A ratio comparing the net value of a municipal bond issue to the estimated market value of the property secured by the debt. This ratio can differ significantly from a municipal bond's net debt to assessed valuation if real-estate prices for the municipality's holdings incur large increases or decreases. |||One of the factors that determines the quality of a municipal bond issue is the lower an organization's debt is relative to the estimated market value of its property, the less risky its bonds are deemed to be since there is less risk the government would not have the ability to finance repayment of the bond issue.
In a municipal bond issue, a ratio measuring the value of the municipality's net debt compared to the specified value of the real property being purchased as assessed for tax purposes. |||This is one of the factors which determines the quality of a municipal bond issue. The lower a municipality's debt is relative to the assessed value of its property, the less risky its bonds are deemed to be, since there is less risk of the government being unable to finance repayment of the bond issue.
A measurement of the value of a government's debt expressed in terms of the amount attributable to each citizen under the government's jurisdiction. It is commonly computed using the following formula: |||The level of net debt per capita is an important factor to consider when analyzing a government's ability to continue to pay its debt service costs through its current levels of tax revenue. In other words, this measure helps indicate the default risk of government bonds.
A method of offering municipal bonds or similar financial instruments in which the issuing entity and a selected underwriter negotiate the terms of the issue, as opposed to having multiple underwriting groups competitively bidding on the issue to establish its terms. |||In a negotiated sale, the underwriter, selected by the issuing entity before the sale date, will perform the financing for the issue. Lower quality issues generally reap the greatest benefit from this type of underwriting technique as the underwriter works with the company to sell the issue to the market. When the underwriter and the issuer work together to clearly explain the issue, they will often receive a better rate in the market for the issuer. Negotiated sales allow for greater flexibility to when the issue is released so that it can be better timed in the market to get the best rate.
A status that the credit-rating agencies (Standard and Poor's, Moody's and Fitch) give a company while they are deciding whether to lower that company's credit rating. once a company has been placed on negative watch, it has a 50% chance of its rating being lowered in the next three months. |||When a company's credit rating is downgraded, it is considered likely to underperform compared to its peers. Having its credit rating downgraded is a big blow for a business because it will have to pay a higher rate of interest to convince investors to lend it money, if it can convince them at all. Entire countries can also be placed on negative watch.
A negative covenant in an indenture stating that the corporation will not pledge any of its assets if doing so gives the lenders less security. Also be referred to as a "covenant of equal coverage". |||A negative pledge clause is just another way for bondholders to protect their investment. By including a negative pledge clause in a bond indenture, the bondholders of the current bond issue prevent the company from issuing any debt in the future which would jeopardize their current priority claim on the company's assets.Including a negative pledge cause in a bond indenture increases the safety of the bond issue from the investors' perspective, and therefore often allows the bond issuer to borrow funds at a slightly lower interest rate.
The interest rate stated on the face of a bond, which represents the percentage of interest to be paid by the issuer on the face value of the bond. |||This is sometimes referred to as the coupon rate.
The spread, expressed in percent or basis points, that when added to the yield at one point on the Treasury yield curve equals the discount factor that will make a security's cash flows equal to its current market price. |||Nominal yield spreads are a convention frequently used in pricing certain types of mortgage-backed securities (MBS). These MBSs are priced at a spread over the interpolated Treasury curve at the point equal to their weighted average life.
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