A daily digest of municipal and corporate bond offerings, market commentaries, fixed-income statistics and other bond information. The blue list is used by bond investors to identify investment opportunities in the bond market. |||Historically printed on blue paper, the Blue List is printed by Standard & Poor's and was first printed in 1935.
A graphical representation of possible intrinsic values that an option may take at different nodes or time periods. The value of the option depends on the underlying stock or bond, and the value of the option at any node depends on the probability that the price of the underlying asset will either decrease or increase at any given node. |||Binomial trees are useful tools when pricing options and embedded options, but there is a fundamental flaw with the model. The problem lies in the possible values the underlying asset can take in one period time. In this model, the underlying asset can only be worth exactly one of two possible values, which is not realistic, as assets can be worth any number of values within any given range.
A slang term used to describe members of the stock exchange that transact bond orders from the floor of the exchange. The label “bond crowd” differentiates them from the members of the exchange who trade stocks. |||The bond crowd traditionally stood within the bond booth of the New York Stock Exchange to buy and sell bonds. The term “bond crowd” refers to the physical separation of the bond brokers and dealers from the stock traders that first occurred in 1902. Until then, stock and bond traders were on the same floor. The “active bond crowd” is a subset of the bond crowd and refers to the most active members in terms of volume traded.
A standardized legal document that contains an abbreviated version of the relevant terms from the prospectus of a new bond issue. The bond circular is made available to prospective investors and contains basic information including: issuer, amount of the issue, coupon, use of proceeds and final legal maturity of the bond.Also known as an "offering circular". |||All securities and mutual funds made available for sale in the U.S. must have an offering circular per the Securities Act of 1933. It is usually delivered electronically along with the prospectus to potential investors. In addition to the basic information described above, the bond circular describes whether debt is senior or subordinated and how the company plans to use the issue proceeds.
An index published by The Bond Buyer, a daily finance newspaper that covers the municipal bond market. Investors use the Bond Buyer Index to plot interest rate patterns in the municipal market. Traders use the daily Bond Buyer Index to trade municipal bond index futures and futures options at the Chicago Board Of Trade (CBOT). Also referred to as the "Bond Buyer's Municipal Bond Index". |||The Bond Buyer Index includes the Bond Buyer 20 Index, the Bond Buyer 11 Index and the Revenue Bond Index.
A representation of municipal bond trends based on a portfolio of 20 general obligation bonds that mature in 20 years. The index is based on a survey of municipal bond traders rather than actual prices or yields. The Bond Buyer 20 is published by The Bond Buyer, a daily financial publication. Also referred to as the "20 Bond Index". |||The average rating of the 20 bonds that make up the index are grade 'Aa2' (Moody's rating) or grade 'AA' (S&P 500 rating). The bond buyer 20 index is simply a theoretical and estimated average of bond yields.
An average yield on a particular day of 11 selected general obligation municipal bonds with an average 'AA' rating, maturing in 20 years. It is comprised of 11 of the 20 bonds in the Bond Buyer 20. The Bond Buyer 11 is published by The Bond Buyer and used as a benchmark in tracking municipal bond yields. Also referred to as the "11 Bond Index". |||The average rating of the 11 bonds that make up the index are grade 'Aa2' (Moody's rating) or grade 'AA' (S&P 500 rating). The Bond Buyer 11 index is simply a theoretical and estimated average of bond yields.
A type of insurance policy that a bond issuer purchases that guarantees the repayment of the principal and all associated interest payments to the bondholders in the event of default. Bond issuers buy insurance to enhance their credit rating to 'AAA' in order to reduce the amount of interest that it needs to pay. |||once bond insurance has been purchased, the issuer's bond rating will no longer be applicable and instead, the bond insurer's credit rating will be applied to the bond instead. By design, bondholders should not encounter too much disruption if the issuer of a bond in their portfolio goes into default. The insurer should automatically take up the liability and make any principal and interest payments owed on the issue going forward.
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