144A
A Securities and Exchange Commission (SEC) rule allowing for the resale of privately placed securities to qualified institutional buyers.
Fixed Income Glossary
Abbreviation
Accrual Day Count
The method used to calculate the amount of accrued interest on a fixed income security between coupon payment dates. Common day count conventions include Actual/Actual, 30/360, and Actual/360.
accrued interest
The amount of interest that has accumulated on a fixed income security since the last interest payment date. It represents the portion of the next interest payment that belongs to the current owner of the security.
Action
In the context of fixed income securities, this term may refer to a trade or transaction executed by an investor or trader.
Ad Valorem Tax Status
Additional Offerings
Additional issuances of a security beyond the initial offering, often done to raise additional capital or meet investor demand.
adjusted options
Options contracts that have been modified or altered in some way, typically to account for corporate actions such as stock splits, mergers, or acquisitions.
Advance Refunding
A municipal bond refunding technique where the issuer sets aside funds in an escrow account to retire existing bonds before their maturity date. This is done to take advantage of lower interest rates.
Advanced Search
A feature in financial databases or platforms that allows users to refine their search criteria using advanced filters or parameters.
Advances
Affiliate Buy
This term denotes information derived from trades reported to TRACE, which is disseminated when the reporting entity indicates the purchase of securities from a non-member entity
Affiliate Sell
Data compiled from all trades reported to TRACE, disseminated when the reporting firm indicates selling securities to a non-member entity associated
Agency Bond
A financial instrument issued by entities like government-sponsored enterprises (GSEs) or government-owned corporations, such as GNMA, FNMA, FHLMC, FHLB, FFCS, or organizations like the Tennessee Valley Authority (TVA). Although agency bonds lack full U.S. government backing (except for GNMA bonds), they typically receive some level of federal support. These bonds are commonly utilized to raise capital, which is then directed towards sectors such as agriculture and housing.
agency/GSE
all or none
This term describes orders placed in the secondary fixed income market that require complete execution or none at all. If the order cannot be fulfilled entirely, it will be canceled rather than partially executed.
All Securtities
This term refers to comprehensive data covering all types of securities that meet the eligibility criteria for reporting on the TRACE platform on a specific day.
Alternative Minimum Tax (AMT)
The Alternative Minimum Tax (AMT) is a backup tax system created by Congress to ensure that everyone pays a minimum amount of tax, regardless of deductions or credits. If your regular tax bill is below a certain threshold, you may need to pay the AMT instead.
Alternative Trading System (ATS)
An Alternative Trading System (ATS) is like an online marketplace where people can directly buy and sell stocks and other securities outside of regular stock exchanges.
Amortization
Amortization is the process of gradually paying off a debt over time through regular payments, which cover both the principal amount borrowed and the accrued interest.
Annualized Rate
The Annualized Rate refers to the rate of return on an investment over a period of one year, calculated by adjusting the rate of return from a shorter period to a full year. This adjustment allows for easier comparison of returns across different time frames and investment opportunities.
Annuity
An annuity is a financial product that provides regular payments over a specific period or for life, commonly used for retirement income.
Ask Price
The ask price is the minimum price at which a seller is willing to sell a financial instrument such as a stock, bond, or commodity. It represents the price a buyer must pay to purchase the asset from the seller.
ask yield to maturity
Ask yield to maturity (YTM) is the anticipated return an investor would earn if they purchased a bond at its current ask price and held it until maturity, factoring in reinvested interest payments.
Asset-Backed Security (ABS)
Assumed Yield to Average Life
Assumed Yield to Average Life refers to the estimated yield of a bond or security, calculated based on the assumption that it will be held until its average life, which is the average amount of time it takes for the principal to be repaid.
auction
An auction is a way to buy and sell securities where people bid on them, and the highest bidder wins.
auction date
An auction date is the specific day on which an auction is scheduled to take place for the buying and selling of securities or other assets.
Auto Roll
Auto Roll refers to a feature in trading or investing where a position is automatically renewed or rolled over into a new contract or period without requiring explicit action from the investor or trader.
average coupon rate
Average Life
Average Loan Size
Average loan size refers to the typical amount of money borrowed in a particular lending program or market segment. It is calculated by dividing the total value of loans issued by the number of loans originated during a specific period.
average price
Average price refers to the mean or typical price of a security or asset over a specified period of time. It is calculated by summing up all individual prices and dividing by the total number of prices observed during that period.
average yield
Average yield is the typical rate of return on an investment, calculated by averaging the yields of different securities or assets in a portfolio.
average yield to worst
Average yield to worst represents the average return an investor can expect from a bond or investment, considering the worst-case scenario where the bond is redeemed early or defaults.
Bank-Qualified
Bank-qualified bonds are special municipal bonds that meet IRS criteria, making them attractive for banks to invest in because banks can get tax benefits from holding them.
Barbell Strategy
The barbell strategy is an investment tactic that combines both low-risk, short-term investments with higher-risk, long-term investments to achieve a balanced portfolio.
basis point
A unit of measure used in finance to express small changes in interest rates, bond yields, or the value of financial instruments. One basis point is equal to 0.01% or one-hundredth of a percent
benchmark formula
A standardized calculation method used to establish benchmark rates or indices in finance for measuring investment performance.
benchmark reference
A standard point of reference, such as an index or rate, used for comparison or evaluation purposes in finance. It serves as a yardstick against which the performance or characteristics of investments or financial instruments are measured.
bid
The highest price a buyer is willing to pay for a security at a given moment in the market.
Bid and Ask
The bid is the highest price a buyer is willing to pay for a security, while the ask is the lowest price a seller is willing to accept. These prices together represent the current market value of the security.
Bid Price
The bid price is the highest price at which a buyer is willing to purchase a security at a given point in time. It represents the maximum amount that a buyer is willing to pay for the security.
bid request
A bid request is a formal solicitation from a seller or issuer for potential buyers or investors to submit bids or offers for purchasing a security or financial instrument. It outlines the terms and conditions of the bid, including the quantity, price, and any other relevant details.
Bill
Bond
Bond Anticipatory Note (BAN)
A Bond Anticipatory Note (BAN) is a short-term debt issued by governments to cover immediate expenses until long-term financing is secured.
Bond Coupon
Fixed interest payment made by the issuer to the bondholder at regular intervals, typically annually or semi-annually.
Bond Description
Brief summary outlining the key features and terms of a bond, including its issuer, maturity date, coupon rate, and any special characteristics.
Bond Insurer
A company that provides financial guarantees for bonds, typically municipal bonds, to enhance their creditworthiness and reduce the risk for investors. These insurers assure bondholders that they will receive timely payment of principal and interest even if the issuer defaults.
Bond Mutual Fund (or Bond Fund)
A fund that pools money from multiple investors to invest in a diverse range of bonds, managed by professionals to provide exposure to the fixed income market.
Bond Mutual Fund-Nontaxable
Bond Mutual Fund—Taxable
Bond Swap
Bond Symbol
A specific code used to identify a bond for trading and tracking purposes.
bond type
Bondholder
An individual, institution, or entity that owns one or more bonds issued by a corporation, government, or other organization.
Bondsource
Loans investors make to governments, municipalities, or corporations in exchange for periodic interest payments and repayment of the loan amount at maturity.
Brokered Certificate of Deposit
A type of certificate of deposit (CD) that is sold through a brokerage firm rather than directly from a bank. These CDs typically offer higher interest rates than traditional CDs but may have restrictions on early withdrawal. They are often used by investors seeking to diversify their portfolios with fixed-income investments.
