Detailed Table of Terms

switch to abbreviated table of terms

This section shows Bond terms, including the component terms. Please refer to additional diagrams in the "Components" section for additional diagrams of bond component terms.

Line Term type Term Definition Synonym Simple Type Related Thing Multiples Business Justification Term Origin Definition Source Consensus Last Modified
1 Logic ALL Bond AND Traditional Warrant  One or more series of Bonds and a Warrant which is issued with the bond.            ISO 10962 = Bonds With Warrants Attached  SMER  Review   30-Jun-10
2 Relationship fact selection The Warrant which forms part of the Issue.       Traditional Warrant         Review 30-Jun-10
3 Relationship fact selection The Bond(s) which make up the issue.      Bond one or more       Review 30-Jun-10
4 Thing Bank Qualified Tax Exemption  Whether or not a municipal reasonably expects to issue in the calendar year of such offering no more than $10 million par amount of bonds of the type required to be included in making such calculation under the Internal Revenue Code.          When purchased by a commercial bank for its portfolio, the bank may receive an 80% tax deduction for the interest cost of carry for the issue.  A bond that is bank qualified is also known as a Qualified Tax-exempt Obligation.  This is a specifically US term.   DTCC  SR Draft  Review   30-Jun-10
5 Parent Is a       Security Tax Treatment           30-Jun-10
6 Simple fact Bank Qualified   Whether the bond is classed as being Bank Qualified.     yes/no     US Term. Information set by the issuer of a public purpose bond offering if it reasonably expects to issue in the calendar year of such offering no more than $10 million par amount of bonds of the type required to be included in making such calculation under the Internal Revenue Code.  When purchased by a commercial bank for its portfolio, the bank may receive an 80% tax deduction for the interest cost of carry for the issue.  A bond that is bank qualified is also known as a Qualified Tax-exempt Obligation.  DTCC  SR Draft  Review 30-Jun-10
7 Thing Bond Amortization Payment Terms Set  Terms for payment of partial amounts of the Principal during the life of the Debt Security.                  Review   30-Jun-10
8 Parent Is a       Bond Principal Repayment Terms Set           30-Jun-10
9 Disjoint mutually exclusive        Bond Bullet Principal Repayment Terms Set           30-Jun-10
10 Disjoint mutually exclusive        Bond Call Terms Set           30-Jun-10
11 Relationship fact Periodic Amortization Amount The monetary amount of each amortization payment in the Amortization Schedule.      Monetary Amount    NOTE: Does not cover variable Amortization amounts, if these exist.        30-Jun-10
12 Simple fact Principal Amortization Type   The type of principal payments applicable to this security.    Amortization Type     REVIEW: whether all the listed entries apply to Amortizing Security specifically, as part of Amortization terms.       Action 30-Jun-10
13 Simple fact  Amortization Calculations Day ount Convention       Day Count Basis   may be         30-Jun-10
14 Thing Bond Bullet Principal Repayment Terms Set  Terms for payment of Principal as a single amount of payment of the full Principal.                   30-Jun-10
15 Parent Is a       Bond Principal Repayment Terms Set           30-Jun-10
16 Disjoint mutually exclusive        Bond Amortization Payment Terms Set            30-Jun-10
17 Thing Bond Call Terms Set  The terms and conditions in which a bond can be redeemed by the issuer prior to its maturity. Usually a premium is paid to the bond owner when the bond is called.            Also known as a "redeemable bond".  The main cause of a call is a decline in interest rates. If interest rates have declined since a company first issued the bonds, it will likely want to refinance this debt at a lower rate of interest. The company will call its current bonds and reissue them at a lower rate of interest.  The maturity date of a callable debt instrument is the latest and final possible date at which the security will be retired and principal will be redeemed at par.         Review 30-Jun-10
18 Parent Is a       Debt Call Terms Set         Review 30-Jun-10
19 Disjoint mutually exclusive        Bond Amortization Payment Terms Set            30-Jun-10
20 Simple fact Call Conditions   The conditions under which a bond can be called back by the issuer.   text             30-Jun-10
21 Relationship fact Premium A premium paid to the bond owner when the bond is called.      Monetary Amount  may be         30-Jun-10
22 Relationship fact Lockout Period The lockout period refers to the amount of time for which a callable security cannot be called and only interest coupon payments are received by the security holder. For example, with a 10-year noncall 3-year ("10nc3") debt security, the security cannot be called for the first three years.     Date Period            30-Jun-10
23 Thing Bond Coupon Interest Terms Set  Terms for payment of Interest on a Bond. These include terms for determining interest amounts, and terms for dates on which those amounts are to be paid.   Coupon Terms.           For stepped coupons, several set of this information may exist, with these coming into force.   SR Modeling  SR Draft  Review 30-Jun-10
24 Parent Is a       Debt Security Interest Payment Terms Set         Review 30-Jun-10
25 Simple fact Special Record Date   The record date associated with an odd first interest payment date that occurs before the start of the normal accrual cycle.    date     REVIEW how "Associated". Original DTCC definition gives more meaning:   The record date on which the holders of the security are established to make an interest payment for the period after the issue and before the start of normal interest accrual cycle.       Action 30-Jun-10
26 Simple fact Annual Coupon Rate   Original annual rate of interest payable to the lender as expressed as a percentage of principal as stated in the bond's offering documents.    percentage       FIBIM = InterestRate    Review 30-Jun-10
27 Relationship fact Coupon Payment currency The currency in which interest payment is to be made.      Currency          Review 30-Jun-10
28 Thing Bond Coupon Terms Set  A set of contractual terms defining the interest payments for a coupon of a bond.             SR Modeling  SR Draft  Review   30-Jun-10
29 Parent Is a       Contract Terms Set           30-Jun-10
30 Relationship fact specifies The schedule for payments of bond interest.       Coupon Schedule     SR Modeling  SR Draft  Review 30-Jun-10
31 Thing Bond Issue Information  Information about the Issuance of a Bond, which is maintained throughout the life of the Security.                    30-Jun-10
32 Parent Is a       Debt Instrument Issue Information           30-Jun-10
33 Simple fact OID   Discount from par value at the time a bond or other debt instrument is issued.    percentage     Originally this term appeared to apply to all securities. Review notes from SME Review session:   Defined for:  Bonds;  For equity incentives you tend to get shares rather than an OID.   OID is a taxation advantage so this gives an incentive for investors as it gives them more yield up front.   Also think about zero coupon bonds in this context.   ACTION: Move to Bonds. This action now implemented.       Review 30-Jun-10
34 Thing Bond Issue Prospectus  The prospectus for the bond issue describes the terms of the issue and each of the instruments included in the bond issue.             SMER  SMER  Review   30-Jun-10
