
A public equity issue that is sold to all interested investors.
Certificate of deposit (CD)
Also called a time deposit, this is a certificate issued by a bank or thrift that
Underwriters, actual or potential, often seek out and "circle" investor interest in a new issue before
Mortgage against which no additional debt may be issued.
Collateral trust bonds
A bond in which the issuer (often a holding company) grants investors a lien on
A bank that ranks just below a lead manager in a syndicated Eurocredit or international bond
Short-term unsecured promissory notes issued by a corporation. The maturity of
Common stock equivalent
A convertible security that is traded like an equity issue because the optioned
A securities offering process in which securities firms submit competing bids to the
he written statement that follows any "trade" in the securities markets. Confirmation is issued
A type of bond that has an infinite life but is not issued in the U.S. capital markets.
Rules set by the Chicago Board of Trade for determining the invoice price of each
The percentage by which the conversion price in a convertible security exceeds the
Convertible exchangeable preferred stock
Convertible preferred stock that may be exchanged, at the
Debt obligations issued by corporations.
Provisions in a bond indenture or preferred stock agreement that require the bond or preferred
The process of analyzing information on companies and bond issues in order to estimate the
The risk that an issuer of debt securities or a borrower may default on his obligations, or that the
Cumulative preferred stock
Preferred stock whose dividends accrue, should the issuer not make timely
An unsecured bond whose holder has the claim of a general creditor on all assets of the
Total par value (number of shares issued, multiplied by the par value of each share). Also
A bond issued with a very low coupon or no coupon and selling at a price far below par
Also referred to as credit risk (as gauged by commercial rating companies), the risk that an
Defined contribution plan
A pension plan in which the sponsor is responsible only for making specified
A warrant entitles the holder to buy a given number of shares of stock at a stipulated
Commercial paper sold directly by the issuer to investors.
Selling a new issue not by offering it for sale publicly, but by placing it with one of several
Direct stock-purchase programs
The purchase by investors of securities directly from the issuer.
Non-interest-bearing money market instruments that are issued at a discount and
After a Treasury auction, there will be many new issues in dealer's hands. As those issues are
An option that is part of the structure of a bond that provides either the bondholder or
Equipment trust certificates
Certificates issued by a trust that was formed to purchase an asset and lease it
Used to refer to warrants because they are usually issued attached to privately placed bonds.
Equivalent taxable yield
The yield that must be offered on a taxable bond issue to give the same after-tax
CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs
A bond that is (1) underwritten by an international syndicate, (2) offered at issuance
The money market for borrowing and lending currencies that are held in the form of
Short-term notes with maturities up to 360 days that are issued by companies in
Euro-medium term note (Euro-MTN)
A non-underwritten Euronote issued directly to the market. Euro-
The risk that the ability of an issuer to make interest and principal payments will change because
Security that grants the security holder the right to exchange the security for the
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