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An agreement to swap a series of specified payment obligations denominated in one currency for a series of
specified payment obligations denominated in a different currency.
Current/noncurrent method
Under this currency translation method, all of a foreign subsidiarys current assets and liabilities are
translated into home currency at the current exchange rate while noncurrent assets and liabilities are
translated at the historical exchange rate that is, the rate in effect at the time the asset was acquired or the
liability incurred.
Current account
Net flow of goods, services, and unilateral transactions (gifts) between countries.
Current assets
Value of cash, accounts receivable, inventories, marketable securities and other assets that could be
converted to cash in less than 1 year.
Current coupon
A bond selling at or close to par, that is, a bond with a coupon close to the yields currently offered on new
bonds of a similar maturity and credit risk.
Current-coupon issues
Related: Benchmark issues
Current issue
In Treasury securities, the most recently auctioned issue. Trading is more active in current issues than in off-
the-run issues.
Current liabilities
Amount owed for salaries, interest, accounts payable and other debts due within 1 year.
Current maturity
Current time to maturity on an outstanding debt instrument.
Current rate method
Under this currency translation method, all foreign currency balance-sheet and income statement items are
translated at the current exchange rate.
Current ratio
Indicator of short-term debt paying ability. Determined by dividing current assets by current liabilities. The
higher the ratio, the more liquid the company.
Current yield
For bonds or notes, the coupon rate divided by the market price of the bond.
Cushion bonds
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