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Definition of Multicurrency loans
Give the borrower the possibility of drawing a loan in different currencies.
Such a clause on a Euro loan permits the borrower to switch from one currency to
loans usually represented by conventional mortgages on multi-family rental apartments.
Usually FHA-insured and HUD-guaranteed mortgages on multiple-family housing complexes,
Amounts that have been loaned to the company and that it still owes.
A clause in a contract providing for increases or decreases in inflation based on
A bond covenant that requires the borrower to grant lenders a lien equivalent to any
A provision in a bond indenture that restricts the issuer's future borrowing by
This clause in regular life insurance policy provides for voiding the contract of insurance for up to two years from the date of issue of the coverage if the life insured has failed to disclose important information or if there has been a misrepresentation of a material fact which would have prevented the coverage from being issued in the first place. After the end of two years from issue, a misrepresentation of smoking habits or age can still void or change the policy.
Generally, a suicide clause in a regular life insurance policy provides for voiding the contract of insurance if the life insured commits suicide within two years of the date of issue of the coverage.
clause causing repayment of a debt, if specified events occur or are not met.
Abrams’ model for calculating DLOM based on the interaction of discounts from four economic components.
Requirement that none of an order be executed unless all of it can be executed at the specified price.
An arrangement whereby a security issue is canceled if the underwriter is unable
date on which particular news concerning a Given company is announced to the public.
Asian currency units (ACUs)
Dollar deposits held in Singapore or other Asian centers.
An option is at-the-money if the strike price of the option is equal to the market price of the
A loan in which two companies in separate countries borrow each other's currency for a
A currency that is not freely convertible to other currencies due to exchange controls.
In the mortgage pipeline, the risk that prospective borrowers of loans committed to be
Broker loan rate
Related: Call money rate.
Builder buydown loan
A mortgage loan on newly developed property that the builder subsidizes during the
A bank term loan that calls for no amortization.
A date before maturity, specified at issuance, when the issuer of a bond may retire part of the bond
Call money rate
Also called the broker loan rate , the interest rate that banks charge brokers to finance
A loan based on the credit of the borrower and on the collateral for the mortgage.
Also called private-label pass-throughs, any mortgage pass-through security not
A project with a negative initial cash flow (cash outflow), which is expected to be
A Eurobond that can be converted into another asset, often through exercise of
Taking advantage of divergences in exchange rates in different money markets by
The value of a portfolio of specific amounts of individual currencies, used as the basis for
A financial future contract for the delivery of a specified foreign currency.
An option to buy or sell a foreign currency.
Related: Exchange rate risk
Currency risk sharing
An agreement by the parties to a transaction to share the currency risk associated with
Asset allocation in which the investor chooses among investments denominated in
An agreement to swap a series of specified payment obligations denominated in one currency
Date of payment
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
Overnight, collateralized loan made to a dealer financing his position by borrowing from a
The date on which a firm's directors meet and announce the date and amount of the next
Devaluation A decrease in the spot price of the currency
The practice of reporting conflicting or markedly different information in official
Swap between two LIBO rates of interest, e.g. yen LIBOR for dollar LIBOR. Payments are
Dow Jones industrial average
This is the best known U.S.index of stocks. It contains 30 stocks that trade on
Eurobonds that pay coupon interest in one currency but pay the principal in a different
In an interest rate swap, the date the swap begins accruing interest.
Total assets divided by total common stockholders' equity; the amount of total assets per
Given the after-tax stream associated with a lease, the maximum amount of conventional
CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs
Lines of credit granted by banks (foreign or foreign branches of U.S. banks) for Eurocurrencies.
A fixed-rate coupon Eurobond.
A bank that regularly accepts foreign currency denominated deposits and makes foreign currency loans.
A bond that is (1) underwritten by an international syndicate, (2) offered at issuance
one of two principal clearing systems in the Eurobond market. It began operations in 1968, is
Intermediate-term loans of Eurocurrencies made by banking syndicates to corporate and
A short-term fixed rate time deposit denominated in a currency other than the local
The money market for borrowing and lending currencies that are held in the form of
This is an American dollar that has been deposited in a European bank or an U.S. bank branch
Eurobonds denominated in U.S.dollars.
Securities sold in the Euromarket. That is, securities initially sold to investors
European Currency Unit (ECU)
An index of foreign exchange consisting of about 10 European currencies,
European Monetary System (EMS)
An exchange arrangement formed in 1979 that involves the currencies
Option that may be exercised only at the expiration date. Related: american option.
European Union (EU)
An economic association of European countries founded by the Treaty of Rome in
An option contract that can only be exercised on the expiration date.
Eurobonds denominated in Japanese yen.
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-
Short- to medium-term debt instrument sold in the Eurocurrency market.
The last day (in the case of American-style) or the only day (in the case of European-style)
The day on which the first option either expires or is extended.
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.
Federal Home Loan Banks
The institutions that regulate and lend to savings and loan associations. The
In the Euromarket the standard periods for which Euros are traded (1 month out to a year out) are
A loan on which the rate paid by the borrower is fixed for the life of the loan.
Foreign currency option
An option that conveys the right to buy or sell a specified amount of foreign
Foreign currency translation
The process of restating foreign currency accounts of subsidiaries into the
Annualized percentage difference between spot and forward rates.
Forward looking multiple
A truncated expression for a P/E ratio that is based on forward (expected)
Freddie Mac (Federal Home Loan Mortgage Corporation)
A Congressionally chartered corporation that
Set of funds with different investment objectives offered by one management company. In many
Futures contract multiple
A constant, set by an exchange, which when multiplied by the futures price Gives
GEMs (growing-equity mortgages)
mortgages in which annual increases in monthly payments are used to
The loss in yield that occurs when a block of bonds is swapped for another block of lower-coupon
Graduated-payment mortgages (GPMs)
A type of stepped-payment loan in which the borrower's payments
A freely convertible currency that is not expected to depreciate in value in the foreseeable future.
The date on which holders of record in a firm's stock ledger are designated as the
Money that moves across country borders in response to interest rate differences and that moves
loan made by one unit of a corporation to another unit of the same corporation.
International Monetary Fund
An organization founded in 1944 to oversee exchange arrangements of
International Monetary Market (IMM)
A division of the CME established in 1972 for trading financial
A put option that has a strike price higher than the underlying futures price, or a call option
A secured short-term loan to purchase inventory. The three basic forms are a blanket
usually the date when goods are shipped. Payment dates are set relative to the invoice date.
loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or
Law of one price
An economic rule stating that a Given security must have the same price regardless of the
Loan amortization schedule
The schedule for repaying the interest and principal on a loan.
Group of banks sharing a loan. See: syndicate.
The amount a policyholder may borrow against a whole life insurance policy at the interest rate
Gold held by governmental authorities as a financial asset.
Actions taken by the Board of Governors of the Federal Reserve System to influence the
Monetary / non-monetary method
Under this translation method, monetary items (e.g. cash, accounts
Composed of currency and coins outside the banking system plus liabilities to the deposit money banks.
Money center banks
Banks that raise most of their funds from the domestic and international money markets, relying less on depositors for funds.
Related: Investment management.
Related: Investment manager.
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