35 Parent Is a       Debt Issue Prospectus           30-Jun-10
36 Relationship fact describes The Prospectus for a bond issue describes the Bond Offer Issue, including facts about the issue itself such as closing dates, and anticipated facts about the securities that will form part of that issue,       Bond Offer Issue   Anticipated facts might include expected issue price, yields, pool parameters as appropriate for the type of debt instrument being issued.   ABS PoC  MB Draft  Review 30-Jun-10
37 Thing Bond Offer Issue  An Issue of one or more Bonds, as all or part of an Offering of these bonds to the market.             SR Modeling  SR Draft  Review   30-Jun-10
38 Parent Is a       Debt Offer Issue           30-Jun-10
39 Relationship fact is issue of The bond(s) which make up the issue.      Bond one or more       Review 30-Jun-10
40 Relationship fact described in Has Prospectus describing the terms of the issue and each of the instruments included in the bond issue.       Bond Issue Prospectus     ABS PoC Review  MB Draft  Review 30-Jun-10
41 Thing Bond Offer Issue With Warrant  A bond issue where the issue includes a Warrant attached.           ISO 10962 CFI definition is  A bond that is issued together with one or more warrant(s) attached as part of the offer, the warrant(s) granting the holder the right to purchase a designated security, often the common stock of the issuer of the debt, at a specified price.  Review notes:  This need not be any specific type of bond.   The warrant is used as a sweetener to encourage people to subscribe to a new bond issue.  The Bond and the Warrant trade together as a unit (called "Bond Unit").   ISO 10962 = Bonds With Warrants Attached  SMER  Yes   30-Jun-10
42 Parent Is a       Bond Offer Issue           30-Jun-10
43 Disjoint mutually exclusive        Bond Offer Issue With Warrant           30-Jun-10
44 Relationship fact is issue of The instruments which make up the issue, namely one or more series of Bonds and a Warrant which is issued with the bond.       ALL Bond AND Traditional Warrant     ISO 10962 = Bonds With Warrants Attached  SMER  Review 30-Jun-10
45 Thing Bond Principal Repayment Terms Set  Terms for the repayment of the Principal on a Bond security.  Bond Repayment Terms.                   30-Jun-10
46 Parent Is a       Tradable Debt Security Redemption Terms           30-Jun-10
47 Disjoint mutually exclusive        Debt Call Terms Set           30-Jun-10
48 Thing Bond With Partial Call  A bond with a feature whereby the issue can be partially called for amounts that are at the discretion of the issuer.                    30-Jun-10
49 Parent Is a       Bond           30-Jun-10
50 Relationship fact has call terms Feature of the bond whereby partial call is possible.      Partial Call Feature           30-Jun-10
51 Thing Bullet Bond  A bond where the principal is paid off in a single payment on the scheduled maturity date.                 Review   30-Jun-10
52 Parent Is a       Bond           30-Jun-10
53 Disjoint mutually exclusive        Amortizing Security            30-Jun-10
54 Relationship fact has repayment terms Has terms for repayment of the principal. This is paid in one single payment.      Bond Bullet Principal Repayment Terms Set           30-Jun-10
55 Thing Call Date  Date on which the instrument may be called.                   30-Jun-10
56 Parent Is a       Scheduled Event Date           30-Jun-10
57 Thing Callable Convertible Bond  A Convertible Bond which is also callable.             SMER  SR Draft  Review     30-Jun-10
58 Parent Is a       Convertible Bond           30-Jun-10
59 Simple fact Callable       yes/no   yes         30-Jun-10
60 Thing Conditional Coupon Terms Set  Coupon where the coupon rate or the coupon terms may change according to some pre-defined trigger, for example when a given published interest rate passes a defined threshold.            MDDL Debt Terms  SR Draft  Review   30-Jun-10
61 Parent Is a       Bond Coupon Terms Set           30-Jun-10
62 Disjoint mutually exclusive        Single Coupon Terms Set           30-Jun-10
63 Disjoint mutually exclusive  By definition, a se tof terms setting out conditional coupon payments and a set of terms defining in advance what interest rates take effect on given dates, are mutually exclusibe, that is a set of terms cannot embody both of these functions.       Stepped Coupon Terms Set          Review 30-Jun-10
64 Relationship fact has term for one coupon The term in the conditional coupon terms which matches one set of coupon terms (fixed rate or variable coupon) with one condition. When the condition is true, that coupon will be payable.       Coupon Conditional Term     SR Modeling  SR Draft  Review 30-Jun-10
65 Thing Coupon Conditional Term  A term in the conditional coupon terms which matches one set of coupon terms (fixed rate or variable coupon) with one condition.            MDDL = When construct  SR Draft  Review   30-Jun-10
66 Parent Is a       Contract Term           30-Jun-10
67 Relationship fact specifies The bond coupon defined in this conditional term. When the condition described in this term is true, this Bond Coupon is applied to the Bond.       Bond Coupon Interest Terms Set one or more   SR Modeling  SR Draft  Review 30-Jun-10
68 Simple fact Condition   The condition under which the given coupon is payable. This is stated as text.     text       MDDL = When details  SR Draft  Review 30-Jun-10
69 Thing Coupon Periodic Date Series  Periodic dates on which Interest Payments are made.                    30-Jun-10
70 Parent Is a       Periodic Date Series           30-Jun-10
71 Relationship fact regular period duration       Coupon Regular Period           30-Jun-10
72 Thing Coupon Regular Period  The regular periodic component of a coupon schedule.                    30-Jun-10
73 Parent Is a       Known Duration           30-Jun-10
74 Relationship fact regular period description       Coupon Regular Period Length           30-Jun-10
75 Relationship fact beginning       First Regular Coupon Date           30-Jun-10
76 Relationship fact series end       Last Regular Coupon Date           30-Jun-10
77 Thing Coupon Regular Period Length  Length of a regular periodic component of a coupon schedule.                    30-Jun-10
78 Parent Is a       Duration Description in Calendar Days           30-Jun-10
79 Simple fact Regular Period Days   Number of days in coupon period in the series.    whole number             30-Jun-10
80 Thing Coupon Schedule Specification  Formal specification of the Schedule for regular payment of Coupon Amounts.           (from Algo review Oct 09) May need to add information about at which stage in the process you have received the information about the date e.g. whether the date you are looking at has been rolled back or needs to be rolled back.  CONTEXT: add this detail in the context of trading or other consumption of data.   SR Modeling  SR Draft  Review   30-Jun-10
81 Parent Is a       Schedule Specification           30-Jun-10
82 Relationship fact scheduled coupon payment The specified future event whereby payment of a given Coupon interest amount is to be made.      Coupon Payment           30-Jun-10
83 Relationship fact has stub Irregular Coupon Period at the start and / or the end of the Coupon Schedule, which does not fall into the Periodic Date Series.      Coupon Stub Period may be some         30-Jun-10
84 Relationship fact has periodic date series Periodic regular Coupon payments in the Coupon Schedule.     Coupon Periodic Date Series           30-Jun-10
