A fixed-income index that focuses on asset-backed securities. The Lehman Brothers Asset-Backed Securities Index serves as the performance benchmark for many ABS funds. The index includes pass-through, controlled-amortization and bullet-structured securities, which have a minimum average life of one year. |||The Lehman Brothers ABS Index is a subset of the Lehman Brothers Aggregate Bond Index, a primary benchmark for bond funds. The ABS index focuses on three forms of asset-backed debt: credit cards, auto loans and home equity loans. All securities in this index are from senior classes of an issue, which means no subordinated tranches are included.
An index used by bond funds as a benchmark to measure their relative performance. The index includes government securities, mortgage-backed securities, asset-backed securities and corporate securities to simulate the universe of bonds in the market. The maturities of the bonds in the index are more than one year. |||The index constructed by Lehman Brothers is considered to be the best total market bond index, as it is used by more than 90% of investors in the United States. Along with the aggregate index, Lehman also has bond indexes tailored to European and Asian investors. This index cannot be purchased, but it is tracked by bond index funds; there also has an iShare exchanged-traded fund (ETF) that tracks the index. The Lehman Aggregate Bond Index trades on the PSE under the ticker AGG.
Retail stock offered directly to the public and available only to New Zealand residents. Application forms and investment statements are available from the new Zealand Debt Management Office (NZDMO) Registry, as well as some registered banks, NZX firms, NZX brokers, chartered accountant, solicitors, investment advisors and investment brokers. |||New Zealanders are often referred to as Kiwis. Kiwi bonds are denominated in new Zealand dollars, with a fixed interest rate that is paid quarterly in arrears. Kiwi bonds are redeemable on maturity or at the option of the bondholder and are issued in six-month, one-year and two-year maturities. The minimum investment is $1,000 New Zealand dollars, with a maximum investment of $500,000 on any single issue. Interest rates for Kiwi bonds are set periodically by the New Zealand Debt Management Office (NZDMO) based on moving averages of domestic wholesale rates.
1. A right, exercisable warrant, or other feature that is added to a debt instrument to make it more desirable to potential investors by giving the debt holder the potential option to purchase shares in the issuer. The kicker may or may not actually be usable; often a certain breakpoint must be reached (such as a stock price above a certain level) before the kicker has any real value. 2. In real estate, an added expense that must be paid on a mortgage in order to get a loan approved. An example would be an equity stake in receipts of a retail or rental property. |||1. Kickers are essentially features that are added to "get the deal done", as they are exclusively for the benefit of lenders and used to add to their expected return on investment (ROI). A company that adds a kicker (for example, a rights offering) to a bond issue is only doing so because it will help get the entire issue into the hands of investors.2. Real estate kickers can be shady practices, even illegal in some jurisdictions.
An index made up of mortgage-backed securities that is used for benchmarking purposes. The Lehman Brothers MBS Index consists of fixed-rate securities, such as mortgage pools created by the Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corp (FHLMC) and Federal National Mortgage Association (FNMA). This index serves as a performance benchmark for many mortgage-backed securities funds. |||For a mortgage-backed security to be included in the index, it must have a minimum principal amount of $50 million. The securities within the index have an average life between 15 and 30 years. The MBS Index is a subset of the Lehman Brothers Aggregate Bond Index, which includes a larger variety of benchmark bonds.
An unmanaged market-weighted index, comprised of government and investment grade corporate debt instruments with maturities of one year or greater. The Lehman Brothers Government/Corporate Bond Index is a total return benchmark index for many bond funds. |||The Government/Corporate Bond Index is a subset of the Lehman Aggregate Bond Index. Lehman determines if a bond is investment grade by its listed credit rating by Moody's. Investment grade bonds have a rating of Baa or higher on the Moody's scale. If the bond is unrated by Moody's, an S&P rating of BBB or higher will suffice. The index's measures performance by total return, which includes the capital appreciation or depreciation of the bond, combined with its coupon income as a percentage of the original investment.
1. When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors. Any leftovers are distributed to shareholders. 2. Any transaction that offsets or closes out a long or short position. |||Creditors liquidate assets to try and get as much of the money owed to them as possible. They have first priority to whatever is sold off. After creditors are paid, the shareholders get whatever is left with preferred shareholders having preference over common shareholders.
A zero coupon bond that is callable (by issuer), putable (by investor), and convertible. LYONs are synthetic products that are financially engineered by Merrill Lynch. |||A LYON typically assures the holder a positive return. This return is maintained until the opportunity to put the security back to the issuer at a premium over the issue price no longer exists.
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