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Below Par

Trading a debt security like a bond/ note at a price lower than its par value (face value). Face value/...

At-a-Discount

Trading a debt security like a bond/ note at a price lower than its par value (face value). Face value/...

At-a-Premium

Trading a debt security like a bond/ note at a price exceeding its par value (face value). Face value/ par...

Above Par

Trading a debt security like a bond/ note at a price exceeding its par value (face value). Face value/ par...

TAC

It stands for targeted amortization class; a type of bond class that has a schedule for repayment of principal which...

Targeted Amortization Class

A type of bond class that has a schedule for repayment of principal which is protected against contraction risk for...

PAC Bond

Planned amortization class bond; a tranche of a collateralized mortgage obligation (CMO) that converts a long-term mortgage product with irregular...

PAC Drift

A phenomenon that arises when a planned amortization class (PAC) schedule is not met even if prepayments on the collateral...

Bond Value

The value of the “straight” fixed income element of the convertible alone, without consideration to the value of the convertible’s...

NSJ Bond

It stands for non-sticky jump bond; a collateralized mortgage obligation that may change priority to receive principal if certain conditions...