85 Thing Coupon Stub Period  Irregular Coupon Period at the start and / or the end of the Coupon Schedule, which does not fall into the Periodic Date Series.                    30-Jun-10
86 Parent Is a       Date Period           30-Jun-10
87 Relationship fact stub length       Stub Period           30-Jun-10
88 Relationship fact stub start       Stub Start Date           30-Jun-10
89 Relationship fact stub end       Stub End Date           30-Jun-10
90 Thing Credit Curve To Use  This is a working note from ongoing reviews.                 Action   30-Jun-10
91 Parent Is a       Curve To Use           30-Jun-10
92 Thing Debt Fixed Coupon Terms Set  Terms for payment of Interest on a Bond, where this pays a fixed rate of interest.                 Review   30-Jun-10
93 Parent Is a       Bond Coupon Interest Terms Set         Review 30-Jun-10
94 Disjoint mutually exclusive        Debt Variable Coupon Terms Set           30-Jun-10
95 Relationship fact has formula term The formula for calculation of fixed interest amounts.       Fixed Interest Calculation Formula   This is a restricted sub-type of the more general formula for specifying any interest rate (fixed or variable).   SR Modeling  SR Draft  Review 30-Jun-10
96 Simple fact Fixed Coupon Amount   Fixed interest payment amount due on each Interest Payment Date. This is derived from the Annual Coupon Rate.    percentage           Review 30-Jun-10
97 Thing Debt Variable Coupon Terms Set  Terms setting out how variable rate interest is determined and paid.                 Review   30-Jun-10
98 Parent Is a       Bond Coupon Interest Terms Set         Review 30-Jun-10
99 Disjoint mutually exclusive        Debt Fixed Coupon Terms Set            30-Jun-10
100 Relationship fact has formula term The formula for calculation of variable interest amounts.       Variable Interest Calculation Formula   This is derived from the more general formula for specifying any interest rate (fixed or variable). No new terms are added as the general (parent) formula has all the terms defined for variable coupon payments.   SR Modeling  SR Draft  Review 30-Jun-10
101 Relationship fact specifies base rate Term identifying the variable in the marketplace which is to form the variable component of the variable interest rate. This is specialized for specific kinds of parameter.       Market Referential Parameter         Review 30-Jun-10
102 Simple fact Reset Date Offset Days   Number of days from the Coupon Payment Date that the Coupon Rate is reset.     whole number           Review 30-Jun-10
103 Thing Discount Curve To Use  This is a working note from ongoing reviews.                 Action   30-Jun-10
104 Parent Is a       Curve To Use           30-Jun-10
105 Thing Equity Linked Bond  A bond where the bond is based on the return on an equity over time i.e. the price and dividend payments i.e. the total return (similar to total return swaps).             Unclear. SMER>  Unknown  Action   30-Jun-10
106 Parent Is a       Variable Coupon Bond         Yes 30-Jun-10
107 Thing Explicit Coupon Schedule Listing  Schedule of itemised coupon payment dates.             SR Modeling  SR Draft  Review   30-Jun-10
108 Parent Is a       Explicit Schedule Listing           30-Jun-10
109 Relationship fact specifies       Scheduled Coupon Payment           30-Jun-10
110 Thing Factor Calculation Formula  Formula for the determination of some variable factor which is then used in subsequent calculations.   The result of such a formula is a parameter referred to by another formula.           Examples include the formula for determining the Factor for an Inflation Bond, which may then be used in calculation of interest payments, principal repayments or both. It is referred ot separately and may be determined by a different party to the party which determines the factor itself.   Conensus:Review         30-Jun-10
111 Parent Is a       Formula           30-Jun-10
112 Thing First Regular Coupon Date  The scheduled date of the first regular coupon payment, that is the start of payments according to a regular repeating series of coupon periods, after any non standard (long or short) first coupon period in the schedule.                    30-Jun-10
113 Parent Is a       Contractually Determined Date           30-Jun-10
114 Thing Fixed Coupon Bond  A bond which pays a fixed rate of interest at regular intervals.                 Review   30-Jun-10
115 Parent Is a       Bond         Review 30-Jun-10
116 Disjoint mutually exclusive        Variable Coupon Bond           30-Jun-10
117 Relationship fact has coupon The fixed coupon payable with the bond.       Bond Fixed Coupon 1       Review 30-Jun-10
118 Thing Fixed Interest Amount  The Fixed Interest amount which is the parameter of the Expression. This is the only parameter in this expression.           This duplicates the simple fact "Interest Amount" in the Fixed Interest expression and is essentially redundant. It is included only to show how the parameter relationship for Interst Calculation Expression is specialized (and thereby overridden) for the Fixed Interest Expression.   SR Modeling   SR Draft  Review   30-Jun-10
119 Parent Is a       Margin           30-Jun-10
120 Thing Fixed Interest Calculation Formula  Formula for Fixed Interest.           This limits the more general interest calculation formula, for fixed interest rates. Alternatively this formula can be ignored and the interest rate specified directly as a value in the Interest Terms. It is provided here for completeness.   SR Modeling  SR Draft  Review   30-Jun-10
121 Parent Is a       Interest Calculation Formula           30-Jun-10
122 Relationship fact expression How the Formula is expressed i.e. the Right Hand Side of the Formula.       Fixed Interest Expression           30-Jun-10
123 Thing Fixed Interest Expression  Expression of the value of a fixed interest amount.           This is a numerical amount only. The operand Base does not exist and the Margin operand is over-ridden by the single property Interest Amount here, i.e. this sub-class of Interest Calculation Expression restricts those operands by not having them (this cannot be shown graphically).       Review   30-Jun-10
124 Parent Is a       Interest Calculation Expression           30-Jun-10
125 Relationship fact has parameter The parameter of the Expression which is the Fixed Interest amount. This is the only parameter in this expression.       Fixed Interest Amount   This duplicates the simple fact "Interest Amount" in the Fixed Interest expression and is essentially redundant. It is included only to show how the parameter relationship for Interst Calculation Expression is specialized (and thereby overridden) for the Fixed Interest Expression.   SR Modeling   SR Draft  Review 30-Jun-10
126 Simple fact Interest Amount   The percentage fixed amount of the Interest.    percentage           Review 30-Jun-10
127 Thing FRN Terms Set  Terms setting out the interest payments determination and dates for Flating Rate Note interest.                 Review   30-Jun-10
128 Parent Is a       Debt Variable Coupon Terms Set         Review 30-Jun-10
129 Disjoint mutually exclusive        Index Linked Coupon Terms Set           30-Jun-10
130 Disjoint mutually exclusive        Inflation Bond Variable Coupon Terms Set            30-Jun-10
131 Relationship fact specifies base rate The Interest Rate which is to be used as the Base in the Interest Calculation Formula.      Interest Reference Rate OR Tradable Debt Instrument         Review 30-Jun-10
132 Simple fact Base offset business days   Number of days before the coupon refix date, when the value of the underlying base is to be taken from. Also known as  Lookback.     whole number           Review 30-Jun-10
