A slang term referring to securities that are unattractive due to certain underlying provisions or risks making them generally illiquid with poor pricing schemes and transparency. |||Mainly used in reference to CMOs, toxic waste represents the small portion of these products that are byproducts created as a result of providing the majority of CMOs with minimal risk. In effect, this small portion of byproducts is used as outlets for transferring a substantial portion of the underlying risks involved in making the obligations and then marketed to investors.
Stripped Treasury securities offered at a significant discount to face value and backed by the U.S. government. TIGRs were introduced by Merrill Lynch and were originally issued between 1982 and 1986. TIGR bonds were discontinued when the U.S. government began issuing public STRIPS in 1986. |||TIGRs are one of a small class of bonds known as "feline" securities, due to their catlike acronyms. Created before the more popular Treasury STRIPS, this form of investment vehicle is progressively deteriorating. TIGRs are generally traded on secondary markets to individuals wishing to ensure future cash flows or profit from interest rate volatility.
An index based on the auctions of U.S. Treasury bills, or on the U.S. Treasury's daily yield curve. It is commonly used in determining mortgage rates for mortgages with an unfixed component and as a performance benchmark for investors in the capital markets as it represents a rate of return that investors would be able to get from almost any bank, with minimal effort. Treasury indexes are proprietary. The calculations of treasury indexes and their components vary by the financial institution calculating the index. |||Components of a treasury index are likely to be the weighted average prices of five-year, ten-year and bond-futures contracts. Because the components have different investment time frames, each weighting, based on investment duration, is adjusted for equal contribution to the index.
The market where investors can purchase treasury securities directly from the federal government Treasury. This trading system eliminates brokers and dealers, and is conducted through Federal Reserve Banks. Tenders can be made either on a competitive or non-competitive basis. |||In the competitive bidding process in a Treasury direct market, securities are sold to the highest bidder first, while the non-competitive bids are sold to every bidder at the average price set during the auction process. Further, the absence of brokers and dealers allows the Treasury direct market to be the cheapest market for investors to purchase Treasury securities.The typical minimum investment in the Treasury direct market is $1,000.
A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest payments semi-annually and the income that holders receive is only taxed at the federal level. |||Treasury bonds are issued with a minimum denomination of $1,000. The bonds are initially sold through auction in which the maximum purchase amount is $5 million if the bid is non-competitive or 35% of the offering if the bid is competitive. A competitive bid states the rate that the bidder is willing to accept; it will be accepted depending on how it compares to the set rate of the bond. A non-competitive bid ensures that the bidder will get the bond but he or she will have to accept the set rate. After the auction, the bonds can be sold in the secondary market.
A short-term debt obligation backed by the U.S. government with a maturity of less than one year. T-bills are sold in denominations of $1,000 up to a maximum purchase of $5 million and commonly have maturities of one month (four weeks), three months (13 weeks) or six months (26 weeks).T-bills are issued through a competitive bidding process at a discount from par, which means that rather than paying fixed interest payments like conventional bonds, the appreciation of the bond provides the return to the holder. |||For example, let's say you buy a 13-week T-bill priced at $9,800. Essentially, the U.S. government (and its nearly bulletproof credit rating) writes you an IOU for $10,000 that it agrees to pay back in three months. You will not receive regular payments as you would with a coupon bond, for example. Instead, the appreciation - and, therefore, the value to you - comes from the difference between the discounted value you originally paid and the amount you receive back ($10,000). In this case, the T-bill pays a 2.04% interest rate ($200/$9,800 = 2.04%) over a three-month period.
A computer network system developed by the Federal Reserve (and facilitated by its banks) to process the tenders received for treasury securities. The treasury securities are traded through an auction process in the primary market. Tenders are received by TAAPS from brokers wishing to purchase marketable securities. Each bid is processed and reviewed automatically by TAAPS to ensure it is in compliance with the Treasury's Uniform Offering Circular. |||TAAPS was developed to become the heart of the operational process for the auctioning of treasury securities. The system is responsible for receiving bids, separating competitive and non-competitive bids, the ranking of competitive bids by increasing yield or discount rate and preparing a summary of the auction results.Until 1993, bids were received in paper form and processed manually, which was an extremely time-consuming and inefficient process. The TAAPS system created the streamlined and efficient process needed to handle the growing volume of treasury securities trades. In 2003 the Federal Reserve auctioned off $3.42 trillion in securities.
Fixed-income obligations of issuers that own and operate transportation systems such as ports, highways, bridges and public transit. Transportation bonds may also refer to bonds issued by companies that operate in the transport sector, including airlines, railroads and trucking companies. |||Transportation bonds can also be issued by state governments to fund statewide projects. These bonds may therefore carry a higher credit rating than bonds issued by transport companies. The ability of transportation issuers to service their bonds depends on a number of factors including the state of the economy, competition from other modes of transport and the extent of government subsidization.
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