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Definition of Issuer
An entity that issues a financial asset.
Under the GNMA-II program, pools formed through the aggregation of individual
Securities certificates issued in the U.S. by a transfer agent acting on behalf of the foreign
Bonds that are not registered on the books of the issuer. Such bonds are held in physical form by
A method of securities distribution/ underwriting in which the securities firm agrees to sell
The contract that sets forth the promises of a corporate bond issuer and the rights of
The risk that the cash flow of an issuer will be impaired because of adverse economic
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 bond in which the issuer (often a holding company) grants investors a lien on
A securities offering process in which securities firms submit competing bids to the
Convertible preferred stock that may be exchanged, at the
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
Also referred to as credit risk (as gauged by commercial rating companies), the risk that an
Commercial paper sold directly by the issuer to investors.
Direct stock-purchase programs
The purchase by investors of securities directly from the issuer.
An option that is part of the structure of a bond that provides either the bondholder or
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
Bond whose maturity can be extended at the option of the lender or issuer.
Note the maturity of which can be extended by mutual agreement of the issuer and
The risk that the cash flow of an issuer will not be adequate to meet its financial obligations.
Full faith-and-credit obligations
The security pledges for larger municipal bond issuers, such as states and
General obligation bonds
Municipal securities secured by the issuer's pledge of its full faith, credit, and
Risk that arises when an issuer has policies concentrated within certain geographic areas,
Mortgage-backed securities (MBS) on which registered holders receive separate principal and
Mortgage-backed securities (MBS) on which registered holders receive an aggregate principal and
Under the Freddie Mac program, the aggregation by a single issuer (usually an S&L)
Agreement between lender and borrower which details specific terms of the bond issuance.
A municipal bond backed both by the credit of the municipal issuer and by commercial
Interest coverage test
A debt limitation that prohibits the issuance of additional long-term debt if the issuer's
Involuntary liquidation preference
A premium that must be paid to preferred or preference stockholders if
The commercial or investment bank with the primary responsibility for organizing syndicated
The deposit of cash and permitted securities, as specified in the bond indenture, into an
The classifications of bonds by issuer characteristics, such as state government, corporate, or utility.
A corporate debt instrument that is continuously offered to investors over a period of
A bond in which the issuer has granted the bondholders a lien against the pledged assets.
An offering of securities for which the terms, including underwriters' compensation,
Situation in which the terms of an offering are determined by negotiation between the issuer
A statement published by an issuer of a new municipal security describing itself and the issue
Optimal redemption provision
Provision of a bond indenture that governs the issuer's ability to call the
Option-adjusted spread (OAS)
1) The spread over an issuer's spot rate curve, developed as a measure of
Also called the maturity value or face value, the amount that the issuer agrees to pay at the maturity date.
bond A bond that gives the issuer an option (during an initial period) either to make
An instrument such as a stock or bond for which payments depend only on the financial
Provisional call feature
A feature in a convertible issue that allows the issuer to call the issue during the noncall
The sale of registered securities by the issuer (or the underwriters acting in the interests of the
Purchase and sale
A method of securities distribution in which the securities firm purchases the securities
A bond whose issuer records ownership and interest payments. Differs from a bearer bond
A bond issued by a municipality to finance either a project or an enterprise where the issuer
Sinking fund requirement
A condition included in some corporate bond indentures that requires the issuer to
1) The gap between bid and ask prices of a stock or other security.
Stated conversion price
At the time of issuance of a convertible security, the price the issuer effectively
A provision in a bond indenture that restricts the issuer's future borrowing by
To guarantee, as to guarantee the issuer of securities a specified price by entering into a purchase
Annuity contracts in which the issuer pays a periodic amount linked to the investment
Variable rated demand bond (VRDB)
Floating rate bond that can be sold back periodically to the issuer.
A long-term debt instrument in which the issuer (borrower) is
Coupon / Coupons
The periodic interest payment(s) made by the issuer of a bond
a. An option to buy a certain quantity of a stock or commodity for a
A bond that allows the issuer to buy back the bond at a
The nominal interest rate that the issuer promises to pay the
The date when the issuer returns the final face value of a bond
A document submitted to a customer, identifying a transaction for which the
Security that obligates the issuer to make specified payments
Bond that may be repurchased by the issuer before maturity at specified call price.
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.
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