|
|
|
|
|
|
Adjustable
rate |
|
| |
Also
referred to as "variable rate" and "floating
rate," the adjustable rate is an interest rate on a security
which changes at intervals according to an index or a formula
or other standard of measurement a stated in the bond contract.
One common method is to calculate the interest rate as a percentage
of the rate paid on selected issues of Treasury securities
on specified dates.
|
|
| |
Agent |
|
| |
The
agent may be a paying agent, registrar, trustee, depository,
custodian, escrow agent, tender agent, remarketing agent,
financial advisor, or bond counsel. |
|
| |
AMBAC |
|
 top |
AMBAC
Indemnity Corporation, a wholly owned subsidiary of MGIC Investment
Corporation which offers noncancellable insurance contracts
bywhich it agrees to pay a securityholder all, or no part,
of scheduled principal and interest payments on the securities
as they become due andpayable, in the event that the issuer
is unable to pay. |
|
|
|
Bond
Counsel
|
|
| |
An
attorney (or firm of attorneys) retained by the issuer to
give a legal opinion that the issuer is authorized to issue
proposed securities, the issuer has met all legal requirements
necessary for issuance, and interest on the proposed securities
will be exempt from federal income taxation and, where applicable,
from state and local taxation. |
|
| |
Bond
registration type |
|
| |
Determines how ownership is represented as well as the procedure
for payment of principal and interest to the bondholder. Values
are: |
|
| top |
| BKE |
Book Entry.
Bonds are issued without certificates for investors.
The issuers authorize the deposit of a single "GLOBAL"
certificate for each maturity. The certificate is held
by a depository which records ownership positions. An
account is maintained with the depository. |
| CPN |
Coupon. Bearer
bonds are negotiable by anyone who holds them. Attached
to these bonds are coupons that the investor must clip
off and submit for payments. These bonds cannot be changed
to any other form. |
| CPPR |
Coupon or
Registered principal. Bondholder can change the form
of the principal payment throughout the life of the
bond. Interest is paid upon surrender of coupons. |
| CPRE |
Coupon or
Fully Registered. Bondholder can choose between coupon
form and fully registered form throughout the life of
the bond. |
| CUS |
Custodial
Receipts. Similar to book entry except bond certificates
are initially issued, but immobilized by a designated
custodian. The custodian will perform the depository
function. |
| INT |
Fully Interchangeable.
Interchangeable between Coupon Registered, or Registered
to Principal. Bond form can be changed throughout the
life of the bond. |
| PRI
|
Registered
as to principal only. Principal payment is registered.
Interest is paid upon surrender of coupons. Bond form
cannot be changed. |
| REG |
Fully Registered.
Name of Bondholder is printed on the bond certificate
and is designated on the records of the transfer agent.
Interest and principal payments are sent directly to
the bondholder. As of July1, 1983, all new municipal
bond issues must be in registered form and or book entry. |
| REPR |
Fully Registered
or Registered as to Principal. Bondholder can change
form of interest payment. Principal is paid to the registered
bondholder. |
|
|
-
|
Bond
type |
|
| |
In
KENNYBASE, bonds may be of three general types: dollar
bonds, general obligations, or notes. |
|
| |
Bondholder
commitment |
|
| |
Indicates whether the bondholder has the right to withdraw
notice once it has been sent to the tender agent. |
|
|
|
CB |
|
| |
Corporate
Bond. |
|
| |
Coupon |
|
| |
The
annual rate of interest payable on a security, expressed as
a percentage of the principal amount. |
|
|
|
CUSIP |
|
| |
A
unique 9-character code which identifies each issue. The first
six characters, called the "base", identifies the issuer code,
while characters 7 and 8 identify the particular issue. The
9th character, or "check digit" is automatically generated.
