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Toxic Convertible Bond

A convertible bond in which the conversion price is not predetermined but is kept floating. This bond converts into the...

Total Bankruptcy Costs

The costs incurred by a firm due to bankruptcy. These costs consist of direct and indirect components:: Total bankruptcy costs...

Tom/Next-Indexed Repo

A type of floating rate repo (variable rate repo) in which the tom/next (T/N) index is used rather than the...

Spot/Next Repo

A type of floating rate repo (variable rate repo) in which the spot/next (S/N) index is used rather than the...

Secured Overnight Financing Rate

A broad reference rate (known for short as SOFR) that measures the cost of borrowing money overnight collateralized by Treasury...

SOFR

It stands for secured overnight financing rate; a broad reference rate that measures the cost of borrowing money overnight collateralized...

SAN

It stands for step-down autocallable note; an autocallable note (a yield enhancement note) that is similar to an equity-linked note...

Step-Down Autocallable Note

An autocallable note (a yield enhancement note) that is similar to an equity-linked note (ELN), except in terms of a...

Flat Trading

Flat trading has different meanings in different contexts. In relation to bonds, it refers to the status of a bond...

Expected Fungibility Date

The expected date on which the subsequent tranche (a fungible bond) will be merged or ‘funged’ into existing bonds (the...