A warrant that can only be exercised if the host asset, typically a bond or preferred stock, is surrendered. Until the call date of the host asset is reached, the warrant can only be exercised if the holder surrenders an equal amount of host asset. The time period in which the investor has to surrender the equal amount of host asset is set in the warrant itself. After that time has passed, the warrant's holder can buy non-callable bonds. Also known as "harmless warrant" or "wedded warrant". |||Wedding warrants are so named because the warrant is "wedded" for a certain period of time, and can only be "divorced" from the host bond after that time has passed. Wedding warrants were introduced as financial products in the 1980s. Investors typically don't use them because they have to hold the warrant for a long period of time until the call date is reached, or risk having to buy the host bond as well.
A line of credit extended by a financial institution to a loan originator to fund a mortgage that a borrower initially used to buy a property. The loan typically lasts from the time it is originated to when the loan is sold into the secondary market, whether directly or through a securitization. |||Loan originators depend on the eventual sale of a loan to repay the warehouse lender; therefore, warehouse lenders closely monitor each loan's progression with the originator toward its eventual sale. To ensure the repayment of warehouse lines of credit, warehouse lenders typically require a small charge for each transaction as well as for when the originators post collateral.
Slang for the Washington Public Power Supply System (WPPSS), which made the record books with the largest municipal bond default in history. |||During the 1970s and 80s, the WPPSS financed the construction of five nuclear power plants through the issuance of billions of dollars worth of municipal bonds. In 1983, due to extremely poor project management, construction on a couple of plants was canceled, and the completion of construction on the remaining plants seemed unlikely. Consequently, the take-or-pay arrangements that had been backing the municipal bonds were ruled void by the Washington Supreme Court. As a result, the WPPSS had the largest municipal debt default in history.... Whoops!
In the mortgage-backed securities market, whole pools refer to mortgage certificates where ownership is represented by an undivided interest in entire pools of mortgages. The term 'whole' refers to the fact that the ownership interest is undivided, as opposed to a partial or fractional interest in the pool of mortgages. |||The owner of a whole pool would generally retain all the upside potential associated with the pool. However, the downside risk is also not mitigated, since it is borne only by the investor, not shared among several participants as would be the case if they held a fractional interest in the pool.
A term used to distinguish between an original mortgage loan and a pass-through security. |||Whole loans are usually larger in size than the maximum amount allowed within GNMA, FNMA and, FHLMC's standards. Private entities pool whole-loans together with credit enhancements to create whole loan CMOs. Credit enhancements ensure investors receive timely interest payments.
A method of quoting the price of a fixed-income security as a yield percentage, rather than in dollars. This allows bonds with varying characteristics to be easily compared. |||Unlike stocks, which are quoted in dollars, most bond quotes include a yield %. For example, Corp. ZZZ is listed with a 6.75% coupon, a Sept 04/20 maturity, has a dollar value of 94.00 and a yield of 9%. This bond quote tells a a bond trader that the bond is currently trading at a discount because its yield basis (9%) is greater than its coupon rate (6.75%). A bond trader could then compare the bond to others within a certain industry.
A U.S. bulletin that gives updated bid and ask prices as well as other information on OTC bonds. |||Similar to the pink sheets that track non-exchange traded OTC micro-cap stocks, the yellow sheets are a primary source of information for investors who track OTC bonds or fixed income securities.
A certificate of deposit issued by a foreign bank in the United States. As they usually have a minimum face value of $100,000, Yankee certificates of deposit are generally used by institutional and other large investors looking to invest funds in instruments with a relatively high degree of safety, although they are unsecured. |||Yankee certificates of deposit can most often be found in New York financial markets. They are generally negotiable, which enables them to trade in a secondary market. Typically, they have a maturity of less than a year.
登录
工商服务
危机公关
金融律师
app开发
财税服务
金融牌照
网站建设
知识产权
企业征信
审计评估