Build America Bond (BAB)
Municipal bond with taxable interest income offering federal subsidies to issuers.
Bull
An investor who anticipates rising prices in the market or a particular asset and buys with the expectation of selling at a higher price.
Bullet Bond
buy/sell
Buying Treasuries at Auction (Non-Competitive)
This term refers to the process of purchasing U.S. Treasury securities directly from the government at auction without specifying a particular yield. Non-competitive bids are submitted by investors who are willing to accept the yield determined by the auction process. The quantity of securities acquired depends on the amount available for sale and the total demand from all bidders at the auction.
call feature
A bond provision allowing the issuer to repurchase the bond before its maturity date.
Call Method
The process by which a bond issuer exercises its right to redeem the bond, typically involving notifying bondholders and providing instructions for the redemption process.
Call Notification Days
Call Premium (or Premium Call Price)
Call Price
Call Protection
call provision
A feature in a bond or other security that gives the issuer the right to redeem the security before its maturity date, typically at a predetermined price or within a specified timeframe.
Call Risk
The possibility that a bond may be redeemed by the issuer before its maturity date, potentially resulting in a loss of anticipated interest income for the bondholder.
Call Schedule
A predetermined timetable outlining when an issuer has the right to redeem a callable bond before its maturity date, typically specifying specific dates and prices at which the issuer can exercise this option.
Call Type
Call/Sink/Put Features
callable
Describes a bond or security that the issuer can redeem or repurchase before its maturity date.
Callable Bond or CD
A type of bond or certificate of deposit (CD) that can be redeemed by the issuer before its maturity date, typically at a predetermined price.
called bonds
Bonds that have been redeemed by the issuer before their maturity date, usually because of a call provision.
cash management bills (CMBs)
Certificate of Deposit (CD)
A bank deposit with a fixed term and interest rate, typically offering higher interest rates than regular savings accounts.
Closed-End Bond Fund
Commercial Paper
Short-term, unsecured debt issued by corporations to raise funds for financing short-term liabilities such as accounts payable or payroll. Commercial paper typically matures in less than 270 days and is considered a low-risk investment.
Competitive Sale
A method of issuing municipal bonds where potential buyers submit bids specifying the yield or interest rate they are willing to accept. The issuer then selects the bids offering the lowest yields until the total bond amount is sold. This process allows for price discovery and competition among investors.
conditional call
Bond provision allowing early redemption under specific conditions.
conduit bonds
Bonds issued by a government entity or other organization on behalf of a third party, typically a municipality or corporation, to finance specific projects or activities.
conservator
An individual or entity appointed by a court or regulatory authority to oversee and manage the affairs, assets, or financial interests of another person or organization, typically when the latter is unable to do so themselves due to incapacity, financial distress, or other reasons.
Constant perpetuity
Constant perpetuity refers to an investment or financial instrument that provides a fixed stream of payments indefinitely, with no maturity date. This perpetual stream of payments remains constant over time, offering a consistent income stream to the holder without any expectation of principal repayment.
Consumer Price Index Urban (CPI-U)
CPI-U is a measure of price changes for urban consumers, used to track inflation.
contemporaneous cost
Contemporaneous cost refers to the current or immediate cost associated with a particular transaction or activity.
Continuous Call
Continuous call refers to the ability of an issuer to redeem or call bonds at any time, rather than only on specific dates.
continuously callable
Continuously callable refers to a bond that can be redeemed by the issuer at any time, rather than being restricted to specific dates.
Conversion Feature
A conversion feature allows a bondholder to exchange their bond for another security, typically common stock, at a predetermined conversion ratio and within a specified period.
Convertible
Convertible refers to a type of bond or preferred stock that can be exchanged for a predetermined number of shares of common stock at the option of the bondholder or shareholder.
convertible bond
Convexity
convexity to worst
Corporate Bond
A corporate bond is like a loan that investors give to a company. In return, the company pays interest over time and returns the original amount borrowed when the bond matures.
corporate debt
Corporate debt refers to the money that a company borrows by issuing bonds or taking out loans from investors or financial institutions. This debt is typically used to fund business operations, expansions, or other financial needs of the company.
CorporateNotes ProgramSM
The CorporateNotes ProgramSM is a service provided by banks for corporations to issue short- to medium-term debt securities to investors.
Coupon
Coupon Frequency
Coupon frequency is how often bondholders receive interest payments.
Coupon Rate
The coupon rate is the fixed annual interest rate that a bond issuer agrees to pay to bondholders.
Coupon Rate (Floating)
A floating coupon rate is an interest rate on a bond that adjusts periodically based on a specified benchmark or reference rate, such as LIBOR or the prime rate.
Coupon Rate (Inverse Floaters)
Inverse floaters are bonds with interest rates that move in the opposite direction to changes in a specified benchmark rate. If the benchmark rate goes up, the interest rate on an inverse floater goes down, and vice versa.
Coupon Rate Percentage
Coupon Type
Coupon type indicates whether a bond pays a fixed or variable interest rate.
Credit Enhancement
Credit enhancement refers to measures taken to improve the creditworthiness of a borrower or debt issuer, usually to obtain more favorable terms for borrowing. This can include providing collateral, obtaining insurance or guarantees, or improving financial ratios.
credit quality
Credit quality assesses how likely a borrower is to repay their debt, ranging from high to low risk.
Credit Rating
A score given to individuals or entities indicating their creditworthiness, typically ranging from excellent to poor.
Credit Risk
The potential that a borrower or issuer will fail to meet their financial obligations, leading to a loss for the lender or investor.
Credit Spread
The difference in yield between a riskier asset, such as a corporate bond, and a safer asset, such as a Treasury bond, of similar maturity. It represents the additional compensation investors require for taking on the higher credit risk associated with the riskier asset.
Credit Watch
A designation given by credit rating agencies to indicate that a particular bond or issuer is under review for a possible credit rating change. This could signal a potential upgrade or downgrade in the creditworthiness of the bond or issuer.
creditor
An individual or institution that extends credit or loans money to another party, with the expectation that the borrowed amount will be repaid, usually with interest, according to agreed-upon terms and conditions.
creditworthiness
Cumulative Feature
A cumulative feature refers to the characteristic of certain securities where missed dividend payments accumulate and must be paid in full before any additional dividends can be distributed to shareholders.
Cumulative Maximum Deferral Payment
A cumulative maximum deferral payment refers to the total amount of missed interest or principal payments on a financial instrument that must be repaid in the future.
Current Face Value
Current face value refers to the present or current stated value of a financial instrument, such as a bond or a loan, which may change over time due to factors such as interest accruals, amortization, or changes in market conditions.
current factor
current factor effective date
current rate effective date
Current Yield
Current Yield is the annual income earned from an investment, expressed as a percentage of its current market price.
Current Yield Percentage
Current Yield Percentage refers to the income generated by an investment relative to its current market price, expressed as a percentage.
CUSIP
Customer Buy
Customer Buy refers to a transaction where a customer purchases securities through a brokerage or financial institution. This term typically indicates that the purchase is initiated by an individual or entity seeking to acquire securities for investment or trading purposes.
Customer Sell
Customer Sell refers to a transaction where a customer sells securities through a brokerage or financial institution. This term typically indicates that the sale is initiated by an individual or entity seeking to liquidate their holdings of securities for various reasons, such as realizing profits or cutting losses.
date (convertible information)
date/time
Dated Date
day count basis
Day count basis determines how accrued interest is calculated on bonds or fixed-income securities, specifying rules for counting days within a period.
day order
Day order is an instruction given by an investor to a broker or brokerage firm to buy or sell a security at the best available price within the current trading day. If the order cannot be executed during the trading day, it will expire at the end of the day.
