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Soft-bullet covered bonds: payments have to be made when due according to the original schedule. Failure to pay on the SMD does not trigger covered bond default. The extension period grants more time (typically at least 12 months) to repay the covered bonds, setting a new Final Maturity Date (FMD).
The Pfandbrief (plural: Pfandbriefe), a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act.
In U.S. law, a covered security may refer to two categories of securities: Under The National Securities Markets Improvement Act of 1996 , as codified in Section 18 of the Securities Act of 1933, a "covered security" enjoys certain preemption rights as described below, and includes more than one category of security.
The covered bonds will also be secured by a pool of residential mortgage loans originated by MBL and eligible substitution assets, collectively referred to as the cover pool.Issuer: Macquarie Bank ...
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This is essentially how tax-free municipal bonds work. Investors lend money to the government in exchange for periodic interest payments until the bond reaches its maturity date, at which point ...
The regular EMBI index covers U.S.dollar-denominated Brady bonds, loans and Eurobonds. The EMBI+ expands upon J.P.Morgan's original Emerging Markets Bond Index (EMBI), which was introduced in 1992 and covered only Brady bonds. An external debt version, the EMBI+ is the JPMorgan EMBI Global Index [1]
Important points in the collateral agreement to be covered are: Base currency; Type of agreement; Quantification of parameters such as independent amount, minimum transfer amount and rounding; Appropriate collateral that may be posted by each counterparty