An asterisk ("*") indicates that the issue is available on
KENNYQUOTE. |
|
| |
Custodian |
|
| top |
A
bank or other financial institution that keeps custody of
bonds and other assets of an individual or corporate client. |
|
|
|
Dated
date |
|
| |
The
date of an issue, printed on each security, from which interest
on the issue usually starts to accrue, even though the issue
may actually be delivered at a later date. |
|
|
|
Default
status |
|
| |
Indicates
whether an issuer has incurred a breach of some covenant,
promise, or duty imposed by the bond contract. The most serious
default occurs when the issuer fails to pay principal, interest,
or both when due. |
|
| |
Depository |
|
| |
A
clearing agency registered with the SEC which provides immobilization,
safekeeping, and book-entry settlement service to its participants.
Example: The Depository Trust Company (New York). |
|
| |
Detail
description |
|
| |
Detailed
information on a issue, such as the name of the corporation,
municipality, agency, and description of the purpose for which
securities are issued. |
|
| |
Disclosure |
|
| top |
The
principal that accurate and complete information material
to a securities transaction which a potential investor would
be likely to consider important in making investment decision
must be made available to purchasers or prospective purchasers.
Material facts may include descriptions of the issuer and
the true obligor in a conduit financing, as well as the structure
of a bond issuer and the security therefor. Full disclosure
enables the investor to evaluate the credit quality of an
issue. |
|
| |
Disclosure
filings |
|
| |
Disclosure
filings, other than Material Events, are documents that contain
relevant information with respect to the financial condition
of the issuer/obligor, such as a financial statement or the
security description, i.e., official statement and escrow
agreement. Below is a list of disclosure flings for which
an acknowledgment of receipt must be broadcasted over the
KennyAlert Service. |
|
| |
Disclosure
filing type |
|
| |
Identifies
the type of disclosure information provided, e.g., REOR: Reorganization
plan filing (put link here to the Document Event Codes) |
|
| |
Discount |
|
| |
The
amount by which the par value of a security exceeds the price
paid for the security. |
|
| |
Document
ID |
|
| |
The
identifier that is generated in-house and attached to the
reporting entities long term debt obligations |
|
| |
Dollar
bond |
|
| top |
A
colloquial term for a bond which is usually quoted and traded
in terms of dollar price rather than yield. Dollar bonds are
generally more actively traded securities from larger, term
issues rather than securities from serial issues. |
|
|
|
Escrow
agent |
|
| |
An
independent trustee, usually a commercial bank, whose purpose
is to monitor the pledged escrow account used in a refunding. |
|
| |
Escrow
detail |
|
| |
Codes
that describe the features of a bond: |
|
| |
Escrowed
to maturity (ETM) |
|
| |
Proceeds
of the refunding security are deposited in an escrow account
for investment at maturity. The earnings generated from the
escrow account are used to pay principal and interest on the
issue being refunded. |
|
-
|
FGIC |
|
| |
Federal
Guaranty Insurance Company, a wholly owned subsidiary of FGIC
Corporation which offers noncancellable insurance guarantying
the full and timely payment of principal and interest due
on securities on stated maturity, mandatory sinking fund,
and interest payment dates. |
|
| |
Financial
advisor |
|
| |
Regarding
the new issue of municipal securities, a consultant who advises
the issuer on matters pertinent to the issue, such as structure,
timing, marketing, fairness of pricing, terms, and ratings.
