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Bonds that stop paying an investor when the bond's reference rate is higher or lower than a predetermined range on an established index. The bonds pay an above-market coupon rate as long as the reference rate falls within the range. For example, if LIBOR is the index, a range bond might pay LIBOR plus 75 basis points for each day LIBOR is between 3.5 and 5 percent. When LIBOR is less than 3.5 percent or more than 5 percent, the bond accrues no interest. A range bond is a type of structured note.
Borrowing funds at short-term interest rates and lending the funds at longer term fixed rates.
rate of exchange
The amount of currency of one nation that may be purchased on a specific date with a specified amount of the currency of another nation.
rate of return
The measure of profitability of an investment. It measures the income that may be obtained from an investment against its purchase price, or its current market price. The rate of return refers to either the yield to maturity on a bond or the current income return of an investment such as a security. Also known as return on investment (ROA), or yield.
Describes a deposit account or security investment for which changes in its interest rate produce wide fluctuations in its supply and/or demand.
In securities trading, a formal opinion given by an independent, professional service on the credit standing of the issuer of a bond and on the investment quality of the security. The opinion is normally expressed in letters: AAA, Baa-l, etc.
Land in its natural state, with no man-made improvements such as grading, sewers, roads or buildings.
An agreement that reinstates a previous debt after bankruptcy proceedings are completed.
The accounts: asset, liability, reserve and capital - whose balances are not canceled out at the end of an accounting period, but are carried over to the next period. These accounts appear on the post-closing trial balance and the statement of condition (balance sheet)
Tangible assets in contrast to financial assets or securities. Real assets include real estate, land, gold, coins, stamps, art, and antiques.
Land and all physical property on, below or attached to the land. Houses, sewers, trees and fences are all real estate.
real estate investment trust
An investment vehicle established for the benefit of a group of real estate investors. A REIT is an unincorporated trust or association, managed by one or more trustees who hold title to the assets of the trust and control its acquisitions and investments. Real estate investments commonly include office buildings, apartment houses and shopping centers.
real estate mortgage investment conduit
A entity through which an issuer can sell multiple class securities with call protection to investors. A REMIC may be a corporation, trust, association, or partnership, but in order to qualify, it must confine its investments to mortgages, cash, government securities, foreclosure property acquired in connection with imminent default of a mortgage, or other REMICs. Typically, a REMIC invests in a pool of mortgages, and sells interests in those mortgages through securities with one or more senior classes and a subordinated class that assumes the credit risk of defaults and delinquencies. This creates a form of self-insurance that increases the investment ratings for the senior securities. A REMIC does not keep its mortgage assets on its books, but sells them to investors through its securities.
real estate owned
Real estate owned by a savings institution as the result of default by borrowers and subsequent foreclosure by the institution.
All immovable property such as land and the buildings or other objects permanently affixed to the land.
A real estate agent or broker who is a member of the National Association of Realtors, formerly the National Association of Real Estate Boards.
A written acknowledgment that something of value was received.
A bookkeeping term for amounts of revenue contracted for but not yet received.
A party appointed by a court or regulatory agency to manage property subject to litigation, or the property and affairs of a bankrupt person or institution. The receiver maintains and manages the property in the interest of lenders or creditors until a final disposition of the property is made.
The state of being under the administration of a receiver. A receivership removes the institution or company in receivership from its owners, who lose their equity. Since a receivership ends the corporate existence of an institution or company, it stops the payment of stock dividends and interest on debt.
Related Term : conservatorship