133 Thing Index Amortizing Bond  An amortizing security where the principal repayments are tied to some index or on a calculation over the life (period) of the bond.           Index in this sense means any kind of parameter in the market       Review   30-Jun-10
134 Parent Is a       Amortizing Security           30-Jun-10
135 Disjoint mutually exclusive        Sinking Fund Bond         Yes 30-Jun-10
136 Relationship fact has principal repayment terms Has terms for payment of the principal. These link the principal amounts to some underlying index or interest rate.       Index Linked Principal Determination Terms Set         Review 30-Jun-10
137 Thing Index Linked Coupon Terms Set  Terms setting out the interest payments determination and dates for Index Linked Security interest.                 Review   30-Jun-10
138 Parent Is a       Debt Variable Coupon Terms Set         Review 30-Jun-10
139 Disjoint mutually exclusive        FRN Terms Set            30-Jun-10
140 Disjoint mutually exclusive        Inflation Bond Variable Coupon Terms Set           30-Jun-10
141 Relationship fact specifies base rate The Interest Rate which is to be used as the Base in the Interest Calculation Formula     Economic Rate           30-Jun-10
142 Thing Index Linked Principal Determination Terms Set  Terms for payment of the principal. These link the principal amounts to some underlying index or interest rate.           Terms are linked to the calculation of the factor - see definition for Inflation Bond.   This has been renamed from Principal Repayment Terms to Principal Determination Terms, since further review indicates a term whereby the principal amount itself varies, and this is borne out by the notes made at the original review, where this was mislabeled.   SME Reviews  SME Reviews  Review   30-Jun-10
143 Parent Is a       Bond Amortization Payment Terms Set         Review 30-Jun-10
144 Relationship fact specifies index parameter The underlying parameter which is used in the calculation of the principal repayment amount. This may be any market referential parameter, i.e. any interest rate or economic rate which is published in the marketplace.       Inflation Rate         Review 30-Jun-10
145 Relationship fact has formula term The term for calculation of the principal repayment. This takes the form of a formula.       Principal Payment Calculation Formula         Review 30-Jun-10
146 Thing Inflation Bond  A bond where the principal amount is linked to an index.           Refers to an Inflation Index. This is used to define the factor or multiplier for the bond, that is the factor that you muliply the bond by. How this works is that you you take the inflation rate when the security was issued, and the inflation rate at the present. The difference betwen these becomes the Factor, e.g. 100% -> 101% gives 1% so for example for a $1000 issue - calculate the principlal on which the interest is paid AND the principal from the point of view of how the principal is repaid. Some inflation bonds only do this on interest, some only on interest, but most apply it to the principal and interest.   Coupon interest calculated based on the adjusted amoutn of the bond. so a fixed coupon rate is multipled by e.g. 1010 in the example above.   Variations e.g. Italy - daily published factor published for that bond, whereas other calculate based on underlying index.   Typically a CPI or a statistical number generated by the govt. typically a wagging three month index.   See UK bonds on this. US and Jap ones - look at inflation rate 3 months prior.   Unlike an Amortizing Security this prinipal value of the bond is increasing, whereas for and Amortizing, the principal is decreasing.   In Canada, these are also referred to as "real return bonds".  Additional review with OTPP May 05 2010 indicates that this is part of a classification of bonds where the principal amount itself varies according to some index, a point which was not understood at the original review session. Terms and labels revised to fit this picture.    SME Review  SME Review adapted  Review   30-Jun-10
147 Parent Is a       Index Linked Security           30-Jun-10
148 Relationship fact has interest payment terms Terms setting out how interest is to be paid on the Inflation Bond.        Inflation Bond Interest Payment Terms Set   These terms define either a variable coupon based on the Factor, or (less typically) the payment of fixed coupon amounts.       Review 30-Jun-10
149 Relationship fact has principal based on  The inflation index used to determine the Principal Amount, via the principal amount determination terms.       Inflation Rate   Note this part of the model has been updated during one on one reviews with OTPP May 2010 but this term already defined July 2009, possibly redundant now that contractual terms redefined from determination of amortization payments, to determination of principal amount itself.   SME Reviews  SME Reviews  Review 30-Jun-10
150 Relationship fact has principal repayment terms Terms setting out how principal is to be repaid on the Inflation Bond. These terms specifically define a variable payment based on the Factor in this instance.       Inflation Bond Principal Repayment Terms Set         Review 30-Jun-10
151 Relationship fact has factor The factor is a numeric measure calculated from the Inflation Rate, used to determine the principal paydown amounts, interest amounts or both.       Inflation Bond Factor         Review 30-Jun-10
152 Relationship fact has principal repayment terms Terms setting out how principal is determined on the Inflation Bond.       Index Linked Principal Determination Terms Set may be some These terms define either a variable payment based on the Factor, or (less typically) the payment of fixed principal amounts.   Further research indicates that it is the principal amount that varies in this type of instrument, regardless of whether the principal repayments themselves are amortized or fixed, either of which would be covered by terms elsewhere (the variable principal type of bond is not mutually exclusive with any classification of bonds by proincipal payment type, so these may be amortizing or bullet repayment).   Description updated following OTPP review and re-review of original review notes.   SME Review SME Review adapted  Review 30-Jun-10
153 Thing Inflation Bond Interest Payment Terms Set  Terms for the payment of interest on an Inflation Bond.          These may for example specify that the interest payments are by way of coupone calculated with reference to the inflation rate that is referenced for that bond, or they may not (for example they may specify a fixed coupon amount). Therefore these terms may specify any potential interest payment arrangement used on bonds.       Review   30-Jun-10
154 Parent Is a       Bond Coupon Terms Set           30-Jun-10
155 Relationship fact specifies coupon A variable coupon to be paid on the Inflation Bond, if this is specified in the Interest Payment Terms.       Inflation Bond Variable Coupon may be some If the terms do not specify a variable coupon amount, then the coupon may be any type of coupon, as defined in the parent set of terms for all bond coupon terms.       Review 30-Jun-10
156 Relationship fact Pays Variable Coupon Whether the interest payable on the Inflation Bond is variable with reference to the Factor.   If Yes, then the terms include an Inflation Bond Variable Coupon. If No, then the terms may be any coupon or set of coupons, by inheritance of this fact from the parent class of Bond Coupon Terms Set.       yes/no          Review 30-Jun-10