|
|
| |
Frequency |
|
| top |
Indicates
how often interest payments are made. |
|
| |
Financial
information |
|
| |
Includes
all data covenanted to be disclosed in the Official Statement. |
|
| |
First
coupon |
|
| |
Indicated
by "1ST CPN," the first coupon is the first interest payment
made to the bond holder. |
|
| |
Fitch
rating |
|
| |
Fitch
municipal and corporate bond ratings. |
|
| |
Floating
rate |
|
| |
Also
referred to as "variable rate," the floating rate is an interest
rate on a security which changes at intervals according to
an index or a formula or other standard of measurement a stated
in the bond contract. One common method is to calculate the
interest rate as a percentage of the rate paid on selected
issues of Treasury securities on specified dates. |
|
| |
Fractional
number |
|
| |
A
unique number used to identify and route drafts, checks, and
other payment documents. The fractional number is used when
the MICR number is damaged or unreadable. |
|
|
|
General
obligation |
|
| |
A
bond which is secured by the full faith and credit of an issuer
with taxing power. G.O. bonds issues by local units of government
are typically secured by a pledge of the issuer's ad valorem
taxing power; G.O. bonds issued by states are generally based
upon appropriations made by the sate legislature for the purposes
specified. |
|
|
|
High-rade
bonds |
|
| top |
High-grade
bonds Top-rated bonds, usually triple-A, that carry relatively
little risk. |
|
|
|
Insured
status |
|
| |
Insured
status Indicates that there is an unconditional contractual
guaranty by an insurance company to pay the bondholder any
principal and interest that is due if it has not been paid
by the issuer. (AMBAC, FGIC, MBIA, etc.) |
|
| |
Interest
accrual date |
|
| |
Date
by which full interest must be paid. |
|
| |
Interest
payment frequency |
|
| |
An
asterisk "*" indicates that the issue has a KENNYQUOTE assigned
to it, i.e., that it's evaluated by the Standard & Poor's
J.J. Kenny Evaluations group. |
|
| |
Issuer/issue
description |
|
| |
Provides
the issuer name, issue type, and when applicable, the project
name, security type, asset claim (corporates only),
security class (corporates only), purpose, class, and subclass. |
|
|
|
Junk
bond |
|
| |
Any
bond with a Moody's rating lower than Baa, or a Standard &
Poor's or Fitch rating lower than BBB, i.e., lower than investment
grade. Such bonds, usually issued by companies without well-established
records of earninigs, can produce high yields as long as they
don't go into default. |
|
|
|
|
|
|
|
Last
Coupon |
|
| |
Date
on which the last interest payment was made to the bond holder.
Example: 7-1-13. |
|
| |
Letter
of credit |
|
| top |
Provided
by a bank or other credit facility, by which the provider
agrees to lend a specified amount of funds for a limited term.
With a LOC an expiration date is displayed if applicable.
|
|
|
|
Material
Event |
|
| top |
The occurrence of one of the following:
|
| |
Principal
and interest payment delinquency |
| |
Nonpayment
related default |
| |
Unscheduled
draw on reserves reflecting financial difficulties
|
| |
Unscheduled
draw on credit enhancements reflecting financial difficulties
|
| |
Substitution
of credit or liquidity providers, or their failure to
perform |
| |
Adverse
tax opinion or event affecting tax-exempt status of
the security |
| |
Modification to rights of security holders |
| |
Bond
call |
| |
Defeasance
|
| |
Release,
substitution, or sale of property securing repayment
of the securities |
| |
Rating
change |
|
|
| |
Maturity
(date) |
|
| |
The
date upon which the principal becomes due and payable to the
security holder. |
|
| |
MBIA |
|
| |
Municipal Bond Insurance Association, an association of five
insurance companies (The Aetna Casualty & Surety Co., Fireman's
Fund Insurance Companies, The Travelers Indemnity Company,
CIGNA Corporation, and The Continental Insurance Company)
which offers insurance policies on qualified municipal issues
under which the payment of principal and interest when dues
is guaranteed, in the event of issuer default. |
|
| |
MDY |
|
| |
Moody's
credit rating. Example: MDY: AA. |
|
| |
Missed
payable date |
|
| |
For
interest defaults, this is the missed coupon date. For principal
defaults, this is the maturity date. |
|
| |
Moody's
rating |
|
| |
Moody's
municipal and corporate bond ratings. |
|
|
|
Next
coupon payment date |
|
| |
The next date that interest is paid to the bond holder. |
|
| |
Note |
|
| top |
A
written, short-term promise of an issuer to repay a specified
principal amount on a date certain, together with interest
at a stated rate, payable from a defined source of anticipated
revenue. Notes usually mature in one year or less, although
notes of longer maturities are also issued. |
|
| |
Notice |
|
| |
The
time period before the redemption event when the issuer must
notify the bondholder of its intention to exercise the call
provision. |
|
| |
Notification |
|
| |
Provides
secondary market event information for this issue, such as
redemptions, tenders, defaults, and puts. |
|
| |
NRMSIR |
|
| |
Nationally
Recognized Municipal Securities Information Repository. The
SEC has recognized four firms as NRMSIRs, including Standard
& Poor's, J.J Kenny. |
|
|
|
Official
statement |
|
| |
A document published by the issuer which generally discloses
material information on a new issue of municipal securities
including the purposes of the issue, how the securities will
be repaid, and the financial, economic and social characteristics
of the issuing government. Investors may use this information
to evaluate the credit quality of the securities. |
|
| |
Original
issue discount price |
|
| |
An
amount by which the par value of a security exceeds its public
offering price at the time it was originally offered to an
investor. |
|
|
|
Par
call |
|
| top |
The date in the redemption provision which allows the issuer
to retire the bonds to the stated maturity at its face value.
