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Pay-In-Kind Debenture

A bond that confers on the issuer the option to pay interest with additional pay-in-kind (PIK) debentures (baby bonds) rather...

PAC Band

A PSA range within which the underlying mortgage collateral should remain over time so that a PAC bond would stick…

Put Bond

A bond which is payable at par to its holder on demand once the lock-out or deferment period expires. This…

Par Value of a Convertible Bond

The unit size of a convertible bond. It is amount for which a bond can be redeemed at maturity. It…

Principal Protected ARBN

An absolute return barrier note (ARBN) (a structured product) in which the coupon is linked to an underlying security or…

Phoenix Autocall Note

An autocall note that provides pre-defined returns from a host of underlying assets (shares) in a relatively flat or even...

PVBP of a Bond

The price value of a basis point of a bond is a measure of the bond price volatility to interest…

Pro-Rata Sinker

A type of sinking fund bonds (sinkable bonds or sinkers) in which an equal percentage of bonds are redeemed from…

Pulsar Protected Note

A protected note which provides capital protection (as a capital guaranteed product) for a long period of time (long-dated note),…

Phoenix Autocall

A structured product in which the autocall mechanism is subject to two barriers: one relating to the autocall, itself, and...