157 Thing Inflation Bond Principal Repayment Terms Set  Terms specifying how the principal amount on an Inflation Bond is to be paid down.           This is typically but not necessarily with reference to the Inflation rate that is referred to for this bond.   Further model action: identify and model terms for the case where the bond principal repayments are not pegged to an inflation rate.       Action   30-Jun-10
158 Parent Is a       Index Linked Principal Determination Terms Set           30-Jun-10
159 Relationship fact refers to The factor, calculated from the Inflation Rate, optionally used to determine the principal paydown amounts.       Inflation Bond Factor may be some       Review 30-Jun-10
160 Relationship fact sets out formula The formula by which the inflation factor is determined for the bond. This is part of the formula terms.       Inflation Factor Formula         Review 30-Jun-10
161 Simple fact Pegged To Inflation Rate   Whether the principal repayment is made with reference to the inflation rate via the Inflation Rate Factor calculated for the bond.     yes/no           Review 30-Jun-10
162 Thing Inflation Bond Variable Coupon Terms Set  The terms for payment of the coupon on an Inflation Bond in the event that that bond specifies variable coupon payments linked to the Factor.           This is not referred to in the event that the inflation bond interest payment terms specify payment of a fixed coupon.       Review   30-Jun-10
163 Parent Is a       Debt Variable Coupon Terms Set           30-Jun-10
164 Disjoint mutually exclusive        FRN Terms Set           30-Jun-10
165 Disjoint mutually exclusive        Index Linked Coupon Terms Set            30-Jun-10
166 Relationship fact refers to The factor, calculated from the Inflation Rate, from which the interest payments on the Inflation Bond are to be based.      Inflation Bond Factor 1       review 30-Jun-10
167 Thing Inflation Factor Expression  How the Formula is expressed i.e. the Right Hand Side of the Formula.                 Review   30-Jun-10
168 Parent Is a       Formula Expression           30-Jun-10
169 Relationship fact underlying parameter The underlying which forms one of the parameters of the inflation factor formula.       Inflation Factor Underlying         Review 30-Jun-10
170 Thing Inflation Factor Formula  The formula by which the inflation factor is determined for the bond. This is part of the formula terms.                 Review   30-Jun-10
171 Parent Is a       Factor Calculation Formula           30-Jun-10
172 Relationship fact has subject The subject of the formula.       Inflation Factor Subject         Review 30-Jun-10
173 Relationship fact expression The expression that makes up the inflation factor formula.       Inflation Factor Expression         Review 30-Jun-10
174 Thing Inflation Factor Subject  The Left Hand Side of the Formula, giving what is being expressed in terms of the Right Hand Side. This is the Inflation Bond Factor.                Review   30-Jun-10
175 Parent Is a       Formula Subject           30-Jun-10
176 Relationship fact identity The inflation bond factor; this forms the subject of the inflation factor formula, i.e. this is what that formula is about.       Inflation Bond Factor         Review 30-Jun-10
177 Thing Inflation Factor Underlying  The argument of the Inflation Factor calculation formula, which is the inflation factor itself.                 Review   30-Jun-10
178 Parent Is a       Formula Argument           30-Jun-10
179 Relationship fact operand is The identity of the parameter which is the operand, which in this case is an inflation rate.       Inflation Rate         Review 30-Jun-10
180 Logic Interest Reference Rate OR Tradable Debt Instrument   Either an interest rate such as LIBOR or the interest on a Treasury Bill.          Review: Examples to date cite treasury bill only, but in principle there could be any debt instrument or any short term debt used as a reference rate?       Action   30-Jun-10
181 Relationship fact is instrument rate The parameter is a debt instrument. This would typically be a Treasury Bill interest rate, but could in principal be any traded (and therefore quotable) debt security's rate of interest.       Debt Instrument Reference Rate         Review 30-Jun-10
182 Relationship fact is reference rate The parameter is a reference rate of interest     Interest Reference Rate           30-Jun-10
183 Thing Last Regular Coupon Date  The scheduled date of the last regular coupon payment, that is the last of the payments that are made according to a regular repeating series of coupon periods, before any non standard (long or short) last coupon period in the schedule.                    30-Jun-10
184 Parent Is a       Contractually Determined Date           30-Jun-10
185 Thing Mandatory Sinking Fund Schedule Listing  A full schedule of dates and payments for a Mandatory Sinking Fund style of Call.                    30-Jun-10
186 Parent Is a       Explicit Schedule Listing           30-Jun-10
187 Relationship fact schedules mandatory event Call Event which must occur on the scheduled date.      Call Of Issue one or more         30-Jun-10
188 Thing Mandatory Sinking Fund Terms  Terms relating to a Mandatory Sinking Fund call of the issue.                 Review   30-Jun-10
189 Parent Is a       Sinking Fund Amortization Terms Set           30-Jun-10
190 Relationship fact includes Schedule for the payments of the Sinking Funds amounts.   REVIEW     Mandatory Sinking Fund Schedule           30-Jun-10
191 Simple fact Mandatory Sinking Fund   Yes indicates there is a Mandatory Sinking fund feature.    yes/no   yes       Review  30-Jun-10
192 Simple fact Super Sinker   A colloquial term for a term maturity, usually from a single family mortgage revenue issue with several term maturities, that will be the first to be called from a sinking fund into which all proceeds from prepayments of mortgages financed by the issue are deposited.  The maturity's priority status under the call provisions means that it is likely to be redeemed in its entirety well before the stated maturity date.    yes/no           Review 30-Jun-10
193 Thing MTN Issue  The issue of a set of Medium Term Notes. This consists of a number of MTNs to be issued at some time in the future with the terms registered in a pre-existing Program.             SMER  SR Draft  Yes   30-Jun-10
194 Parent Is a       Bond Offer Issue           30-Jun-10
195 Disjoint mutually exclusive        Bond Offer Issue With Warrant           30-Jun-10
196 Relationship fact is issue of The Medium Term Notes issued as part of the MTN program. The precise matiruty dates of those securities are defined at the time of the issue while the remaining terms are already defined in the program ahead of issue.       Medium Term Note         Review 30-Jun-10
197 Thing Municipal Bond Issue Information  Information about the Issuance of a Municipal Bond, which is maintained throughout the life of the Security.                    30-Jun-10
198 Parent Is a       Bond Issue Information           30-Jun-10
199 Simple fact Bank Qualified   Designation given to a public purpose bond offering by the issuer if it reasonably expects to issue in the calendar year of such offering no more than $10 million par amount of bonds of the type required to be included in making such calculation under the Internal Revenue Code.  When purchased by a commercial bank for its portfolio, the bank may receive an 80% tax deduction for the interest cost of carry for the issue.  A bond that is bank qualified is also known as a qualified tax-exempt obligation.   yes/no             30-Jun-10
