Glossary of Terms

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ANLIOU MEITE

RESEARCH OFFICER


Aggregation

The summing of gross position or flow statistics; data for a group of institutional units are equal to the sum of the gross positions or flows for all units in the group.


Asset Price-Linked

A debt security linked to non-financial asset prices and indices, such as the gold price or a commodities price index, financial asset prices and indices, such as a specific share price or share price index and other asset prices, such as property prices.


Asset-Backed Commercial Paper (ABCP)

Commercial paper, created through securitisation, whose redemption value is dependent on a homogenous pool of assets, either purchased in the secondary market or from the balance sheet of an original asset owner, such as mortgages, residential mortgage-backed securities (RMBS), motor vehicle and equipment loans and leases etc. (see also asset-backed security and commercial paper).


Asset-Backed Security (ABS)

A bond, created through securitisation, whose coupon payments and principal repayments are dependent on a homogeneous pool of assets, either purchased in the secondary market or from the balance sheet of an original asset owner, such as mortgages, credit card loans, motor vehicle loans, etc.


Auctions results

A bond, created through securitisation, whose coupon payments and principal repayments are dependent on a homogeneous pool of assets, either purchased in the secondary market or from the balance sheet of an original asset owner, such as mortgages, credit card loans, motor vehicle loans, etc.


Bankers’ Acceptance

A negotiable order to pay a specified amount of money on a future date, drawn on and guaranteed by a bank.


Bill Endorsement

Similar to a Bankers’ Acceptance, the bill is drawn by the borrower, accepted by another unit (other than a bank), and is subsequently endorsed by a bank without commitment to purchase the bill.


Bonds and Notes

Debt securities with an original maturity of more than one year that are negotiable and usually traded in organised and other financial markets; they usually give the holder the unconditional right to fixed money income or contractually determined variable money income.


Brady Bond

A bond issued between the late 1980s and early 1990s to refinance emerging market countries’ debt to foreign commercial banks.