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A spens, Spens, spens clause, or Spens clause is a provision in a security (for example a bond) which allows a borrower to repay the principal amount (and hence discharge their obligation to the lender) earlier than the contractual repayment date, on payment of a specified penalty, also referred to as a "make whole" payment, in excess of the principal (or face value) of the security.
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The general methodology is as follows: (1) Define the set of yielding products - these will generally be coupon-bearing bonds; (2) Derive discount factors for the corresponding terms - these are the internal rates of return of the bonds; (3) 'Bootstrap' the zero-coupon curve, successively calibrating this curve such that it returns the prices ...
For instance, a bond paying a 10% annual coupon will always pay 10% of its face value to the owner each year, even if there is no change in market conditions. However, the effective yield on the bond may well be different, since the market price of the bond is usually different from the face value. Yield return is calculated from
Spanish and Italian leaders have called for jointly issued "corona bonds" in order to help their countries, hard-hit by the outbreak of coronavirus disease 2019, to recover from the epidemic. [33] Corona bonds were discussed on 26 March 2020 in a European Council meeting, but Germany and the Netherlands ruled out issuing such bonds.
The economic value of bond insurance to the governmental unit, agency, or other issuer of the insured bonds or other securities is the result of the savings on interest costs, which reflects the difference between yield payable on an insured bond and yield payable on the same bond if it was uninsured—which is generally higher.
An ester of a carboxylic acid.R stands for any group (typically hydrogen or organyl) and R ′ stands for any organyl group.. In chemistry, an ester is a compound derived from an acid (organic or inorganic) in which the hydrogen atom (H) of at least one acidic hydroxyl group (−OH) of that acid is replaced by an organyl group (R ′). [1]
Rice mill owners often employ workers who live in harsh conditions on farms. [14] Workers receive such low wages that they must borrow money from their employers causing them to be tied to the rice mill through debt. [14] For example, in India, the average pay rate per day was $0.55 American dollars as recorded in 2006. [14]