De Minimis tax rule
The de minimis tax rule is a provision in tax law that exempts certain small or minimal amounts from taxation or reporting requirements. It allows taxpayers to disregard insignificant amounts of income, gains, or losses, reducing the administrative burden associated with reporting and taxation.
Deal ID
The Deal ID refers to a unique identifier assigned to a specific transaction or deal. It helps in tracking and identifying individual transactions within a larger system or database.
Debenture
debt refinancing
Debt Security
A type of financial asset representing a loan made by an investor to a borrower.
Debt Service
The amount of money required to meet the repayment obligations of a debt, including both principal and interest payments.
Declines
The decrease in the value of a security or financial market over a specific period, typically measured from a previous high point to a subsequent low point.
Default
When a borrower fails to meet the financial obligations or terms of a loan or bond, such as missing interest or principal payments, violating covenants, or declaring bankruptcy.
Defeased, Economically
Defeased, Legally
Defensive Stock
Stocks of companies that tend to remain stable or perform well during economic downturns or periods of market volatility. These companies often operate in industries that provide essential goods or services, such as utilities, healthcare, and consumer staples. Investors may turn to defensive stocks as a way to preserve capital and reduce overall portfolio risk during uncertain economic conditions.
Deferred Feature
A characteristic of some financial products where certain benefits or obligations are postponed until a later date.
Delay Days
The number of days it takes for a trade to be processed and settled after the trade date.
Delayed Settlement Date
The date on which the settlement of a trade is postponed beyond the standard settlement period, typically due to certain conditions or circumstances that require additional time for completion.
delete
A command or action to remove specific information or data from a system or record, typically done to eliminate outdated, incorrect, or unnecessary entries.
delivery
Transfer of ownership of a security or financial instrument from one party to another.
depth of book
Description
A concise explanation or summary providing key details or characteristics of a particular financial instrument, security, product, or service. It aims to give potential investors or users a clear understanding of what the offering entails.
Discount
Discount Rate
Discrete Call
A type of call provision in a bond or other security where the issuer can redeem it at predetermined dates or intervals, typically at fixed prices.
Dollar Duration
A measure of the price sensitivity of a bond or bond portfolio to changes in interest rates, expressed in terms of the change in its value for a one percentage point change in interest rates.
Dollar Volume
The total value of securities traded in a specific period, calculated by multiplying the number of shares traded by the average price per share during that period.
domicile country
The country where an individual or entity is officially considered to have a permanent residence or legal presence for tax or regulatory purposes.
dummy CUSIP
Duration
duration to worst
Dutch Auction
An auction process in which the price of an item is gradually lowered until it meets the highest bid. All successful bidders pay the same price per unit, which is the lowest winning bid.
Economic Cycle
The natural fluctuation of economic activity between periods of expansion and contraction, typically characterized by changes in GDP, employment levels, investment, and consumer spending. It consists of four phases: expansion, peak, contraction (or recession), and trough.
Education & Tools
Resources and instruments provided to investors and traders to enhance their understanding of financial markets, investment strategies, and trading techniques. This may include online courses, tutorials, webinars, articles, calculators, research reports, and software applications designed to improve financial literacy and decision-making skills.
Electronic Communication Network (ECN)
A computerized system enabling direct trading of financial instruments among market participants without traditional intermediaries.
Embedded Option
A feature within certain financial securities that allows the issuer or the holder to take specific actions under predetermined conditions, such as the right to buy or sell an asset at a specified price within a specified time frame.
Equity-Linked Security
A financial instrument whose returns are tied to the performance of an underlying equity instrument, such as a stock or a stock index. These securities often offer investors exposure to the potential upside of equities while providing some downside protection or guaranteed returns.
escrow end date
The date on which the escrow account established for a particular financial transaction is scheduled to terminate. This date marks the end of the period during which funds or assets are held in escrow by a third party, typically until certain conditions of the transaction are met. After the escrow end date, the funds or assets are released to the designated parties according to the terms of the agreement.
Escrowed Bond
An Escrowed Bond involves setting aside funds to repay bondholders at maturity or call date, ensuring they receive their principal payments as promised.
estimated annual income (EAI)
Estimated Annual Income (EAI) refers to the projected amount of income an investment is expected to generate over the course of a year. This figure is calculated based on various factors such as interest rates, dividend yields, and expected changes in the value of the investment. EAI is useful for investors to estimate their potential earnings from an investment and make informed decisions about their portfolio.
Estimated Fees
Estimated fees are the anticipated charges or costs associated with a financial transaction or investment.
Estimated Total Cost
Estimated total cost refers to the projected overall expenses associated with a particular financial transaction or investment, taking into account various fees, charges, and other relevant costs.
estimated yield (EY)
Estimated yield (EY) is a projected rate of return on an investment, calculated based on assumptions about future performance and other relevant factors. It provides an approximation of the potential earnings an investor may receive from holding a particular security or asset over a specific period.
Eurobond
exchange
An exchange is a marketplace where securities, commodities, derivatives, and other financial instruments are traded. It provides a platform for buyers and sellers to execute transactions.
expected yield
Extension Risk
Extension risk refers to the risk that the maturity of a bond or other fixed-income security will extend beyond the expected or initially estimated time frame. This risk is particularly relevant for mortgage-backed securities (MBS) and other asset-backed securities (ABS) where borrowers may refinance their loans, causing the securities to have longer durations than anticipated. Extension risk can lead to lower-than-expected returns for investors, especially in environments of falling interest rates.
extraordinary redemption
Extraordinary redemption is the early repayment of a bond or other fixed-income security due to unusual circumstances, such as financial restructuring or regulatory changes.
Extraordinary Redemption (aka Catastrophic Call)
Extraordinary redemption, also known as a catastrophic call, refers to the premature repayment of a bond or fixed-income security due to exceptional circumstances, such as financial distress or regulatory changes.
Face Value Amount
Face value amount refers to the nominal value of a bond or security, which is the amount that the issuer promises to repay the holder at maturity. It is also known as par value or principal amount.
Factor
A multiplier applied to cash flows in financial calculations, commonly used in mortgage-backed securities to adjust for prepayments of underlying loans.
FDIC certificate
A document issued by the Federal Deposit Insurance Corporation (FDIC) to insure deposits in banks and thrifts against loss in the event of bank failure, providing depositors with confidence and protection for their funds.
FDIC insured
A term indicating that the deposits held in a bank or thrift are protected by the Federal Deposit Insurance Corporation (FDIC), up to the maximum limit allowed by law, in case of bank failure.
Federal Deposit Insurance Corporation (FDIC)
Federal Funds
Federal funds are reserves that banks hold at the Federal Reserve and lend to each other overnight. The interest rate on these loans is called the federal funds rate, which influences short-term interest rates in financial markets.
Federal Funds Rate (or Fed Funds Rate)
The Federal Funds Rate, also known as the Fed Funds Rate, is the interest rate at which banks lend reserves to each other overnight. This rate is set by the Federal Reserve and serves as a key benchmark for short-term interest rates in the financial markets.
Federal Home Loan Mortgage Corporation (FHLMC)
The Federal Home Loan Mortgage Corporation (FHLMC), also known as Freddie Mac, is a government-sponsored enterprise (GSE) that provides liquidity, stability, and affordability to the U.S. housing market. It buys mortgages from lenders, pools them together, and sells them as mortgage-backed securities (MBS) to investors.
