MEDIUM TERM NOTES : A Medium Term Note (MTN) is a debt note that usually matures (is paid back) in 5-10 years, but the term may be as short as one year. They're normally issued on a floating basis such as Euribor+/- basic points. When they are issued in euro they are "" Euro Medium Term Notes "

SERIAL BOND: A bond issue in which a portion of the bonds are scheduled to be retired at regular intervals over a period of years. Serial bonds are issued when the underlying security for the bonds depreciates through use or obsolescence. The maturities of the bonds are scheduled so that at any time, the bonds still outstanding will not exceed the declining value of the security.
 

STRIPPED MORTGAGE BACKED SECURITIES: Mortgage pass-through securities in which the cash flow from the underlying mortgages is separated. All principal is diverted into securities that pay only principal back to the investors, while all interest is diverted into securities that pay only interest. The interest-only (IO) and principal-only (PO) securities are used as hedging tools to provide greater stability for mortgage portfolios during periods of fluctuating interest rates.
 

MUNICIPAL BONDS: A tax exempt debt obligation issued by a state or local government agency to raise funds for the public good, such as building low-income housing, improving streets or building bridges. The bonds are redeemed with interest and are backed by the government's taxing authority.

TREASURY BONDS: Long-term (more than ten years) obligations of the US government that pay interest semiannually until they mature, at which time the principal and the final interest payment is paid to the investor. Also known as T-Bonds.

TREASURY BILLS: Short-term zero coupon US government obligations, generally issued with various maturities of up to one year. Also known as T-Bills.

TREASURY NOTES: Same as Treasury Bonds except that Treasury Notes are medium-term (more than one year but not more than ten years).

STRUCTURED NOTES: Non-mortgage-backed debt securities, whose cash flow characteristics depend on one or more indices and/or have embedded forwards or options.

BOOTSTRAPPING: In finance, bootstrapping refers to the procedure used to calculate the zero coupon yield curve, solving for the maturities where no instruments are available. The method uses interpolation to complete the yield curve, using available zero coupon securities with varying maturities.
 

SWAP: A financial contractual agreement between two parties to exchange (swap) a set of payments that one party owns for a set of payments owned by the other party. Two kinds of swaps are, currency swaps and interest-rate swaps.

SECURITIZED BOND: Bonds, whose interest and principal payments are backed by the cash flows from a portfolio or pool of other assets, are called securitized bonds. Securitization allows for an organization (such as a bank) transfer risk from its own balance sheet to the debt capital markets through the sale of bonds.

For example, a mortgage bank might use the cash inflows on its current mortgage book, to issue bonds. The cash raised from the sale of these bonds would then be used to issue new mortgages. This process is cyclic allowing the mortgage bank to increase its operational leverage. This type of securitization is known as a mortgage backed security (MBS)

BID BOND: A type of surety bond wherein the surety company guarantees the bidder will enter into a contract and furnish the required payment and performance bonds.
 

BASKET: A basket is an economic term for a group of several securities created for the purpose of simultaneous buying or selling. Baskets are frequently used for program trading.
 

BABY BONDS: A name given to the Series A-1935 savings bond, but carried over to Series B-1936, C-1937 & 1938, and D-1939, 1940, & 1941 (through April) savings bonds.

BILATERAL INVESTMENT TREATY: A Bilateral Investment Treaty (BIT) is an agreement establishing the terms and conditions for private investment by nationals and companies of one state in the state of the other. This type of investment is called Foreign direct investment (FDI).
 

SWIFT: The Society for Worldwide Interbank Financial Telecommunication ('SWIFT') runs a worldwide network by which messages concerning financial transactions are exchanged among banks and other financial institutions. As of December 2001 it linked over 7,000 financial institutions in 194 countries and estimates that it carries payment messages averaging more than six trillion US dollars per day.

BEARER INSTRUMENT: A bearer instrument is a document that indicates that the bearer of the document has title to property, such as shares or bonds. Bearer instruments differ from normal registered instruments, in that no records are kept of who owns the underlying property, or of the transactions involving transfer of ownership. Whoever physically holds the bearer bond papers owns the property. This is useful for investors and corporate officers who wish to retain anonymity, but ownership is extremely difficult to recover in event of loss or theft.

In general, the legal situs of the property is where the instrument is located. Bearer instruments can be used in certain jurisdictions to avoid transfer taxes, although taxes may be charged when bearer instruments are issued.

BANKERS ACCEPTANCE: A draft or bill of exchange accepted by a bank where the accepting institution guarantees payment. Used extensively in foreign trade transactions.

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