200 Simple fact Debt Issuance Purpose   Purpose of the Issue of a Municipal Debt Security.    text             30-Jun-10
201 Logic ONE OF Coupon Schedule Specification OR Explicit Coupon Schedule Listing  The expression of the Coupon Schedule takes the form either of an explicit schedule of coupon dates or as a specification for when those dates should fall.             SR Modeling  SR Draft  Review   30-Jun-10
202 Relationship fact selection Schedule is expressed as an explicit list of dates.       Explicit Coupon Schedule Listing     SR Modeling  SR Draft  Review 30-Jun-10
203 Relationship fact selection Schedule is expressed as a schedule specification.       Coupon Schedule Specification     SR Modeling  SR Draft  Review 30-Jun-10
204 Thing Partial Call Feature  These are terms whereby the issuer can recall part of the issue on scheduled dates but there is no specific amount defined for those dates.   Consenus:Yes                   30-Jun-10
205 Parent Is a       Bond Call Terms Set           30-Jun-10
206 Thing Principal Payment Calculation Formula  A formula for calculation of principal payments.                 Action   30-Jun-10
207 Parent Is a       Formula           30-Jun-10
208 Relationship fact has expression The expression for the principal repayment formula.       Principal Payment Formula Expression   Action: Determine what these can be at the next review and model accordingly. For example, presume this is a base parameter plus a margin percentage, similar to interest payment calculation formula expressions.       Action 30-Jun-10
209 Thing Principal Payment Formula Expression  The expression of the formula by which the payment of principal is formally described.          Determine what these can be at the next review and model accordingly. For example, presume this is a base parameter plus a margin percentage, similar to interest payment calculation formula expressions.       Action   30-Jun-10
210 Parent Is a       Formula Expression           30-Jun-10
211 Thing Redemption Schedule Listing  Schedule for payments of defined amounts of the Principal on a Debt Security.          Terms for dates and amounts to be added.       Action   30-Jun-10
212 Parent Is a       Explicit Schedule Listing           30-Jun-10
213 Relationship fact schedules The specified future event whereby payment of a given Redemption amount is to be made.      Redemption Payment one or more         30-Jun-10
214 Thing Single Coupon Terms Set  A set of coupon terms which remain the same through the life of the Bond. This is the default and is the case when there is not a Step Coupon or Conditional Coupon.             Algo Review  SR Draft  Review   30-Jun-10
215 Parent Is a       Bond Coupon Terms Set           30-Jun-10
216 Disjoint mutually exclusive        Conditional Coupon Terms Set            30-Jun-10
217 Disjoint mutually exclusive        Stepped Coupon Terms Set           30-Jun-10
218 Relationship fact specifies The coupon specified in the coupon terms.      Bond Coupon Interest Terms Set     SR Modeling  SR Draft  Review 30-Jun-10
219 Thing Sinking Fund Amortization Terms Set  Terms for the paydown of principal in a sinking fund type of amortizing security.           At present there is only a schedule, there should be other terms for what happens on the scheduled dates.   Sinking fund may be bullet e.g. x% over year for y years.   SF may be mandatory or contingent on some other economic event.       Action   30-Jun-10
220 Parent Is a       Bond Amortization Payment Terms Set         Yes 30-Jun-10
221 Relationship fact includes The schedule for payment of scheduled amounts of principal on pre-defined dates.       Redemption Schedule         Review 30-Jun-10
222 Simple fact Mandatory   Whether the SF is mandatory or conditional on some event (No means conditional)    yes/no           Review 30-Jun-10
223 Thing Sinking Fund Bond  Bonds where the amortizing is via a known and published schedule.                 Review   30-Jun-10
224 Parent Is a       Amortizing Security         Review 30-Jun-10
225 Disjoint mutually exclusive        Index Amortizing Bond          Yes 30-Jun-10
226 Relationship fact has principal amortizaton terms Terms for the Amortization of the Principal on sinking fund.       Sinking Fund Amortization Terms Set         Review 30-Jun-10
227 Thing Step Schedule Listing  A schedule of dates and interest rates which take effect on those dates.   At present these are assumed to always be ficxed interest rates, and are modeled as such.                 Review   30-Jun-10
228 Parent Is a       Explicit Schedule Listing           30-Jun-10
229 Relationship fact schedules       Step Event           30-Jun-10
230 Thing Stepped Coupon Terms Set  A coupon (interest payment) which rises to different fixed values at scheduled intervals.             MDDL Debt Terms  SR Draft  Review   30-Jun-10
231 Parent Is a       Bond Coupon Terms Set           30-Jun-10
232 Disjoint mutually exclusive        Single Coupon Terms Set            30-Jun-10
233 Disjoint mutually exclusive  By definition, a se tof terms setting out conditional coupon payments and a set of terms defining in advance what interest rates take effect on given dates, are mutually exclusibe, that is a set of terms cannot embody both of these functions.       Conditional Coupon Terms Set         Review 30-Jun-10
234 Relationship fact has schedule The schedule of dates and interest amounts applicable from those dates, forming part of the terms of the Stepped Coupon.       Step Schedule         Review 30-Jun-10
235 Thing Stub End Date  The calendar date when the coupon stub period is scheduled to end.                   30-Jun-10
236 Parent Is a       Known Date           30-Jun-10
237 Thing Stub Length  The length of the Stub Period as a temporal duration (a number of days).                    30-Jun-10
238 Parent Is a       Duration Description in Calendar Days           30-Jun-10
239 Simple fact Stub Days   Length in days of the irregular Stub period.    whole number             30-Jun-10
240 Thing Stub Period  The Stub Period as a temporal duration.                   30-Jun-10
241 Parent Is a       Known Duration           30-Jun-10
242 Relationship fact has length       Stub Length           30-Jun-10
243 Thing Stub Start Date  The calendar date when the coupon stub period is scheduled to start.                   30-Jun-10
244 Parent Is a       Known Date           30-Jun-10
245 Thing Variable Interest Calculation Formula  Formula for the calculation of variable interest.           This inherits all the facts about Interest Calculation Formula without alteration.   SR Modeling  SR Draft  Review   30-Jun-10
246 Parent Is a       Interest Calculation Formula           30-Jun-10
247 Thing Variable Principal Bond  A bond where the actual principal amount may vary, other than through paydown of the principal as amortization.           This would typically be a bond where the principal is not a fixed amount but is varied according to some index, that is the actual amount of the debt itself varies, independently of whether the principal is amortized or not, and regardless of whether the coupon is fixed or variable (though a coupon of a fixed percentage would translate to a variable monetary amount).   OTPP Review  OTPP Review  Yes     30-Jun-10
248 Parent Is a       Bond           30-Jun-10
249 Relationship fact sets out terms for       Variable Debt Principal           30-Jun-10