Provision refers to the terms of the bond contract giving
the issuer the right or requiring the issuer to redeem all
or a portion of the outstanding issue prior to maturity. |
|
| |
Par
call price |
|
| |
100%
of face value of a security. |
|
| |
Partial
call |
|
| |
A
portion of the principal amount of the bond is called in prior
to maturity. |
|
| |
Payable
date |
|
| |
Date
the interest distribution is paid. |
|
| |
Paying
agent |
|
| |
The
entity responsible for transmitting payments of interest and
principal from an issuer of municipal securities to the security
holders. The paying agent is usually a bank or trust company,
but may be the treasurer or some other officer of the issuer.
The paying agent may also provide other services for the issuer
such as reconciliation of the securities and coupons paid,
destruction of paid securities and coupons, and similar services.
|
|
| |
PB |
|
| |
Public
Housing/New Housing |
|
| |
Premium
call |
|
| |
A
redemption provision which permits the issuer to call securities
at a price above par (or, in the case of certain original
issue discount or multiplier securities, above the compound
accreted value). |
|
| |
Premium
call price |
|
| top |
The
price in excess of par value (or compound accreted value,
in the case of certain original issue discount or multiplier
securities), expressed as a percentage of par (or compound
accreted value) which the issuer agrees to pay upon redemption
of its outstanding bonds prior to the stated maturity date.
|
|
| |
Prerefunded
|
|
| |
The
process by which outstanding securities are refinanced by
proceeds of a newly issued security before the date when the
outstanding securities become due or are callable. The proceeds
of the refunding* security are generally invested in US Government
securities with principal and interest from these securities
being used to pay principal and interest on the refunded**
security. Securities are considered "prerefunded" when the
refunding issue proceeds are escrowed only until a Call Date
on the refunded issue. The refunded issue is redeemed at this
time.
* A procedure by which an issuer refinances an outstanding
bond by issuing new bonds. The new issued obligation is referred
to as the "refunding".
** The outstanding obligation which is secured or paid off
by the newly-issued debt. |
|
| |
Prerefunded
price |
|
| |
Price
at which securities are refunded before their call date. |
|
|
|
Price
as of |
|
| |
The
date on which the most recent price was available. |
|
|
|
Priced
to |
|
| |
The
feature that is used to calculate the price (e.g., first premium
Call Date, maturity, or first put date). |
|
| |
Put
date |
|
| |
The
date when the put option can be exercised. |
|
| |
Put
frequency |
|
| |
The
frequency at which the put option can be exercised. (i.e.,
weekly, monthly, semi-annual, annual, etc...) |
|
| |
Put
price |
|
| top |
The
dollar amount paid to the bondholder on the put date. |
|
| |
Put
type |
|
| |
Available
for corporate securities only. Indicates the type of put.
