MORTGAGE BACKED BOND (MBB) WHAT IS IT MBBs are the third asset securitization vehicles. They differ from pass-thru and CMOs in 2 key dimensions: 1. Pass thru’ and CMOs remove mortgages from bank’s balance sheets as forms of offbalance sheet securitization. 1. MBBs normally remain on the balance sheet 2. Pass thru’ and CMOs have a direct link between the cash flows on the underlying mortgages and the cash flows on the bond vehicles 2. For MBBs‚ there is no direct link between the cash flow on
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You have been asked to write a training document about the US Bond Market for use in the new employee-training program. In your document‚ you must make sure to address each of the following: 1a: The key players in the market; and the types of investments available to both individual investors and institutional investors‚ Bond Characteristics A bond is a "security" which gives the holder a financial claim on the issuer. This claim protects the holder in circumstances in which the issuer is
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Chemical Bonds Chemical Bond: is the force that holds atoms together in a compound. They form because they lower the potential energy of the charged particles that compose atoms. Chemical bonds can be broadly classified into two types: Ionic and Covalent. Ionic: metal & nonmetal Metals have a tendency to lose electrons and nonmetals have a tendency to gain them. The metal atom becomes a cation and a nonmetal becomes an anion. The oppositely charged ions attract one another and form an ionic
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I recommend buying the OSX 9.25 2015 bond for 90 cents on the dollar for a YTW of 15% in 2015‚ but I believe the correct yield is yield to next call (111%)‚ as I believe the company will call this bond in June‚ 2013 at 103. The bond is secured by a 1st lien collateral on an FPSO that is being built in Singapore (87% completed) that will be delivered on Q4 to the company. Value of the FPSO is 700MM USD as marked on OSX´s book‚ total debt is 500MM USD. Eike Batista is the main shareholder of Centennial
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Eric Palomino P.4 12/04/13 Brandon Bond Brandon Bond was born in Perdido Key in Florida‚ USA and is considered as one of the many legends of modern American tattooing. As a student of Fine Arts in Texas Brandon started tattooing in College. Then under Shaman Bear he began his formal apprenticeship. He started working at Tattoo Zoo during College‚ after College he went to Vegas and tattooed on Las Vegas Blvd. Then in New Hampshire he worked with his friend Joe Capobianco. Followed by Slave
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Storage Corporation: Bond Accounting Introduction The Lyons Company is currently a company providing storage of documents for other corporate customers. Lyons had operated conservatively without any long-term debt until it issued bonds in 1999. The bounds issued were $10 million in 20-year bonds‚ offering a coupon rate of 8% with interest paid semiannually‚ and sold to yield the 9% market rate of interest at the time. In the following essay‚ we take it as Alternative 1. These bonds were issued
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Information compiled by ___________________________________________________________ Stocks have historically had much higher returns than bonds. Can these excess returns be justified by the higher risk attached to stocks‚ or are there alternative explanations? The following is an abbreviated history of studies and models that articulate the logic of stock returns; included are both support for and alternatives to the equity risk premium. Edgar Lawrence Smith’s 1924 book Common Stocks
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convertible bond | Par value of bond/ conversion price | Conversion pricePrice per share that determine the number of share you will received | Par value of bond/conversion ratio | Conversion value – an indication of what a convertible issue would trade for if it were priced to sell on the basis of its stock value. | Conversion ratio x market price of stock | Conversion premium ( in $)It is difference between the market price of the convertible bond and the higher of its security value and its
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Fixed-Income Analysis Lectures 8 and 9: Active Bond Portfolio Strategies Joëlle Miffre 1 Active Bond Portfolio Strategies Market Timing: Trading on Interest Rate Predictions Riding the Yield Curve Timing Bets Based on Interest-Rates Level When Rates are Expected to Decrease When Rates are Expected to Increase: Roll-Over Strategies Bets on Specific Moves of the Yield Curve Barbell‚ Bullet‚ Ladder‚ Butterfly Other Semi-Hedged Strategies: Ladder Hedged against Slope Movement
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that make up the solids. These ions become hydrates and have the same relative proportions when in solution and when solid. The more the solid dissolves‚ the more the ion’s concentration increases. This increase and build-up allows for the reverse reaction to occur. In this phase of the reaction the ions crystallise out in order for the reaction to have a greater chance of occurring. Eventually the rate of dissolving will equal the rate of crystallisation. This is the state of saturation
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