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1 IO
Forkortelse af interest only. En CMO-tranche, hvor afkastet udelukkende sker i form af renter, beregnet på baggrund af en fiktiv hovedstol. Den fiktive hovedstol kobles til en af de andre CMO-trancher, hvorfor rentebetalingerne på en IO følger restgælden på denne tranche. Prisen på en IO vil derfor sædvanligvis stige, når markedsrenten stiger. En IO er et gearet instrument. Se endvidere PAC, PO og TAC. -
2 IO
Forkortelse af interest only. En CMO-tranche, hvor afkastet udelukkende sker i form af renter, beregnet på baggrund af en fiktiv hovedstol. Den fiktive hovedstol kobles til en af de andre CMO-trancher, hvorfor rentebetalingerne på en IO følger restgælden på denne tranche. Prisen på en IO vil derfor sædvanligvis stige, når markedsrenten stiger. En IO er et gearet instrument. Se endvidere PAC, PO og TAC. -
3 planned amortisation class
En CMO -tranche med en høj grad af sikkerhed for, at betalingerne (renter og afdrag) kommer som forudset. Ved konverteringer af de bagvedliggende mortgage bonds vil PACs således have den højeste grad af beskyttelse blandt CMO-trancherne. Se endvidere IO og TAC. -
4 planned amortisation class
En CMO -tranche med en høj grad af sikkerhed for, at betalingerne (renter og afdrag) kommer som forudset. Ved konverteringer af de bagvedliggende mortgage bonds vil PACs således have den højeste grad af beskyttelse blandt CMO-trancherne. Se endvidere IO og TAC.English-Danish financial dictionary > planned amortisation class
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5 PO
Forkortelse af principal only. En CMO -tranche, der giver ret til afdragene på de bagvedliggende mortgage bonds. Ved konvertering af de bagvedliggende realkreditobligationer kan POs blive indfriet før tid. Se også IO, PAC og TAC. -
6 principal only
En CMO -tranche, der på mange måder minder om zero coupon securities, men ved konverteringer på de bagvedliggende mortgage bonds kan POs sælges til underkurs og er et gearet instrument. Se endvidere PAC, TAC og IO. -
7 targeted amortisation class
En CMO-tranche med en mindre grad af sikkerhed (set i forhold til PACs) for, at betalingerne (renter og afdrag) falder som forudset. Ved konverteringer af de bagvedliggende mortgage bonds vil TACs således have en mindre grad af beskyttelse end PAC-trancherne. Se endvidere PO og IO. -
8 PO
Forkortelse af principal only. En CMO -tranche, der giver ret til afdragene på de bagvedliggende mortgage bonds. Ved konvertering af de bagvedliggende realkreditobligationer kan POs blive indfriet før tid. Se også IO, PAC og TAC. -
9 principal only
En CMO -tranche, der på mange måder minder om zero coupon securities, men ved konverteringer på de bagvedliggende mortgage bonds kan POs sælges til underkurs og er et gearet instrument. Se endvidere PAC, TAC og IO. -
10 targeted amortisation class
En CMO-tranche med en mindre grad af sikkerhed (set i forhold til PACs) for, at betalingerne (renter og afdrag) falder som forudset. Ved konverteringer af de bagvedliggende mortgage bonds vil TACs således have en mindre grad af beskyttelse end PAC-trancherne. Se endvidere PO og IO.English-Danish financial dictionary > targeted amortisation class
См. также в других словарях:
CMO — collateralized mortgage obligation (CMO) A type of MBS created by dividing the rights to receive the principal and interest cash flows from an underlying pool of mortgages into separate classes or tiers. The tiers or classes are usually called… … Financial and business terms
tranche — noun a) A slice, section or portion. b) One of a set of classes or risk maturities which comprise a multiple class security, such as a CMO or REMIC; a class of bonds; collateralized mortgage obligations are structured with several tranches of… … Wiktionary
Z tranche — A Z tranche is a CMO tranche. With the exception of jump Z tranches, owners of the Z tranche receive no cash flow from underlying mortgage collateral until the other tranches are retired. During the period when other tranches are still… … Financial and business terms
Active Tranche — A tranche of a collateralized mortgage obligation (CMO) that is currently receiving principal payments that are passed through to its investors. While interest is paid on all tranches of a CMO when it is first issued, principal payments on each… … Investment dictionary
TAC tranche — targeted amortization class (TAC) tranche Bonds created in scheduled pay CMO structures. A TAC tranche is structured to avoid prepayment volatility. Each TAC has a designated target speed. When prepayments exceed the targeted speed, the excess… … Financial and business terms
targeted amortization class (TAC) tranche — Bonds created in scheduled pay CMO structures. A TAC tranche is structured to avoid prepayment volatility. Each TAC has a designated target speed. When prepayments exceed the targeted speed, the excess cash flow is diverted to other tranches in… … Financial and business terms
targeted amortization class tranche — targeted amortization class (TAC) tranche Bonds created in scheduled pay CMO structures. A TAC tranche is structured to avoid prepayment volatility. Each TAC has a designated target speed. When prepayments exceed the targeted speed, the excess… … Financial and business terms
Sequential Pay CMO — A type of collateralized mortgage obligation (CMO) in which there are several tranches. Each tranche s holder receives interest payments as long as the tranche s principal amount has not been completely paid off. The senior tranche receives all… … Investment dictionary
Companion Tranche — A class of tranche found in planned amortization class (PAC) and targeted amortization class (TAC) collateralized mortgage obligations (CMOs) that absorbs variable prepayment rates. The companion trache is so named because it is designed to… … Investment dictionary
reverse TAC tranche — The opposite of a TAC tranche. Bonds created in scheduled pay CMO structures. A reverse TAC tranche is structured to avoid prepayment volatility. Each TAC has a designated target speed. When prepayments fall below the targeted speed, excess cash… … Financial and business terms
PAC Z tranche — or PAC Z bond A CMO Z bond with some call and extension protection provided by collars. Like other Z bonds, a PAC Z bond earns interest that is accrued but not paid in cash for a defined time period. See Z tranche. American Banker Glossary … Financial and business terms