Values are: Optional, Mandatory, and Repurchase. |
|
|
|
Qualified
legal opinion |
|
| |
Qualified
legal opinion Conditional affirmation of the legality of an
issue of securities |
|
|
|
Ratings |
|
| |
KennyWeb
provides municipal and corporate bond ratings from the following
rating services:
Fitch
Moody's
Standard & Poor's
|
|
| |
Redemption
method |
|
| |
The
order by which the bonds will be called in, either by lottery,
or by bond number. |
|
| |
Redemption
restrictions |
|
| |
Also
considered call features, redemption restrictions are the
terms of the bond contract giving the issuer the right or
requiring the issuer to redeem or "call" all or a portion
of n outstanding issue of bonds prior to their stated dates
of maturity at a specified price, usually at or above par.
|
|
| |
Reference
date |
|
| top |
The
date of the KIS Notification Service publication, that contains
documentation for the secondary market event. |
|
| |
Refunding
|
|
| |
Issuance
of new debt to raise money to redeem either older bonds at
maturity or outstanding bonds issued with less favorable terms.
The purpose of refunding may be to reduce interest cost, extend
the maturity of debt, eliminate existing restrictive covenants,
or other contractual changes. |
|
| |
Registrar |
|
| |
The
person or entity responsible for maintaining records on behalf
of the issuer for the purpose of identifying the owners of
the registered bonds. Remarketing Agent An investment or dealer
bank whose primary responsibility is to restructure and resell
securities in the secondary market. |
|
| |
Reoffering
price |
|
| |
The
price at which securities are offered to the public by underwriters. |
|
| |
Reoffering
yield |
|
| |
The
yield at which a security is offered to the public by underwriters.
|
|
| |
Routing
number |
|
| |
The
number printed on the face of a payment document such as a
check, that allows banks to automatically sort and handle
payment documents. The number may be in fractional or nine-digit
form. |
|
|
|
Sale
date |
|
| |
The
date when a buyer and seller have agreed on the price and
terms of the security purchase. |
|
| |
Schedule
price |
|
| top |
For
zero-coupon bonds, a percentage value of the schedule price.
|
|
| |
Selection
method |
|
| |
Method
by which a sinking fund is selected, e.g., by lot, bond number,
or inverse order. |
|
| |
Settlement
date |
|
| |
The
date by which an executed order must be settled. This is achieved
when a buyer makes payment and a seller delivers securities. |
|
| |
Settlement
status |
|
| |
Indicates
whether an executed order has been settled. |
|
| |
Sinking
fund |
|
| |
Money
accumulated on a regular basis in a separate custodial account
that's used to redeem debt securities or preferred stock issues. |
|
| |
Sinking
fund amount |
|
| |
The
principal amount being redeemed through the sinking fund. |
|
| |
Sinking
fund date |
|
| |
The
date that the sinking fund redemption will occur. |
|
| |
Sinking
fund frequency |
|
| |
Indicates
how often sinking fund redemptions are made. |
|
| |
Sinking
fund method |
|
| |
Method
by which a sinking fund is selected, e.g., by lot, bond number,
or inverse order. Also referred to as "selection method." |
|
| |
Sinking
fund price |
|
| top |
The
dollar amount paid to the bondholder on the sinking fund redemption
date. |
|
| |
Sinking
fund schedule |
|
| |
Provides
historical and future sinking fund redemption schedules for
the selected issue. |
|
| |
Sinking
fund schedule price |
|
| |
For
zero-coupon bonds, a percentage value of the schedule price.