Federal National Mortgage Association (FNMA)
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a government-sponsored enterprise (GSE) that helps facilitate the flow of mortgage money in the United States. It buys mortgages from lenders, pools them together, and sells them as mortgage-backed securities (MBS) to investors.
Federal Savings and Loan Corporation
The Federal Savings and Loan Corporation (FSLIC) was a government agency created to provide deposit insurance for savings and loan institutions in the United States. It insured deposits in savings and loans similar to the way the Federal Deposit Insurance Corporation (FDIC) insures deposits in commercial banks. However, the FSLIC was abolished in 1989 during the savings and loan crisis, and its responsibilities were transferred to the FDIC.
federally tax exempt/taxable
Federally tax-exempt refers to income or investments that are not subject to federal income tax. These typically include municipal bonds issued by state or local governments for specific projects like infrastructure or education. Conversely, federally taxable refers to income or investments that are subject to federal income tax, such as most corporate bonds or interest earned on savings accounts.
Fill or Kill
first coupon date
The first coupon date is when bondholders receive their initial interest payment after the bond is issued.
first settlement date
The first settlement date refers to the initial date on which a financial transaction, typically involving the purchase or sale of securities, is completed, and the assets and funds are exchanged between the parties involved.
Fixed Coupon
A fixed coupon refers to a predetermined interest rate that remains constant throughout the life of a bond or other fixed-income security. This fixed rate is used to calculate periodic interest payments made to the bondholder, typically at regular intervals until the bond matures.
Fixed Income Security
A fixed income security is an investment that provides a fixed interest payment at regular intervals, typically until the security reaches maturity. These securities include bonds, certificates of deposit (CDs), preferred stocks, and other debt instruments. They are valued based on factors such as their coupon rate, maturity date, and credit quality. Fixed income securities are often favored by investors seeking steady income streams and relatively lower risk compared to stocks.
fixed rate capital securities
Fixed rate capital securities are financial instruments that pay a fixed interest rate or coupon to investors over a set period.
Floating Rate
Floating rate refers to an interest rate that can change periodically based on fluctuations in a benchmark interest rate or index, typically reflecting current market conditions.
Floating rate Coupons
Floating rate coupons are interest payments on bonds or other debt instruments that fluctuate periodically based on changes in an underlying reference rate, such as LIBOR or the prime rate.
Foreign (i.e., Non-U.S) Bond
A foreign bond refers to a debt security issued by a non-U.S. entity or government in a currency other than the one used in the country where the bond is issued.
Full Faith and Credit
Full faith and credit typically refers to the unconditional guarantee provided by a government to honor its financial obligations. This assurance extends to both principal and interest payments on debt securities issued by the government.
High-Yield Bond
High-yield bonds are debt securities issued by companies or governments with lower credit ratings, typically offering higher interest rates to compensate for the increased risk of default.
histogram
A histogram is a graphical representation of the distribution of numerical data. It consists of bars, where each bar represents a range of values, and the height of the bar corresponds to the frequency or count of data points falling within that range. Histograms are used to visualize the shape, center, and spread of a dataset.
historical inflation factor
The historical inflation factor adjusts financial data or economic indicators for inflation over time.
Hours of Operation
Hours of Operation refers to the period during which a business, service, or facility is open and available for operation or customer service.
Hybrid Preferred Security
A Hybrid Preferred Security is a type of financial instrument that combines features of both equity and debt. It typically pays a fixed dividend like debt but may have the option to convert into common stock, offering potential for capital appreciation like equity.
In Default
Include Only (I)
Income Type
increment
indenture
An indenture is a legal and binding agreement between a bond issuer and bondholders that outlines the terms and conditions of the bond issuance
index
An index is a statistical measure used to represent changes in a particular financial market, sector, or asset class.
index start level
The index start level refers to the initial value or baseline level of an index at the beginning of a specified period, typically used as a reference point for measuring subsequent changes in the index.
Index-Linked
Index-linked refers to financial products or securities whose returns or payments are linked to the performance of a specific index. This means that changes in the index value will directly impact the returns or payments received by investors holding these securities.
indicated annual dividend (IAD)
Indicated Annual Dividend (IAD) is the expected annual dividend payment per share of a stock, based on the most recent dividend declaration. It indicates the amount of money shareholders can anticipate receiving per share over the next year if the company maintains its current dividend rate.
Industry Group
An Industry Group is a classification system used to categorize companies based on the nature of their business activities. It helps investors and analysts understand the performance and trends within specific sectors of the economy by grouping together companies that operate in similar industries or sectors. This classification facilitates comparisons and analysis within and across industries.
Inflation Accrual
Inflation accrual refers to the increase in the value of an asset or investment due to inflation over time. It accounts for the impact of inflation on the purchasing power of money. Inflation accrual is typically calculated by adjusting the value of an asset or investment by the rate of inflation over a specific period, allowing investors to account for the decrease in the real value of money caused by inflation.
Inflation Factor
The inflation factor represents the adjustment made to account for changes in purchasing power due to inflation. It is typically expressed as a percentage increase or multiplier applied to a financial value to reflect the impact of inflation over time. The inflation factor helps to maintain the real value of assets or investments by adjusting for the decrease in purchasing power caused by inflation.
Inflation Risk (Purchasing Power Risk)
Inflation risk, or purchasing power risk, is the threat of decreasing money value over time due to inflation. It can erode the real rate of return on investments, diminishing future cash flow values and overall wealth.
Inflation-Linked CD
Inflation-Protected Securities (TIPS)
TIPS are U.S. Treasury bonds that safeguard against inflation by adjusting their principal value and interest payments based on changes in the Consumer Price Index (CPI).
Insured Bond
An insured bond is a type of bond that comes with insurance coverage provided by a third-party insurer, typically enhancing its credit rating and reducing the risk associated with default.
Insured Letter of Credit
An insured letter of credit is a financial instrument that guarantees payment from a third-party insurer in case the issuer fails to fulfill its obligations. This insurance provides additional security to the beneficiary of the letter of credit.
Interdealer
Interdealer refers to transactions or activities that occur between different dealers or brokers within the financial market. These transactions typically involve the buying and selling of securities, currencies, or other financial instruments among market participants such as banks, investment firms, and other financial institutions.
interest
Interest refers to the cost of borrowing money or the compensation received for lending money, typically expressed as a percentage of the principal amount. It is a fundamental concept in finance and economics, representing the price paid for the use of funds over a specified period. Interest can be earned on investments such as savings accounts, bonds, or loans, and it plays a crucial role in determining the profitability of financial transactions.
interest accrual date
Interest accrual date is the date from which interest starts accumulating on a financial instrument, such as a bond or a loan. It marks the beginning of the interest-earning period and is typically based on the terms outlined in the financial contract. Interest accrues daily, monthly, quarterly, or annually, depending on the agreement, and is calculated based on the outstanding principal balance and the applicable interest rate.
interest income
Interest income refers to the money earned from investments in interest-bearing financial assets such as bonds, certificates of deposit (CDs), savings accounts, and money market funds. It is typically paid periodically by the issuer of the investment and is based on the interest rate and the amount of principal invested. Interest income is considered a form of passive income and is taxable in most jurisdictions.
Interest Rate Risk
Interest rate risk refers to the possibility of changes in interest rates affecting the value of an investment, particularly fixed-income securities like bonds and CDs.
