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Tax-Free Bond

A bond that is fully exempted from taxation on its interest payment. The interest income on this bond, generally issued…

Step-Up Bond

A bond (a variable interest bond) whose coupon payment starts to increase after an initial period. It pays an initial…

ERC

It stands for event risk covenant; a bond provision that requires that the bond is turned in, or redeemed, at…

BCLN

A credit linked note (CLN) in which the underlying is a portfolio or basket subject to credit risk. In other…

Commodity Interest-Indexed Bond

An interest-indexed bond in which the coupon rate is linked to the price of a certain commodity such as oil,…

Capital Index Bond

An instrument which is used to link the cash flows from a bond to an inflation index. In this bond,…

Floating Rate Security

A financial security whose coupon rate is not fixed over its life. The coupon payments reset periodically according to a...

Capped Floater

A floater (FRN) in which coupon rates (coupon reset rates) are subject to an upper limit. Like standard floaters, capped...

Superfloater

A debt instrument (such as a bond, note, etc) in which the coupon rate depends on some multiple of the...

Nominal Yield

The rate which is earned on a bond purchased at a price equal to par value, and is paid by...