250 Thing Zero Coupon and OID Bond Call Terms  Terms defining the Call options for a Zero Coupon or OID Bond.           Fannie Mae also issues zero-coupon callable debt securities. Zero-coupon notes are debt securities on which no coupon interest is paid to the investor. Rather, the security is purchased at a discounted dollar price and matures at par. If the option on a callable zero-coupon security is exercised, it is redeemed at a higher dollar price than the original issue price. The yield for a callable zero-coupon security is based on the difference between the original discounted price and the principal payment at the call date.      Action   30-Jun-10
251 Parent Is a       Bond Call Terms Set         Review 30-Jun-10
252 Relationship fact includes basis for each date The details set out for each date in the Call Schedule.     Zero Coupon Bond Call           30-Jun-10
253 Thing Zero Coupon Terms Set  Terms for payment of Interest on a Bond, where this pays a zero rate of interest.                 Review   30-Jun-10
254 Parent Is a       Debt Fixed Coupon Terms Set         Yes 30-Jun-10
255 Simple fact Fixed Coupon Amount   Has no coupon term associated to it.    percentage   0       Yes 30-Jun-10
256 Simple fact  Coupon Frequency For Accrual alculations   The frequency to be used in the calculation of accruals. Supersedes the Coupon Payment Frequency.    Frequency           Yes 30-Jun-10
257 Thing Amortizing Security  An amortizing security is one where the principal is paid off during the life of the bond by the issuer. Often this may be based on an index.           Amortizing means there is a basis change to the principal value. Typically the principal basis of the bond is decreasing.   Further Notes  The different between this and callable bonds is you are spreading that payoff across every bond holder. Call bonds are paid off via a lottery.   Securitization is a financing process in which a corporate entity moves assets, to an ostensibly bankruptcy-remote / low risk vehicle, in order to obtain lower interest rates from potential lenders. This is obtained because the assets cannot be seized in a bankruptcy proceeding, the risk is less for lenders and they are willing to offer a lower rate.      Review   30-Jun-10
258 Parent Is a       Bond           30-Jun-10
259 Disjoint mutually exclusive        Bullet Bond           30-Jun-10
260 Relationship fact has principal amortization terms Terms for the Amortization of the Principal on an Amortizing Security; the amortizing security terms and conditions.     Bond Amortization Payment Terms Set           30-Jun-10
261 Simple fact Notional   The amortizing security pays interest only and no principal over its life.   yes/no             30-Jun-10
262 Thing Bond  In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest (the coupon) and/or to repay the principal at a later date, termed maturity. It is a formal contract to repay borrowed money with interest at fixed intervals.              CFI  Wikipedia  Review   30-Jun-10
263 Parent Is a A Bond is a kind of tradable debt instrument.       Tradable Debt Instrument         Yes 30-Jun-10
264 Relationship fact has listing A listing of the bond on an exchange or multilateral trading facility.       Bond Listing     FIBIM: TradingMarket (part)  SMER  Review 30-Jun-10
265 Relationship fact has coupon terms Mechanism whereby an investor receives income from interest payments, which are usually made periodically.      Bond Coupon Terms Set one or more The coupon terms specify whether there is a single type of coupon, a schedule of stepped coupons or a conditional coupon set.   SR Modeling  SR Draft  Review 30-Jun-10
266 Relationship fact has price       Debt Security Price           30-Jun-10
267 Relationship fact has issuance information Issuance information specific to the Bond.      Bond Issue Information           30-Jun-10
268 Relationship fact has principal repayment terms Repayment terms for the Principal on a Bond.       Bond Principal Repayment Terms Set   FIBIM has link directly to Redemption Schedule.  SR Modeling    Review 30-Jun-10
269 Relationship fact has call terms Call terms for bond by the issuer.      Bond Call Terms Set may be some       Review 30-Jun-10
270 Simple fact Callable   Whether the issuer has the right to pay the security prior to maturity.     yes/no       FIBIM = CallableIndicator  SMER  Review 30-Jun-10
271 Simple fact Capitalized Interest   Whether the interest amount is capitalised until maturity date or paid out at each interest payment date.    yes/no       FIBIM = CapitalisedInterest  FIBIM  Review 30-Jun-10
272 Simple fact Convertible   The bond has a conversion feature enabling it to be converted into another instrument on maturity.     yes/no       FIBIM = ConvertibleIndicator  SMER  Yes 30-Jun-10
273 Thing Bond with Warrant  A bond issue where the issue includes a Warrant attached. This need not be any specific type of bond.           This is NOT a kind of Bond Contract but a kind of Issue Offer, and is modeled as such, in the Issuance Terms section of the model. This class of contract is retained in the model for now in order to provide traceability with the CFI term for "Bond With Warrant" only.   ISO 10962 = Bonds With Warrants Attached  SMER  Review   30-Jun-10
274 Parent Is a       Bond           30-Jun-10
275 Thing Convertible Bond  A Bond instrument which on maturity converts into an Equity instrument.                    30-Jun-10
276 Parent Is a       Bond           30-Jun-10
277 Relationship fact has conversion terms Terms for the conversion of the Convertible Bond into an Equity instrument. These cover how, when and to what the Bond can be converted.      Debt Conversion Terms Set           30-Jun-10
278 Relationship fact convertible into The related Equity instrument into which the Bond can be converted.     Issued Share           30-Jun-10
279 Simple fact Convertible   Bond is Convertible   yes/no   yes         30-Jun-10
280 Thing Corporate Bond  A debt security issued by a corporation, as opposed to those issued by a government or municipality.          Added by extension from CFI Municipal. If there are Municipal Bonds inthe classification hierarchy then Corporate and Government should also be included.   SR Modeling   SR Draft  Review   30-Jun-10
281 Parent Is a       Bond           30-Jun-10
282 Disjoint mutually exclusive        Municipal Bond           30-Jun-10
283 Disjoint mutually exclusive        Government Bond           30-Jun-10
284 Relationship fact issuer The issuer of the Corporate Bond, which is a Corporation or other commercial legal entity (company).       Corporate Bond Issuer     SR Modeling   SR Draft  Review 30-Jun-10
285 Thing Corporate Bond Issuer  A Company or Corporation, acting in the capacity of an Issuer.            SR Modeling   SR Draft  Review   30-Jun-10
286 Parent Is a       Security Issuer           30-Jun-10
287 Relationship fact identified as The identity of the Corporation which acts as an Issuer.      Incorporated Company   It is assumed here that other types of legal entities which are businesses (e.g. limited liability partnerships) do not issue Corporate Bond, or that if they did so these would be identified as a different kind of bond which is not modeled here. Otherwise the scope of the target of this relationship would need to be broadened.   SR Modeling   SR Draft  Review 30-Jun-10
288 Thing Floating Rate Note  A bond with a variable interest rate based on a published bank interest rate. The adjustments to the interest rate (coupon) are made periodically, usually on a quarterly or monthly basis, and are tied to a certain money-market index. Also known as a "floater".           For example six months USD LIBOR + 0.20%.   SR Modeling  SR Draft?  Yes     30-Jun-10
