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Step-Up Recovery FRN

A floating-rate note/ floater (FRN) that typically pays 50% of a Constant- Maturity Treasury (CMS) rate plus a specific spread...

YES

It stands for yield enhanced stock; a type of equity derivative; by definition, it is a type of convertible preferred...

IV

It stands for intrinsic value; generally, it is the effective monetary advantage which would be obtained when an option is...

ATM Call

An at-the-money option (call option) in which the strike price is equivalent or approximately equal to the underlying asset's price....

BA

It stands for borrower arbitrage; a type of one-way arbitrage which capitalizes on violations to the law of one price...

OA

It stands for owner arbitrage; a type of one-way arbitrage which capitalizes on violations to the law of one price...

Unfunded TRS

A total return swap (TRS) entails the payment of fixed or floating interest in return for the total return of...

Funded TRS

A total return swap (TRS) entails the payment of fixed or floating interest in return for the total return of...

Trigger BRC

It stands for trigger barrier reverse convertible; a variant of barrier reverse convertible (BRC)- a structured product- which is structured...

YTM

It stands for yield-to-maturity; the percentage annual rate of return (discounted) which is paid on a fixed-income security (such as...