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The firm often has stockholders and bondholders. In a liquidation, the bondholders have first priority.
Bond indenture
The contract that sets forth the promises of a corporate bond issuer and the rights of investors.
Bond glossarying
Designing a bond portfolio so that its performance will match the performance of some bond glossary.
BONDPAR
A system that monitors and evaluates the performance of a fixed-income portfolio, as well as the individual
securities held in the portfolio. BONDPAR decomposes the return into those elements beyond the managers
control--such as the interest rate environment and client-imposed duration policy constraints--and those that
the management process contributes to, such as interest rate management, sector/quality allocations, and
individual bond selection.
Bond points
A conventional unit of measure for bond prices set at $1 and equivalent to 1% of the $100 face value of the
bond. A price of 80 means that the bond is selling at 80% of its face, or par value.
Bond value
With respect to convertible bonds, the value the security would have if it were not convertible apart from the
conversion option.
Boning
Charging a lot more for an asset than its worth.
Book
A banker or traders positions.
Book cash
A firms cash balance as reported in its financial statements. Also called ledger cash.
Book-entry securities
The Treasury and federal agencies are moving to a book-entry system in which securities are not
represented by engraved pieces of paper but are maintained in computerized records at the Fed in the
names of member banks, which in turn keep records of the securities they own as well as those they are
holding for customers. In the case of other securities where a book-entry has developed, engraved
securities do exist somewhere in many cases. These securities do not move from holder to holder but are
usually kept in a central clearinghouse or by another agent.
Book profit
The cumulative book income plus any gain or loss on disposition of the assets on termination of the SAT.
Book runner
The managing underwriter for a new issue. The book runner maintains the book of securities sold.
Book to bill
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