289 Parent Is a       Variable Coupon Bond         Review 30-Jun-10
290 Relationship fact has coupon An investor receives income from coupon payments, which are usually made periodically. These are of a variable amount specified by some formula. The underlying parameter used in the formula is an interest rate such as the LIBOR interbank rate or a bank base rate.       FRN Coupon         Review 30-Jun-10
291 Thing Government Bond  A government debt obligation (local or national) backed by the credit and taxing power of a country with very little risk of default.           Added by extension from CFI Municipal. If there are Municipal Bonds inthe classification hierarchy then Corporate and Government should also be included.    SR Modeling   SR Draft  Review   30-Jun-10
292 Parent Is a       Bond           30-Jun-10
293 Disjoint mutually exclusive        Municipal Bond           30-Jun-10
294 Disjoint mutually exclusive        Corporate Bond            30-Jun-10
295 Relationship fact issuer The issuer of the Government Bond, which is a government.      Government Debt Issuer     SR Modeling   SR Draft  Review 30-Jun-10
296 Thing Index Linked Security  A bond in which payment of income on the principal is related to a specific price index, such as the Consumer Price Index.           This feature provides protection to investors by shielding them from changes in the underlying index. The bond's cash flows are adjusted to ensure that the holder of the bond receives a known real rate of return.   Notes 04 May:  There may also be a kind of security where the coupon payments fluctuate according to an "Index" in the sense of non Interest rate e.g. inflation rate, GDP. But more commonly the term Index Linked refers to principal.   OTPP Review  OTPP Review  Review     30-Jun-10
297 Parent Is a       Variable Principal Bond           30-Jun-10
298 Relationship fact is based on       Market Base Rate           30-Jun-10
299 Thing Medium Term Note  A Medium Term Note is a Negotiable debt instrument offered under a program agreement through one or more dealers upon request of the Issuer. The Program defines the terms and conditions of the notes. An MTN issue is defined by the fact that the registration doesn't have a pre-defined maturity.           MTNs have a maturity typically of 1 to 10 years. This may vary in different jurisductions. Bonds issued with a long maturity are not redefined as MTNs when their maturity reduces.   MTN typically has a long last coupon payment.   Some things are different from regular bonds, e.g.:  You can register one with different maturities, issued in different groups (cf tranches). See also shelf registration (issuing bond before you file the paperwork with e.g. SEC - not the same). In this case it is registered but not issued all at one time. Flexible. Difference with bond issuance is that you have indenture that says what the maturity is, so every different maturity is a different bond.       Yes   30-Jun-10
300 Parent Is a A MTN is a kind of Bond.      Bond         Yes 30-Jun-10
301 Thing Municipal Bond  A bond issued by a Municipality.            CFI  SR Draft  Review   30-Jun-10
302 Parent Is a       Bond           30-Jun-10
303 Disjoint mutually exclusive        Corporate Bond            30-Jun-10
304 Disjoint mutually exclusive        Government Bond            30-Jun-10
305 Relationship fact issuer The issuer of the Municipal Bond, which is a Municipality.       Municipal Debt Issuer     SR Modeling   SR Draft  Review 30-Jun-10
306 Relationship fact bank qualified status Whether or not a municipal reasonably expects to issue in the calendar year of such offering no more than $10 million par amount of bonds of the type required to be included in making such calculation under the Internal Revenue Code.      Bank Qualified Tax Exemption   This is a US term.   When purchased by a commercial bank for its portfolio, the bank may receive an 80% tax deduction for the interest cost of carry for the issue.  A bond that is bank qualified is also known as a Qualified Tax-exempt Obligation.  DTCC  SR Draft  Review 30-Jun-10
307 Relationship fact has issuance information Issuance Information specific to the Municipal Bond.      Municipal Bond Issue Information           30-Jun-10
308 Simple fact Simple fact Whether legal opinion exists for municipal securities.    yes/no       DTCC Review  SR Draft  Review   30-Jun-10
309 Thing Variable Coupon Bond  Any bond with a variable interest rate.                    30-Jun-10
310 Parent Is a       Bond         Yes 30-Jun-10
311 Disjoint mutually exclusive        Fixed Coupon Bond            30-Jun-10
312 Relationship fact has coupon An investor receives income from coupon payments, which are usually made periodically. These are of a variable amount specified by some formula. The underlying parameter used in the formula can be any variable.       Bond Variable Coupon 1       Review 30-Jun-10
313 Thing Zero Coupon Bond  A debt security that doesn't pay interest (a coupon) but is traded at a deep discount, rendering profit at maturity when the bond is redeemed for its full face value.           Note that a zero coupon is treated for calculation purposes as a fixed coupon bond with a coupon rate of zero, and not as a bond without a coupon rate.       Review   30-Jun-10
314 Parent Is a       Fixed Coupon Bond         Yes 30-Jun-10
315 Relationship fact has zero coupon terms Coupon Terms for a Zero Coupon Bond. These are that there is no Coupon.       Zero Coupon Terms Set         Review 30-Jun-10
316 Relationship fact has zero coupon call terms Call terms that are applicable to the Zero Coupon Bond.       Zero Coupon and OID Bond Call Terms         Review 30-Jun-10
317 Individual FHLMC :Government Mortgage Agency  Federal Home Loan Mortgage Corporation. Government-chartered corporation which buys qualified mortgage loans from the financial institutions that originate them, securitizes the loans, and distributes the securities through the dealer community. The securities are not backed by the U.S. Government. The market value of these securities prior to maturity is not guaranteed and will fluctuate.            http://www.investorwords.com/1927/FHLMC.html  PoC reviews  Investorwords.com  Review   30-Jun-10
318 Type of type of       Government Mortgage Agency           30-Jun-10
319 Individual FNMA :Government Mortgage Agency  Federal National Mortgage Association. A congressionally chartered corporation which buys mortgages on the secondary market, pools them and sells them as mortgage-backed securities to investors on the open market. Monthly principal and interest payments are guaranteed by FNMA but not by the U.S. Government. also called Fannie Mae.             http://www.investorwords.com/2031/FNMA.html  PoC reviews  Investorwords.com  Review   30-Jun-10
320 Type of type of       Government Mortgage Agency           30-Jun-10
321 Individual GNMA :Government Mortgage Agency  A government-owned agency which buys mortgages from lending institutions, securitizes them, and then sells them to investors. Because the payments to investors are guaranteed by the full faith and credit of the U.S. Government, they return slightly less interest than other mortgage-backed securities.           http://www.investorwords.com/2184/GNMA.html  PoC reviews  Investorwords.com  Review   30-Jun-10
322 Type of type of       Government Mortgage Agency           30-Jun-10