Interest Type
Interest type refers to the method used to calculate and distribute interest payments on a financial instrument such as a bond or a certificate of deposit (CD). It specifies how interest is accrued and paid out over the life of the investment. Common interest types include fixed rate, floating rate, and zero coupon.
international
Investment-Grade
ISIN
ISIN stands for International Securities Identification Number. It is a unique code used to identify securities such as stocks, bonds, and derivatives. ISINs are assigned to securities to facilitate trading and settlement processes, as well as to provide a standardized means of identifying financial instruments globally. Each security is assigned a unique ISIN, which consists of a 12-character alphanumeric code.
issue date
Issue Description
issue price – fixed income
The issue price for fixed income securities refers to the initial price at which the security is offered to investors when it is first issued.
Issue Type
Issue Type refers to the classification or category of a security being issued, such as common stock, preferred stock, bonds, or other types of financial instruments.
Issuer
Issuer refers to the entity, whether a corporation, government, or other organization, that offers and sells securities to investors. The issuer may raise capital by issuing stocks, bonds, or other financial instruments.
issuer events
Issuer events are significant occurrences or developments involving the organization that has issued securities. These events can include corporate actions such as mergers, acquisitions, bankruptcies, dividend declarations, or changes in corporate governance. They are important for investors as they can impact the value or performance of the securities issued by the company.
Issuer Legal Name
The legal name of the entity or organization that issues securities, bonds, or other financial instruments. This name is the official designation of the issuer for legal and regulatory purposes.
Issuer Location
Issuer Name
The official name of the entity or organization issuing securities, bonds, or other financial instruments. This name identifies the legal entity responsible for fulfilling the terms and conditions associated with the issued securities.
Issuing Agency
The organization or entity responsible for issuing securities or bonds. This could be a government agency, corporation, or other authorized institution that raises funds by selling debt securities to investors.
Key Rate Duration
Key Rate Duration measures bond price sensitivity to changes in specific key interest rates.
Kicker
Ladder
Laddering
last coupon
Latest Sale Price
Latest Sale Yield
Latest Trade Date
Letter of Credit
Limit Price
Liquid Bond
Liquidity Risk
Listed
London Interbank Offered Rate (LIBOR)
The London Interbank Offered Rate (LIBOR) is a widely used benchmark interest rate that indicates the average interest rate at which major global banks can borrow from one another in the London interbank market. It is calculated and published daily by the Intercontinental Exchange (ICE) based on submissions from a panel of banks. LIBOR is used as a reference rate for various financial products and contracts, including loans, mortgages, derivatives, and bonds.
Long-Term Bond
A long-term bond is a debt security with a maturity period typically exceeding 10 years.
LTV (Loan to Value Ratio) (%)
The Loan-to-Value (LTV) ratio expresses the amount of a loan relative to the appraised value of the asset being purchased or financed, usually expressed as a percentage.
Make whole call
Make-Whole Call Provision
Managed Account
Mandatory Tender
marginable security
A marginable security is a type of financial asset that can be used as collateral for borrowing funds from a broker to purchase additional securities. These securities are typically highly liquid and have stable prices, allowing brokers to extend credit to investors against their value.
mark-down
mark-up
market fluctuation
Changes in asset prices driven by factors like supply, demand, economic indicators, geopolitics, and investor sentiment.
Market Order
An instruction to buy or sell a security at the current market price, executed as soon as possible at the prevailing market rate.
Markup or Markdown
The difference between the selling price of a security and its current market value. A markup occurs when the selling price is higher than the market value, while a markdown occurs when the selling price is lower than the market value. These terms are commonly used in retail or brokerage contexts to describe the adjustment made to the price of a security for sale to a customer.
Material Deal Change
Significant modification to a transaction, potentially affecting outcomes or parties involved.
Material Events
Significant occurrences or developments that can impact financial markets or investment decisions.
material events – fixed income
Significant occurrences or developments specifically related to fixed income securities or markets that can impact investment strategies, pricing, or risk assessments.
Maturity
The date on which a debt security, such as a bond or a note, becomes due for repayment of the principal amount. It signifies the end of the contract between the issuer and the bondholder, at which point the issuer must repay the principal amount borrowed to the bondholder.
Maturity Date
The date on which the principal amount of a debt security, such as a bond or a note, becomes due and is repaid to the bondholder by the issuer. It represents the end of the term of the security and marks the completion of the contractual obligation between the issuer and the bondholder.
Maturity Range
The range of dates within which the maturity date of a debt security falls. It indicates the span of time between the earliest and latest possible maturity dates for a particular security.
maximum rate
The highest interest rate that can be applied to a debt instrument or loan, as specified in the terms and conditions of the agreement. This rate represents the upper limit beyond which the interest rate cannot increase, providing a safeguard for borrowers against excessively high interest charges.
Minimum Coupon Field
The lowest allowable interest rate on a bond or fixed income security.
minimum rate
The lowest interest rate allowed on a bond or fixed-income security.
Minimum Yield to Maturity Field
The lowest yield to maturity (YTM) that an investor can expect to receive from holding a bond until its maturity date.
Minimum-Maximum (Amount Available) Increment Amounts
The smallest and largest increments by which the available amount for investment can change, typically seen in offerings of bonds or other financial instruments.
Monthly Factor
Moody’s
Moody’s Minimum Rating
Moody’s rating
Mortgage Product
A mortgage product refers to a specific type of mortgage offered by a lender, such as a fixed-rate mortgage, adjustable-rate mortgage (ARM), or government-backed mortgage like FHA or VA loans.
Mortgage Program
A mortgage program refers to a set of guidelines and terms established by a lender or financial institution for offering mortgage loans to borrowers. These programs may include various types of mortgages, such as fixed-rate, adjustable-rate, or government-backed loans, along with specific eligibility criteria and terms.
Mortgage-Backed Pass-Through Security
Mortgage-Backed Security (MBS)
A mortgage-backed security (MBS) is a type of asset-backed security that represents a claim on the cash flows from a pool of mortgage loans. These loans are typically secured by real estate properties.
Municipal Bond
A municipal bond is a debt security issued by a state, municipality, or county to finance public projects such as roads, schools, and infrastructure. These bonds are typically exempt from federal taxes and may also be exempt from state and local taxes, making them attractive to investors seeking tax-advantaged income.
municipal general obligation bond
A municipal general obligation (GO) bond is a type of municipal bond issued by a state or local government, typically backed by the full faith, credit, and taxing power of the issuing authority. These bonds are used to fund general government operations and projects, such as infrastructure improvements, public services, and other initiatives that benefit the community as a whole.
Municipal Securities Rulemaking Board (MSRB)
The MSRB regulates the municipal securities market to protect investors. It sets rules for brokers, dealers, and municipal advisors.
Negative Credit Watch
Negotiated Sale
Negotiated Sale refers to the process of selling bonds where the terms, including interest rates and maturity dates, are determined through negotiations between the issuer and underwriters, rather than through a competitive bidding process.
New Issue
New Issue refers to a security, such as a bond or stock, that is offered to the public for the first time. It represents the initial sale of securities by a company or government entity, typically to raise capital for various purposes such as funding projects or expansion.
new issue order
A new issue order is a request to buy securities issued for the first time, allowing investors to purchase them at the initial offering price.
New-Issue CD
A New-Issue CD refers to a certificate of deposit (CD) issued by a bank or financial institution for the first time, often with a fixed interest rate and maturity date.
Next Call Date
The Next Call Date is the date on which the issuer of a callable bond or security has the option to redeem or call back the security before its maturity date.
Next Call Price
The Next Call Price is the price at which the issuer of a callable bond or security has the option to redeem or call back the security before its maturity date.
Next Coupon Date
The Next Coupon Date is the date on which the next coupon payment is scheduled to be made to the bondholder.
