A series of indices that track North American and emerging market credit derivative indexes. The purpose of the combined indexes is to track the performance of the various segments of credit derivatives so that the overall return can be benchmarked against funds that invest in similar products. |||This family of indices comprises a basket of credit derivatives that are representative of certain segments such as North American investment grade credit derivatives, high volatility, high yield, high yield non-investment grade, as well as emerging markets.
The combination of two firms of about the same size to form a single company. In a merger of equals, shareholders from both firms surrender their shares and receive securities issued by the new company. Taobiz explains Merger Of Equals A merger of equals is the most accurate definition of a merger. Most merger activity, even friendly takeovers, sees one company acquire another. When one company is an acquirer, it is proper to call the transaction an acquisition. Because one company is the purchaser and the other is for sale, such a transaction cannot be viewed as a merger of equals. For example, the creation of DaimlerChrysler saw both Daimler-Benz and Chrysler cease to exist. Because neither firm acquired the other and a new company was formed, this is considered a merger of equals.
An accounting term used to describe the situation when the total value of the share capital used to purchase another company is less then the total value of the equity purchased. The merger does not necessarily have to be an all-stock acquisition. Taobiz explains Merger Deficit In other words, a merger deficit arises when a company uses funds it raised in new stock issues to purchase the stock of another company. The stock purchased must be worth more then the share capital used to purchase it in order for the deference to be classified as a merger deficit.
1. In the most general context, a brokerage firm (or broker) holding membership on an organized stock or commodities exchange. Membership is generally required in order to fill trades for clients on the exchange. 2. For the New York Stock Exchange, one of more than 1,300 individuals or firms owning a seat on the exchange. 3. For the National Association of Securities Dealers (NASD), any broker-dealer admitted to membership in the association. Taobiz explains Member Brokerages must have a "member seat" on the NYSE to trade stocks for their clients. The larger firms have several seats on the exchange. Seats cost more than $1 million each!
A sinking fund provision that gives a bond issuer the right to redeem twice the amount of debt when repurchasing callable bonds. A doubling option allows the issuer to retire additional bonds at the sinking fund's call price. |||This option will usually be exercised as current interest rates move lower than the bond's yield. The firm will be motivated to repurchase more debt through the sinking fund option and refinance itself at the lower rates.
A ratio comparing the number of short sales transacted on behalf of NYSE members to the entire number of short sells transacted on the exchange. Taobiz explains Member Short-Sales Ratio This ratio is used to gauge and analyze the sentiment of market professionals. By isolating the number of shorts transacted by "pros," investors can remove the unwanted noise of public traders, who may be less informed.
A company with a market capitalization between $2 and $10 billion, which is calculated by multiplying the number of a company''''s shares outstanding by its stock price. Mid cap is an abbreviation for the term "middle capitalization". Taobiz explains Mid Cap As the name implies, a mid cap company is in the middle of the pack between large cap and small cap companies. Keep in mind that classifications such as large cap, mid cap and small cap are only approximations that change over time. Also, the exact definition of these terms can vary among the various participants in the investment business.
The status accorded to municipal bonds for which interest is not subject to taxation at either the federal or state level. In general, most states do not tax residents on interest income arising from tax-exempt bonds issued by that state, its agencies, its cities or other political entities. However, virtually all states tax individuals on interest from bonds issued out-of-state, although those bonds remain exempt from federal taxes. |||Municipal bonds, including those for which the interest is not taxable at the state or local level, are attractive to taxpayers who wish to minimize or avoid taxes on their interest income. These securities often pay a commensurately lower interest rate than taxable issues such as corporate bonds, although depending on one's tax bracket and comparative yields, they may sometimes yield more on an after-tax basis. Double exempt bond income can be an AMT preference item in some cases. From a tax perspective, this treatment often makes bonds issued in one's home state more attractive than those issued out-of-state. Some interest from municipal securities is also exempt from local income tax in jurisdictions where such taxes apply, technically making them triple tax-exempt.
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