Overdue debt, liability or obligation. An account is said to be "in arrears" if one or more payments have been missed in transactions where regular payments are contractually required, such as mortgage or rent payments and utility or telephone bills. |||The term "in arrears" does not necessarily have a negative connotation in certain contexts such as fixed-income instruments, where it may indicate that interest payments are simply made at the end of a period. For example, mortgage interest in the U.S. is paid in arrears, which means that in the case of monthly payments, each payment covers principal repayment and mortgage interest for the month preceding the payment due date.
An amount on a loan, cumulative preferred stock or any credit instrument that is overdue.Also referred to as "arrears". |||In the case of a preferred dividend, if the company does not pay the dividend to its shareholders, it accumulates. This means that in the future, arrearage must be paid before any dividend can be paid on common stock.
1. The date at which a company will announce the details regarding an issue of debt or equity. The announcement date is the first day the public will receive information regarding a new security issue.2. The day that coincides with the release of new financial news, such as interest rate changes or earnings reports. |||1. On the announcement date, companies will reveal the type of instrument or security they will be issuing. For example, Company XYZ announces a $5 million debt issue of 10-year bonds. This provides analysts with new expectations of what the company has planned for operations, as information regarding the reason for fund raising is often included in the announcement. 2. For example, an announcement date refers to the day a firm announces information on its next dividend payment.
Investment-grade bonds that pay a lower interest rate because of the issuing company's high credit rating. Angel bonds are the opposite of fallen angels, which are bonds that have been given a "junk" rating, and are therefore much more risky. |||An investment-grade bond is rated at minimum 'BBB' by S&P and Fitch, and 'Baa' by Moody's. If the company's ability to pay back the bond's principal is reduced, the bond rating may fall below investment-grade minimums and become a fallen angel.
A short-term investment vehicle with a maturity that is typically between 90 and 180 days. The security itself is typically issued by a bank or other financial institution. The notes are backed by physical assets such as trade receivables, and are generally used for short-term financing needs. |||A company or group of companies looking to enhance liquidity may sell receivables to a bank or other conduit, which, in turn, will issue them to its investors as commercial paper. The commercial paper is backed by the expected cash inflows from the receivables. As the receivables are collected, the originators are expected to pass the funds to the bank or conduit, which then passes these funds on to the note holders.
An option on a convertible bond that is used to separate a convertible bond into its two components: 1) a bond and 2) an option to acquire stock. When the bond is stripped of its conversion feature, the holder has a bond featuring fairly stable returns on debt, and a volatile - but potentially very valuable - option. |||Increasingly, ASCOTs are being bought and sold by hedge funds employing convertible arbitrage strategies to increase their portfolios' leverage. Often, the bond component is broken down into small denomination bonds and sold to individual investors, while the option component is retained if the investor anticipates share price appreciation.
A type of bond fund launched by the Executives' Meeting of East Asia and Pacific Central Banks (EMEAP) group that allows its members to invest in bonds issued by Asian sovereign issuers in EMEAP economies. Managed by the Bank for International Settlements, the inaugural Asian bond fund was a US$1 billion issue that was launched in June 2003. |||Although the original ABF issue was denominated in U.S. dollars, the second ABF issue was denominated in member currency funds. Overall, the main goal of this bond fund is to further enhance the underdeveloped bond markets of EMEAP member countries by enhancing the efficiency of financial intermediation and promoting financial stability. Another reason for the establishment of this class of bond funds is to give some Asian countries, who have built up massive foreign reserves, the opportunity to invest in financial assets that would return benefits back to the region.
A zero-coupon bond with a return linked to the Australian all-ordinaries stock index. The bond has a four-year maturity and is repayable at face value, with a yield derived from the index's percentage increase over a predetermined level.Also known as an "All-Ordinaries Share Price Riskless Indexed Note". |||An aspirin is an alternative investment opportunity to those who wish to capture gains in the stock market, but mitigate the downside risk. The note will pay the investor a return when the stock index performs above a specific percentage, for example, if the hurdle was 10% and the index returned 15%, the aspirin holder would receive a yield of 5%. The downside of the note occurs if the index does not outperform its hurdle. In this case, the investor experiences zero return over a four-year period.
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