Next reset date
The Next Reset Date is the date on which the interest rate on a variable-rate security, such as an adjustable-rate mortgage (ARM) or a floating-rate bond, is next scheduled to be adjusted based on the specified index or benchmark.
Next reset rate
Next Step Date
The Next Step Date refers to the date on which the next action or step is scheduled to occur in a financial transaction or process. It could be a date specified in a contract, agreement, or investment prospectus indicating when the next action, such as a payment, adjustment, or decision, is expected to take place.
Nominal Yield
Stated annual interest rate on a fixed-income security, like a bond or CD.
Noncallable
A type of bond or security that cannot be redeemed by the issuer prior to its maturity date, providing investors with certainty about the timing of their investment returns.
Note
A debt security that typically represents a promise by the issuer to pay a stated amount of interest over a specified period and to repay the principal amount at maturity. Notes usually have shorter maturities than bonds, typically ranging from one to ten years.
Offer
The price at which a seller is willing to sell a security. It represents the lowest price at which a seller is willing to part with their security.
offer price
The price at which a seller is willing to sell a security or financial instrument. It is the price quoted when someone is looking to sell an asset, such as a stock or bond.
Official Statement
Detailed document for municipal bond investors, outlining bond terms, issuer financials, and risks.
Open order
option adjusted convexity
option adjusted duration
option adjusted spread
Option-Adjusted Spread (OAS) is a measure of the yield spread between a bond with embedded options (such as callable or putable bonds) and a risk-free benchmark, typically a Treasury security. It accounts for the value of the embedded options by adjusting the spread to reflect the additional yield investors require to compensate for the uncertainty associated with these options. OAS is used to compare the relative value of bonds with different option features and to assess their risk-adjusted returns.
Option strategy
Option strategies involve buying and/or selling options to achieve specific investment goals.
Order
An order is a directive given by an investor to buy or sell a security, specifying details such as the security type, quantity, price, and duration.
Order Acknowledgment
An order acknowledgment is a notification sent by a broker or exchange to an investor confirming receipt and acceptance of their order to buy or sell a security.
Order Verification
Order verification is a process in which a broker or exchange confirms the details of a trade before executing it, ensuring accuracy and preventing errors.
Original Face
Original face refers to the initial principal amount of a debt security when it was first issued.
Original issue amount
Original issue amount refers to the total value of a security when it is first issued by the issuer. This amount represents the initial offering price of the security to investors.
Original Issue Discount (OID)
Original Maturity Date
Original Maturity Date is the date on which a debt instrument, such as a bond or loan, was initially scheduled to be repaid in full. It represents the maturity date specified at the time of issuance, before any changes or modifications are made to the terms of the instrument.
outlier bid
An outlier bid refers to an unusually high or low bid price compared to other bids in the market. It may indicate a significant deviation from the prevailing market price or trading activity, potentially suggesting unique circumstances or strategic behavior by the bidder.
Over-the-Counter (OTC)
OTC refers to off-exchange trading where financial instruments are directly traded between parties through a dealer network.
par
Par Value
participation rate
pay frequency
Pay frequency refers to how often interest payments or dividends are distributed to investors. It could be monthly, quarterly, semi-annually, or annually, depending on the terms of the investment or security.
Payment in Kind
Payment in Kind (PIK) refers to a method of paying interest or dividends on a financial instrument by issuing additional securities rather than cash. This allows the issuer to conserve cash flow while still meeting its debt obligations.
Pension Funds
Financial vehicles designed to provide retirement income for employees, managed by institutional investors such as insurance companies, mutual funds, or specialized entities.
Perpetual
A type of security or investment without a fixed maturity date, meaning it has no specific end date for repayment of principal or termination of interest payments.
Perpetual Maturity
The characteristic of a financial security that lacks a predetermined maturity date, meaning it does not have an expiration date for repayment of principal.
Phantom Interest
Interest that appears to accrue on a financial instrument but is not actually paid out to the holder. It may result from accounting practices or complex financial structures.
Positive Credit Watch
Pre-refunded Bond
pre-refunded price
The pre-refunded price refers to the market price of a bond that has been redeemed or called before its scheduled maturity date, typically because the issuer has set aside funds to repay bondholders early.
Preferred Stock
Corporate ownership with dividend priority over common shares, typically without voting rights.
Preliminary Official Statement (POS)
A document issued by a municipal bond issuer that provides investors with information about the forthcoming bond issue, including its terms, conditions, and risks.
Premium
The amount by which the market price of a bond exceeds its face value or par value.
Premium Bond
A bond that is trading above its face value or par value, usually because its coupon rate is higher than prevailing market interest rates, making it more attractive to investors.
premium, fixed income
Prepayment Risk
Prepayment risk is the risk that borrowers will repay their loans earlier than expected, which can affect the cash flows of fixed income securities such as mortgage-backed securities (MBS) or callable bonds. This risk is more prevalent when interest rates decline, leading borrowers to refinance their loans at lower rates, causing investors to miss out on anticipated interest payments.
prevailing market price (PMP)
The prevailing market price (PMP) is the current price at which a security is trading in the market. It represents the most recent price at which buyers and sellers have agreed to transact for a particular security at a given point in time.
previous factor
The previous factor refers to the multiplier used to calculate the principal amount of a mortgage-backed security (MBS) or other structured financial product. This factor is applied to the original principal balance to determine the current outstanding balance of the security.
previous factor effective date
The previous factor effective date is the date on which the previous factor used in calculating the principal amount of a mortgage-backed security (MBS) or other structured financial product was established or became effective.
price
Price refers to the amount of money for which a financial instrument, such as a bond or stock, is bought or sold in the market. It represents the value at which buyers and sellers agree to execute a transaction. Prices can fluctuate based on various factors including supply and demand, market sentiment, and economic conditions.
price (ask)
price (bid)
Price Change Number
Price Change Percent
Price Tiers
pricing date
The pricing date is the specific date on which the price of a security or financial instrument is determined or quoted.
primary country
The primary country refers to the main or predominant country associated with a particular security or financial instrument. It indicates the country where the issuer is headquartered or where the majority of its operations are conducted. This information helps investors understand the geographic exposure and regulatory environment of the investment.
Principal
Principal refers to the original amount of money borrowed or invested, excluding any interest or other charges. In the context of bonds or loans, it represents the initial amount that is lent to the borrower and must be repaid at maturity.
principal repayment
Principal repayment refers to the payment made by a borrower to reduce the outstanding balance of a loan or debt. It typically does not include any interest or fees associated with the loan, focusing solely on reducing the original borrowed amount.
Product Subtype
Product subtype refers to a specific category or classification within a broader financial product type. It helps further define and categorize financial instruments based on their unique characteristics or features. For example, within the category of bonds, product subtypes may include government bonds, corporate bonds, municipal bonds, etc.
Product Subtype Asset Description
Product subtype asset description provides detailed information about the specific characteristics or features of a financial product within a particular subtype. It typically includes details such as the issuer, maturity date, coupon rate, credit rating, and any unique attributes that distinguish it from other similar assets within the same subtype. This description helps investors understand the key aspects of the asset and make informed investment decisions.
Product Type
Product type refers to the broad category or classification of a financial instrument or investment product. It categorizes financial assets based on their underlying characteristics, structure, and purpose.
provision
A provision refers to a specific clause or condition included in a legal document, such as a contract, agreement, or law. It outlines particular terms, requirements, or actions that must be adhered to by the parties involved.
Public Securities Association Standard Prepayment Model (PSA)
The Public Securities Association Standard Prepayment Model (PSA) is a method used to forecast the rate at which mortgage-backed securities (MBS) will be repaid by homeowners.
