Securities lending coupon

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During this time, Australian financial markets were more regulated than today. Whenever interest rate policy settings changed, the existing ASB series would be replaced by a new series reflecting the new rate. A negotiable instrument, akin to cash, which evidences a payment obligation to be met on presentation at designated dates. The issuer of the instrument does not record the identity of the security holder, and the physical possession of the certificate is sufficient proof of ownership. The certificates for bonds issued as bearer securities normally carry detachable coupons.

Bearer securities have not been issued since all securities now record the owner on a register. In December , the Treasurer initiated a review of this policy. The AOFM then commenced a phased reduction of the foreign currency exposure in the Commonwealth debt portfolio to zero. By March , all foreign currency derivative exposure had been eliminated from the portfolio. Interest Indexed Bonds were a type of inflation-linked bond. Quarterly coupons were paid as a fixed real rate of interest rate plus an indexed amount applied to the face value of the bond.

The indexed amount varied over time according to movements in the consumer price index CPI. The bonds were repayable at face value on maturity. These bonds were issued between and and have all matured. An agreement between two parties to swap interest payments. It usually involves one party exchanging a stream of fixed interest cash flows for a stream of floating interest cash flows. The AOFM undertook a program to unwind its existing interest rate swaps in Securities which have passed their maturity date, but have not been redeemed by stockholders.

The Australian Government repays the amount due when the stock is presented for payment. No interest accrues on the stock following its maturity date. A debt instrument issued by a special purpose vehicle to finance the securitisation of a pool of residential mortgages. Special Bonds were a retail instrument issued on tap with an original maturity of around 7. There were numerous series of Special Bonds, each with different interest rates and maturity dates. A feature of Special Bonds was that the interest rate paid to investors stepped up over time until the maturity date. The face value of the instrument repaid to investors increased over time to a maximum of per cent of the par value.

Special Bonds were issued between and They were the forerunner of the Australian Savings Bond. A medium-term debt security issued by the Australian Government from to that carried an interest rate adjusted quarterly in line with movements in the bank bill swap reference mid-rate, payable on the face value of the security.

These may be more or less risky than the underlying tranches. See kitchen sink bonds.

Record date The date set to determine the owner entitled to the next dividend, interest, or principal payment. The payment is due to the owner who owned the security on the record date.

Recourse The right to seek repayment of debt. Usually used to describe the right to seek repayment from an originator or prior endorser who sold or assigned debt to another party. Red lining Term used to describe the illegal practice of refusing to lend to borrowers located in a defined geographic area.

Reference asset A term used in credit swap transactions to identify the underlying instrument. In the most simple structure, cash flow from the reference asset is paid by the asset owner called a protection buyer to a counter-party known as a protection seller. The reference asset is often a marketable, corporate bond rather than a corporate loan from the same obligor because the bonds provide price information than loans which are less homogenous and less marketable.

See credit derivative and credit swap. Reference rate An interest rate used as an index rate. Refunding The replacement of existing securities using funds obtained from the issuance of new securities. Refunding bonds Bonds issued to replace outstanding bond issues. Usually used to replace callable bonds when interest rates drop.

Refunding escrow deposits REDs Financial instruments similar to pre-refunding bonds. Tax law changes in restricted tax exempt pre-refundings for certain types of municipal debt including airport and convention center related debt. To circumvent those restrictions, a forward transaction, rather than a second bond issue, is used to lock in a lower cost of funding.

Under this arrangement, funds dedicated to repaying higher cost debt at the next call date are held in escrow. See pre-refunding pre-re.

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Register of Deeds The name used in some states for the public official responsible for receiving and maintaining public notices of liens such as financing statements. Usually a county official. Registered A form of ownership of certificated bonds. The name of the owner is listed on the certificate and in the records of the issuer's agent.

Regular way settlement Buyers and sellers can negotiate settlement periods; however, standard time periods are usually used. For U. Treasury and agency debt securities, the customary settlement time, called regular way settlement, is the next business day. For municipal and corporate debt securities, the customary settlement period, often called corporate settlement, is three days.

Securities lending | Bank of Lithuania

See net settlement and settlement. Provides for consumer complaints against banks and prohibits certain practices. See cascading late charges and late charges. The regulation sets legal limits on the time banks can take before making deposited funds available for withdrawal. Regulation P governs the treatment of nonpublic personal information about consumers by financial institutions. The regulation also requires financial institutions to provide notice to customers about privacy policies and practices and the right of a consumer to prevent a financial institution from disclosing nonpublic personal information about him or her to nonaffiliated third parties by "opting out" of that disclosure.

Provides limits on the amount of credit that can be extended for the purpose of purchasing or carrying certain stocks and a few bonds. See margin stock. Relative value A phrase used to refer to whether or not a security's price is relatively cheap, relatively fair, or relatively rich expensive compared to prices for other securities.

Release A document or a process in which a secured party gives up its collateral interest in the property of the debtor. Releases may be for all of the property of the debtor or may be partial.

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For example, if a real estate developer has pledged 10 lots as collateral for a loan, a partial release may be used for each lot as it is sold. For personal property collateral, a release may be entered into the public record by using a standard form called UCC Release price The predetermined amount of loan reduction that will be required by the bank before the developer can obtain a partial release of the bank's lien that covers the portion of the collateral that is being sold.

Remittance float Float due to the time a payment is in transit. This is often called mail float since its major component is the time it takes a remittance to move from the remitter to the recipient through the mail.


A cash management practice designed to increase disbursement float. Sometimes referred to as the "Rod Jacobs" method for the probable developer of this approach.

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Repositioning repurchase agreement A funding technique often used by dealers who encourage speculation through the use of gains trading, pair-off, when-issued, and extended settlement ploys. When an investor agrees to purchase a security with the intent of quickly selling it for a profit, price movements do not always favor these speculations. The repositioning repurchase agreement is service offered by dealers to enable buyers to hold onto such speculative positions until prices change and the position can be closed out at a profit.

In a repositioning repurchase agreement, the buyer pays the dealer a small margin that approximates the actual loss in the security.

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  6. The transaction is a borrowing called a repurchase agreement for the buyer. It is a loan called a reverse repurchase agreement for the dealer. These transactions are deemed to be inherently speculative. Repossession Taking physical possession of personal property collateral pledged to secure a defaulted loan.

    Repricing 1 A contractual provision applicable to specific loans, investments, or deposits that changes the interest rate paid or received. For example, a loan may have an interest rate tied to the prime rate that changes every time the prime rate changes, or an investment may have a rate tied to the one-month LIBOR.