A form of revolving credit in which a group of underwriters agrees to provide loans in the event that a borrower is unable to sell in the Eurocurrency market. These loans are generally provided through the purchase of short-term Euronotes. |||A revolving underwriting facility differs from a note issuance facility (NIF) in that the underwriters provide loans instead of purchasing the outstanding notes that failed to sell. In either case, both RUF and NIF provide short- to medium-term credit in the Eurocurrency market.
A synthetic instrument that shares characteristics with both bonds and stocks. Reverse convertible notes typically provide high coupon payments and final payoffs that depend on the performance of an underlying stock. |||RCNs have a face value that matures as shares or cash (this is up to the issuer) and a fixed coupon rate based on bonds. This allows investors to optimize the diversification of their portfolios without necessarily buying both stocks and bonds. However, RCNs typically have high commision fees and are considered by some money managers to be highly risky and even toxic assets.
A bond that can be converted to cash, debt or equity at the discretion of the issuer at a set date. The bond contains an embedded derivative that allows the issuer to put the bond to bondholders at a set date prior to the bond's maturity for existing debt or shares of an underlying company. The underlying company need not be related in any way to the issuer's business. These types of bonds usually have shorter terms to maturity and higher yields than most other bonds because of the risk involved for investors, who may be forced to redeem their bonds for securities in a company that have, or are expected to, decrease substantially in value. |||Reverse convertible bonds are popular with European-based issuers. An example of a reverse convertible bond is a bond that has a period to maturity of two years and allows the bond's issuer - say, a European bank - to redeem the bond at its discretion in shares of a given blue chip by the maturity date. These bonds have high yields of around 15-20%.
A municipal bond supported by the revenue from a specific project, such as a toll bridge, highway, or local stadium. |||This differs from general-obligation bonds, which can be repaid through a variety of tax sources. Revenue bonds are only payable from specified revenues. A main reason for using revenue bonds is that they allow the municipality to avoid reaching legislated debt limits.
A short-term debt security issued on the premise that future revenues will be sufficient to meet repayment obligations. |||RANs are generally used to generate immediate investment capital to begin a large project. These securities are repaid with future expected revenues from the completed project, which may come from sources like turnpike tolls or stadium ticket sales.
A bond index that estimates the approximate yield that an investor will receive if he or she invests in revenue bonds maturing in 30 years. This index is comprised of a broad range of 25 revenue bond issues with investment grade ratings. The index provides an estimate of the yield on a 30-year revenue bond offered under current market conditions.This index is also known as the "25 Bond Index." |||A wide range of revenue bonds is used from differing project types such as bridges, tolls, housing, sewage and hospitals. The index can be used by investors to gauge or estimate the yield that might be obtained on a 30-year revenue bond under current market conditions. Because the index contains issues from a broad variety of sectors, it can provide the investor with a better sense of the "going rate" or yield that might be expected on such a revenue bond. This can help to evaluate the investment value of any individual revenue bond
A program that allows employees to purchase U.S. savings bonds, such as the Series EE and Series I bonds, through payroll deductions. Money is set aside from each paycheck, and when enough money has accumulated, the company purchases a savings bond on the employee's behalf. Paper bonds are mailed directly to employees from the government, or are mailed to the employee's company for distribution. The plan may only be available to certain employees, such as those who work for the company full time. |||Series EE paper bonds can be purchased in denominations of $50, $75, $100, $200, $500, $1,000, $5,000 or $10,000 and can be purchased for half of their face value (i.e. a $10,000 EE bond costs $5,000). Series I bonds can be purchased in denominations of $50, $75, $100, $200, $500, $1,000 or $5,000 with a purchase price equal to the denomination. Bonds may be registered to a single owner, co-owners or a single owner with a single beneficiary who will receive the bond upon the bondholder's death.
A yen-denominated bond issued in Tokyo by a non-Japanese company and subject to Japanese regulations. Other types of yen-denominated bonds are Euroyens issued in countries other than Japan. |||Samurai bonds give issuers the ability to access investment capital available in Japan. The proceeds from the issuance of samurai bonds can be used by non-Japanese companies to break into the Japanese market, or it can be converted into the issuing company's local currency to be used on existing operations. Samurai bonds can also be used to hedge foreign exchange rate risk.
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