Put Price
Put Price refers to the price at which the holder of a put option has the right, but not the obligation, to sell the underlying asset. It represents the strike price specified in the put option contract.
Put Provision
Put Provision is a feature in certain financial agreements, such as bonds or loans, that allows the holder to demand early repayment of the principal amount under specified conditions.
Put Schedule
Put Schedule refers to the timetable or series of dates specified in a financial contract, such as a bond or loan agreement, outlining when the holder of the security or loan has the right to exercise a put option.
Put Type
Put Type categorizes the put option associated with a financial instrument. It outlines when and how the option can be exercised.
Putable Bond
Quality Spread Differential (QSD)
The Quality Spread Differential (QSD) refers to the difference in yield between securities of different credit qualities but similar maturities. It measures the additional yield investors demand for holding lower-quality bonds compared to higher-quality bonds with similar characteristics.
Quantity (Face Value)
Quantity (Face Value) refers to the nominal value of the bond or security being traded, typically denominated in currency units. It represents the amount of principal or face value of the security involved in the transaction.
Quick Search
Quick Search is a feature that allows users to swiftly find specific information within a database or system by entering keywords or criteria. It helps users locate relevant data efficiently without having to navigate through multiple pages or menus.
Quoted Price
Quoted Price refers to the price at which a security or financial instrument is currently being offered for sale or purchase in the market. This price is typically displayed on trading platforms or exchanges and represents the most recent available price for the security.
Rate Schedule
Document detailing the interest rates associated with various financial products or services offered by a bank or financial institution. It typically includes information about savings account rates, loan rates, mortgage rates, and other interest-bearing accounts or transactions.
Rating Effective Date
recent trades
Recent trades refer to the most recent transactions involving a particular security. These trades provide information about the price, volume, and timing of transactions, which can be useful for investors to gauge market activity and sentiment.
redeem
redemption
redemption price
Reinvestment Risk
reopening treasury issues
Reopening treasury issues refers to the process where the U.S. Department of the Treasury offers additional amounts of a previously issued Treasury security with the same maturity date and interest rate.
Repo
reset frequency
Reset frequency refers to how often the interest rate on a variable-rate financial instrument, such as a loan or bond, is adjusted. It determines how frequently the interest rate is reset based on changes in a specified benchmark rate, such as LIBOR or the prime rate.
Retail Notes
Retail notes are debt securities typically offered directly to individual investors by governments, municipalities, or corporations. They are often issued in smaller denominations and may be accessible to retail investors through brokerage firms or directly from issuers.
Revenue Bond
A revenue bond is a type of municipal bond issued to finance specific revenue-generating projects, such as toll roads or utilities.
Risk-Free Rate
S&P Minimum Rating Field
S&P Ratings
School Bond Loan Program
The School Bond Loan Program is a financing initiative designed to assist school districts in funding capital projects such as building new schools, renovating existing facilities, or purchasing equipment. It provides low-interest loans to school districts, often backed by the state government, to help them meet their infrastructure needs while minimizing borrowing costs.
Search by CUSIP
Searching by CUSIP (Committee on Uniform Security Identification Procedures) allows investors to quickly locate specific securities by their unique identifier. This identification system helps streamline the process of finding detailed information about bonds, stocks, and other financial instruments.
Search by Price
Searching by price enables investors to filter and identify securities within a specific price range, facilitating the discovery of investment opportunities that match their budget or trading preferences.
Search by Product
Searching by product allows investors to filter and identify securities based on specific product types or categories, helping them find investment opportunities that align with their investment objectives and strategies.
Secondary Issue
A secondary issue involves the sale of additional shares by existing shareholders after the initial public offering (IPO).
secondary market
The secondary market is where investors buy and sell securities from other investors, rather than from the issuing company. It provides liquidity to investors by allowing them to sell their investments before maturity.
sector
A sector refers to a segment of the economy that includes businesses that provide similar goods or services. Examples of sectors include technology, healthcare, finance, and energy.
Secured Overnight Financing Rate (SOFR)
SOFR, or Secured Overnight Financing Rate, is a benchmark interest rate that reflects the cost of borrowing cash overnight collateralized by U.S. Treasury securities.
Security Description
Security description refers to a concise summary or label used to identify a specific financial instrument, such as a bond, stock, or derivative.
Security Number
A security number is a unique identifier assigned to a specific financial instrument, such as a stock, bond, or option, for trading and tracking purposes.
SEDOL
SEDOL stands for Stock Exchange Daily Official List. It is a unique seven-character alphanumeric code assigned to securities listed on the London Stock Exchange and other exchanges in the United Kingdom and Ireland. SEDOL codes are used for trading, settlement, and identification purposes.
Seniority
Settlement Date
The settlement date is when a financial transaction is completed, typically a few days after the trade date.
Settlement Month
The settlement month refers to the month in which a financial transaction is completed and settled.
share amount
Share amount refers to the number of shares of a particular security that are being bought or sold in a transaction.
sink defeased
Sinking Fund
A sinking fund is a method used by companies or governments to set aside money regularly to repay debt obligations. This fund is typically used to retire or redeem bonds or other debt instruments before their maturity date. By regularly contributing to the sinking fund, the issuer can reduce the outstanding debt over time and decrease interest expenses.
sinking fund price
The sinking fund price refers to the price at which a bond or other debt instrument is redeemed or repurchased through the sinking fund. This price is usually specified in the terms of the bond indenture or offering documents and may be at par value or at a premium or discount to par, depending on the terms of the bond and prevailing market conditions.
sinking fund protection
Sinking fund protection refers to a provision in a bond indenture that protects bondholders by requiring the issuer to set aside funds regularly to retire a portion of the outstanding debt before maturity. This provision helps reduce the risk of default by ensuring that the issuer has sufficient funds to repay the bondholders when the bonds mature.
Sinking Fund Schedule
Sinking Fund Type
Skip day settlement
Skip-day settlement refers to a securities transaction settlement process where the delivery of securities and the payment for them occur on the next business day after the trade date. This practice allows buyers and sellers an additional day to settle their transactions.
Sorting Order
Sorting order refers to the arrangement in which items are organized or presented based on certain criteria. It determines the sequence or hierarchy of the items displayed, such as alphabetical order, numerical order, ascending or descending order, or based on other specified attributes.
sovereign debt
Sovereign debt is money borrowed by a national government, usually through issuing bonds, to fund its operations or investments.
Sovereign Risk
Sovereign risk refers to the possibility that a government may default on its debt obligations or be unable to meet its financial commitments.
special mandatory redemption
special optional redemption
Provision allowing a bond issuer to redeem the bond before maturity under specific conditions outlined in the bond agreement.
Special Redemption
Special redemption refers to the early repayment of a bond or security by the issuer, typically under specific circumstances outlined in the bond agreement. This can include events such as a merger, acquisition, or regulatory requirement, allowing the issuer to retire the bond before its maturity date.
Spread
Spread refers to the difference between two prices or yields. In the context of bonds, it often refers to the difference in yield between a bond and a benchmark, such as a Treasury security of similar maturity. A wider spread typically indicates higher perceived risk associated with the bond, while a narrower spread suggests lower risk.
spread to treasury
Spread to Treasury refers to the difference in yield between a specific bond and a U.S. Treasury security of similar maturity. It is used to measure the credit risk premium investors demand for holding a bond issued by a corporation, municipality, or other entity compared to the risk-free rate offered by Treasuries. A higher spread indicates a higher perceived risk associated with the bond, while a lower spread suggests lower risk.