|
|
| |
S&P |
|
| |
Standard
& Poor's municipal and corporate bond ratings. Standard &
Poor's rating agency's credit evaluation for the security,
intended to measure the probability of the timely repayment
of principal of and interest on municipal securities. |
|
| |
Special/extraordinary
redemption |
|
| |
The
issuer decision to call or redeem the bonds upon the occurrence
of certain events from a predetermined source of funds. This
call provision can be optional or mandatory. The special redemption
schedule provides the historical and future special/extraordinary
redemption schedules for the selected issue. |
|
| |
Special
redemption |
|
| |
The
issuer decision to call or redeem the bonds upon the occurrence
of certain events from a predetermined source of funds. This
call provision can be optional or mandatory. |
|
| |
Special
redemption/extraordinary call indicator |
|
| |
A
Yes/No indicator which identifies if that particular issue
has a special redemption or catastrophe call feature. |
|
| |
Special
redemption/extraordinary call record |
|
| |
Provides
special catastrophe redemption information for the issue. |
|
| |
Special
redemption/extraordinary call type |
|
| top |
The
various optional or mandatory call provisions the issuer has
when he or she redeems the bonds upon the occurrence of certain
events from a predetermined source of funds. These call types
include: |
|
| |
SPI
(Special Redemption) |
|
| |
A
provision or provisions whereby the issuer may make a partial
or complete call from a specific or limited source of funds
(excluding insurance proceeds from the catastrophe). |
|
| |
SPM
(Special Mandatory Redemption) |
|
| |
If
funds are available in the specified redemption accounts,
the issuer must make a call to the extent of the funds. |
|
| |
SPO (Special Option Redemption) |
|
| |
The
issuer may choose to reinvest or re-use the specified funds
or make redemptions with the funds. |
|
| |
SPX
(Catastrophe/Extraordinary Call) |
|
| |
A calamity or catastrophe call whereby the issuer must retire
the bonds due to events beyond its control such as fire, lightning,
or when the tax exempt status of the issue is revoked. |
|
| |
Special/extraordinary redemption expiration date |
|
| |
Date at which special/extraordinary redemption offer expires. |
|
| |
Special/extraordinary redemption frequency |
|
| |
Frequency at which a special/extraordinary redemption occurs,
i.e., BM: bi-monthly. |
|
| |
Special redemption notification status |
|
| |
Indicates the reason that no minimum or maximum notification
is indicated: I (Information not available—research pending)
, S (Not specified) |
|
| |
Special redemption in whole/part indicator |
|
| |
Indicates whether redemption is in whole, or in part. |
|
| top |
Special redemption method |
|
| |
Indicates how the special redemption is achieved, e.g., BOND:
by bond number. |
|
| |
Special redemption price |
|
| |
Price at which special redemption is offered. |
|
| |
Special redemption reason/source |
|
| |
Indicates the source of funds being used to redeem securities
through special redemption. |
|
| |
Special redemption schedule price |
|
| |
Price at which special redemption is scheduled to be offered. |
|
| |
State code |
|
| |
The 2-letter state code for the issue. For example, "NY"
is the code for New York. If the issue is a Corporate
bond, the letters "CB" appear instead. |
|
| |
Status (When-Issued) |
|
| |
When-Issued status can be Firm, Approximate, Postponed, or
Canceled. |
|
| |
Super sinker indicator |
|
| top |
Identifies whether a particular issue has a super sinker redemption
feature. If an issue is a "Super Sinker," it must
be called in fully before any
other maturity in that offering can be called in. |
|
|
|
Tender agent |
|
| |
An agent appointed by the issuer to receive notice from the
bondholders of their intention to exercise a put option. |
|
| |
Time limit |
|
| |
The time of day by which bids must be received. |
|
| |
TR |
|
| |
Trust Securities |
|
| |
Trustee |
|
| |
"UW" appears before the name of the lead underwriter
in a deal. Example: UW: Goldman Sachs & Co. |
|
|
|
Underwriter (UW) |
|
| |
The entity which purchases the security from the issuer for
resale to the general public. |
|
|
|
Variable-rate demand obligation |
|
| |
A bond which bears interest a t a changeable or floating rate
established at specific intervals, e.g., daily, weekly, or
monthly, or which contains a put option enabling the holder
to tender the bond for purchase on the date a new interest
rate is set. |
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When issued |
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An offering or trade of bonds with date of delivery set some
time in the future. If the bonds are not issued, the trade
is cancelled. |
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X-dividend |
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Without the dividend; a reference to a situation when a stock
sells ex-dividend on a prescribed number of business days
preceding the record date fixed by the dividend
declaration of the corporation or the date of the closing
of transfer books. |
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Yield |
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Rate
of return on an investment. |
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Zero coupon |
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An original issue discount bond on which no periodic interest
payments are made, but which is issued at a deep discount
from par, accrediting (at the rate represented by the offering
yield at issuance) to its full value at maturity. Example
of zero coupon type: Capital Accumulation (CAC). |
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