An interest rate that is allowed to fluctuate, but which cannot surpass a stated interest cap. For example, a 10-year loan may be issued to a borrower at 6%, but with a capped rate of 9%. The interest rate can thus fluctuate up and down, but can never go higher than the 9% capped rate. Capped rates are supposed to provide the borrower with a hybrid of a fixed and variable rate loan. The fixed part comes from the capped rate itself, while the variable part comes from the loan's ability to move up or down with market fluctuations. |||If the variable rate on a similar loan goes above the capped rate, the capped rate loan holder gets the benefit of not having to pay the extra portion. While this is a benefit, capped rate loans can have higher interest rates than a traditional fixed rate loan.
Fixed income products issued by companies as a source of short term debt. |||Capital notes are unsecured, and rely upon the company's credit rating for backing, as they are generally ranked lowest in the order of repayment.
U.S. Treasury fixed-income securities that are stripped of their coupon payments and provide payment of face value. These are synthetic securities offered by the A.G. Becker Paribas firm. |||COUGRs are part of the "feline" family of synthetic zero-coupon Treasury securities, which includes CATS and TIGRs. This default-free family of products provides safety of principal and transparent profits. COUGRs sold at a discount and redeemed at face value because there are no interest payments during the life of the security.
A type of municipal bond that does not issue a certificate to each owner and is therefore also a type of book-entry security. The absence of a paper certificate simplifies recordkeeping and trading for brokers, municipalities and investors. |||Certificateless municipal bonds are attractive to certain investors because, like all municipal bonds, the proceeds are usually tax-free at the federal level and also tax-free at the state level if you live in the same state in which the bonds were issued. Municipal bonds offer a low rate of return compared to other types of bonds, but because of their tax-exempt status, they are often a good choice for high-income individuals and married couples.
A type of financing where an investor purchases a share of the lease revenues of a program rather than the bond being secured by those revenues. |||The authority usually uses the proceeds to construct a facility that is leased to the municipality, releasing the municipality from restrictions on the amount of debt that they can incur.
A short-term fixed income security issued by the United States Treasury that has a coupon. |||Unlike treasury bills--which are sold at a discount and mature at par value without a coupon payment--certificates of indebtedness offer fixed coupon payments. Certificates of indebtedness typically mature in one year or less.
A type of certificateless municipal bond used to finance local government projects, that require large, one-time expenditures. Citizen bonds are listed and can be traded on a stock exchange. Watch: Understanding Bonds |||Citizen bonds are commonly required by law to have oversight committees that independently review the bond projects to ensure that bond funds are being spent efficiently and ethically for the intended purpose. Citizen bond oversight committees also act as an intermediary between the municipality and its citizens regarding any concerns about bond financing and expenditures.
A bond designed to prevent unwanted takeovers by having a maturity that is activated once a takeover is complete. |||The idea behind the chastity bond is that companies will be less inclined to take over a company if they know that afterward they will immediately be forced to pay bondholders. This is similar in nature to a macaroni strategy except that the redemption prices of the bonds are not inflated - the chastity bond matures at par.
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