Standard & Poor’s (S&P) Corporation
standard market session
The standard market session refers to the typical trading hours during which financial markets are open for trading.
State
Stated Maturity
Stated maturity refers to the date on which the principal amount of a debt instrument, such as a bond or a note, is scheduled to be repaid to the investor. It is the date specified in the terms of the security at the time of issuance.
Stepped-Rate Coupon
Sub Product Type
Sub-Investment-Grade/High-Yield Corporates
Subject to AMT
Subject to Phantom Interest
Surety Bond
Survivor’s Option
Symbol
Tax Provisions
Tax provisions are clauses or rules in financial agreements or legislation that outline tax implications for transactions, assets, or income. They cover tax rates, deductions, credits, exemptions, and reporting requirements.
Tax-Equivalent Yield (TEY)
tax-exempt income
Tax-exempt income refers to income that is not subject to taxation by the government. This typically includes income from certain types of investments, such as municipal bonds, which are issued by state and local governments and are exempt from federal income tax.
Taxable Income (Federal)
TBA Mortgage-Backed Security
A TBA (To-Be-Announced) Mortgage-Backed Security is a forward contract for buying or selling mortgage-backed securities where the specific securities to be traded are not designated at the time of the agreement.
term
Territory
third-party price
third-party providers
Third-party providers offer financial data, analysis, and tools to support investment and trading activities.
TIGRs
TIGRs, or Treasury Investment Growth Receipts, were fixed-income securities issued by brokerage firms in the 1980s. They represented the interest and principal payments of Treasury securities and were separated into zero-coupon bonds.
Total Issues Traded
Total issues traded represents the overall number of different securities that were bought and sold within a specific period or market session.
Total Number of Securities
The total number of securities refers to the aggregate count of financial instruments available within a specific market or investment category.
Total Number of Transactions
Total number of transactions refers to the sum of all individual trades executed within a given period or market session.
Total Value (Par $)
Total value (par $) refers to the combined face value of all securities traded within a given period or market session. It represents the total nominal value of bonds, stocks, or other financial instruments involved in transactions during that time frame.
TRACE eligibility
Total value (par $) refers to the combined face value of all securities traded within a given period or market session. It represents the total nominal value of bonds, stocks, or other financial instruments involved in transactions during that time frame.
TRACE Grade
Trading Flat
Trading flat refers to a security being traded without accrued interest. When a bond is trading flat, the buyer does not pay the seller any additional amount for the accrued interest that has accumulated since the last coupon payment date. This is common in the bond market, where prices are typically quoted on a clean basis, meaning they exclude accrued interest.
Trading Hours
Trading hours refer to the specific times during which financial markets are open for trading. These hours can vary depending on the market and the financial instrument being traded. For example, stock markets typically have regular trading hours that span from the morning to the afternoon on weekdays, while some markets, like foreign exchange (forex) and cryptocurrency markets, operate 24 hours a day, five days a week. Trading hours may also be affected by holidays and other special circumstances.
Traditional CD
Tranche ID
A tranche ID refers to a unique identifier assigned to a specific tranche, which is a portion of a larger financial instrument, such as a bond or mortgage-backed security, that has been split into smaller pieces with varying characteristics. Tranche IDs are used to distinguish one tranche from another within the same security, allowing investors and issuers to track and manage them separately. These IDs are essential for organizing and trading tranches in the financial markets.
Treasuries
Treasuries are U.S. government-issued debt securities, considered safe investments backed by the full faith and credit of the government. They come in various forms, including Treasury bills, notes, and bonds, with different maturities. Treasuries are widely traded and often used as benchmarks in financial markets.
treasury auctions
U.S. Treasury events selling government securities to finance operations and manage debt.
treasury benchmark
Treasury benchmarks are key U.S. Treasury securities used as reference points in financial markets to assess performance, determine borrowing costs, and gauge economic health. They include Treasury bills, notes, and bonds with various maturities.
Treasury bills
Short-term debt securities issued by the U.S. Treasury with maturities ranging from a few days to one year. They are sold at a discount to face value and do not pay interest like conventional bonds. Instead, investors earn returns by buying them at a discount and receiving the full face value at maturity.
Treasury bonds
Treasury bonds are long-term government debt securities issued by the U.S. Department of the Treasury. They typically have maturities of 10 years or more and pay interest every six months. These bonds are considered low-risk investments because they are backed by the full faith and credit of the U.S. government.
Treasury inflation protected securities (TIPS)
Treasury Inflation-Protected Securities (TIPS) are U.S. government bonds designed to protect investors against inflation. They offer a fixed interest rate that is adjusted for inflation based on changes in the Consumer Price Index (CPI). This means that the principal value of TIPS increases with inflation, providing investors with a hedge against rising prices. TIPS pay interest every six months and are issued with maturities ranging from 5 to 30 years.
treasury security
A Treasury security is a government debt instrument issued by the United States Department of the Treasury to finance government spending. These securities are considered low-risk investments because they are backed by the full faith and credit of the U.S. government. Treasury securities include Treasury bills (T-bills), Treasury notes (T-notes), Treasury bonds (T-bonds), and Treasury Inflation-Protected Securities (TIPS). They are commonly used by investors seeking safety and stability in their investment portfolios.
Unchanged
Underwriter
An underwriter guarantees the sale of newly issued securities, assessing risk and setting the offering price before selling them to investors.
Unit Investment Trust (UIT)
A Unit Investment Trust (UIT) is a type of investment fund that offers a fixed portfolio of stocks, bonds, or other securities. It issues units representing an undivided interest in the underlying securities and operates for a fixed period, typically without active management.
Unsecured Bond
Unsecured Debt
Unsecured debt refers to borrowing that is not backed by collateral, such as assets or property.
use of proceeds – fixed income
Value Date
Value date, also known as the settlement date, is the date on which a financial transaction is considered complete and final. It is the date when the buyer pays for securities purchased or the seller receives payment for securities sold.
Variable Rate
Interest rate that changes based on market conditions or other specified factors, offering potential for higher returns in rising rate environments and lower returns in falling rate environments.
Variable-Rate Bond
Volatility
Volatility refers to the degree of variation in the price or value of a financial instrument over time. It is often used as a measure of risk, with higher volatility indicating greater uncertainty or variability in the returns of an investment.
Yield
Yield Curve
A yield curve is a graphical representation of the relationship between the yield (interest rate) and the maturity (time until repayment) of bonds with similar credit quality but different maturity dates. Typically, the yield curve plots yields on the vertical axis and time to maturity on the horizontal axis.
Yield to Call (YTC)
Yield to maturity
Yield to sink
Yield to sink is a measure used to calculate the yield of a bond that includes the effect of a sinking fund provision. A sinking fund provision allows the issuer of a bond to repurchase a portion of the outstanding bonds before their maturity date, typically at par value or at a premium, using a predetermined schedule.
Yield to Worst (YTW)
Yield to Worst (YTW) is the lowest potential yield that an investor can receive from a bond or other fixed-income security, considering the worst-case scenarios such as call provisions, prepayment options, and credit quality changes.
Disclosure: The above content provided and paid for by Public and is for general informational purposes only. It is not intended to constitute investment advice or any other kind of professional advice and should not be relied upon as such. Before taking action based on any such information, we encourage you to consult with the appropriate professionals. We do not endorse any third parties referenced within the article. Market and economic views are subject to change without notice and may be untimely when presented here. Do not infer or assume that any securities, sectors or markets described in this article were or will be profitable. Past performance is no guarantee of future results. There is a possibility of loss. Historical or hypothetical performance results are presented for illustrative purposes only.