bonds that are issued outside india but denominated in inr are called
Masala bonds
19666745
Masala bonds Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. Masala is an Indian word and it means spices. The term was used by the International Finance Corporation (IFC) to evoke the culture and cuisine of India. Unlike dollar bonds, where the borrower takes the currency risk, masala bond makes the investors bear the risk. The first Masala bond was issued by the World Bank- backed IFC in November 2014 when it raised 1,000 crore bond to fund infrastructure projects in India. Later in August 2015 International Financial Cooperation for the
Masala bonds
19666745
Masala bonds Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. Masala is an Indian word and it means spices. The term was used by the International Finance Corporation (IFC) to evoke the culture and cuisine of India. Unlike dollar bonds, where the borrower takes the currency risk, masala bond makes the investors bear the risk. The first Masala bond was issued by the World Bank- backed IFC in November 2014 when it raised 1,000 crore bond to fund infrastructure projects in India. Later in August 2015 International Financial Cooperation for the
Masala bonds
19666747
its overall Rs 62,000-crore debt raising plan to fund construction of highways Masala bonds Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. Masala is an Indian word and it means spices. The term was used by the International Finance Corporation (IFC) to evoke the culture and cuisine of India. Unlike dollar bonds, where the borrower takes the currency risk, masala bond makes the investors bear the risk. The first Masala bond was issued by the World Bank- backed IFC in November 2014 when it raised 1,000 crore bond to fund infrastructure
Masala bonds
16278215
Dim sum bond Dim sum bonds are bonds issued outside of China but denominated in Chinese renminbi, rather than the local currency. They are named after dim sum, a popular style of cuisine in Hong Kong. The first dim sum bond was issued by the China Development Bank in July 2007. Until July 2010, only Chinese and Hong Kong banks could issue renminbi-denominated bonds; deregulation led to the development of an offshore market in renminbi and the internationalization of dim sum bonds. The bonds became more popular as foreign companies sought yuan-denominated assets as the renminbi appreciated in 2011. Although
Dim sum bond
3863936
Eurobond A eurobond is an international bond that is denominated in a currency not native to the country where it is issued. Also called external bond; "external bonds which, strictly, are neither eurobonds nor foreign bonds would also include: foreign currency denominated domestic bonds…" It can be categorised according to the currency in which it is issued. London is one of the centers of the eurobond market, with Luxembourg being the primary listing center for these instruments. Eurobonds may be traded throughout the world—for example in Singapore or Tokyo. Eurobonds are named after the currency they are denominated in. For
Eurobond
20136529
Yankee Bond A Yankee Bond is a bond issued by a foreign entity, such as a bank or company, but is issued and traded in the United States and denominated in U.S. dollars. For instance, Company ABC is headquartered in France. If Company ABC issues bonds in the United States that are denominated in U.S. dollars, the bonds are Yankee bonds. Yankee bonds are normally issued in tranches, a large debt structure financing arrangement into a lot of portion, each portions have different level of risk, interest rates and maturities, and the value of investment grouping might be extremely high,
Yankee Bond
3863939
one of the clearing systems (Euroclear and Clearstream being the most common). Coupons are paid electronically via the clearing systems to the holder of the eurobond (or their nominee account). Eurobond A eurobond is an international bond that is denominated in a currency not native to the country where it is issued. Also called external bond; "external bonds which, strictly, are neither eurobonds nor foreign bonds would also include: foreign currency denominated domestic bonds…" It can be categorised according to the currency in which it is issued. London is one of the centers of the eurobond market, with Luxembourg being
Eurobond
16278217
successful placement of Chinese RMB$2.5bn in dim sum bonds, listed January 14, 2014 on the Luxembourg Stock Exchange. The issue was five times oversubscribed. Some Indian companies participate in the dim sum bond market, one of them being IL & FS Transportation networks (a subsidiary of the giant lender IL & FS Financial Services). Dim sum bond Dim sum bonds are bonds issued outside of China but denominated in Chinese renminbi, rather than the local currency. They are named after dim sum, a popular style of cuisine in Hong Kong. The first dim sum bond was issued by the China
Dim sum bond
759131
issued outside mainland China; these are colloquially called "dim sum bonds". In April 2011, the first initial public offering denominated in renminbi occurred in Hong Kong, when the Chinese property investment trust Hui Xian raised ¥10.48 billion ($1.6 billion) in its IPO. Beijing has allowed renminbi-denominated financial markets to develop in Hong Kong as part of the effort to internationalise the renminbi. Since currency flows in and out of mainland China are still restricted, RMB traded in off-shore markets, such as the Hong Kong market, can have a different value to RMB traded on the mainland. The offshore RMB market
Renminbi
13781945
Uridashi bonds An Uridashi bond is a secondary offering of bonds outside Japan. They can be denominated in Yen or issued in a foreign currency. These bonds are sold to Japanese household investors. An Uridashi bond is normally issued in high-yielding currencies such as New Zealand Dollars or Australian Dollars in order to give the investor a higher return than the historically low domestic interest rate in Japan. Provided that the interest rate differential between the foreign and local currency is maintained, the investor will receive higher interest rate payments than if he/she had invested in a Japanese Yen -
Uridashi bonds
17602116
in RMB, which ranked RMB as the 7th most traded currency in the world. The average monthly RMB trade settlement rose from CN¥320 billion in 2013 to ¥480bn in 2014. The dim sum bond market generally refers to RMB-denominated bonds issued in Hong Kong. The majority of dim sum bond are denominated in CNH, but some are linked to CNY (but paid in USD). In July 2007, "dim sum" bonds worth a total of US$657 million were issued for the first time by China Development Bank. These financial assets were issued to foreign investors in renminbi, rather than the local
Internationalization of the renminbi
13781947
which a loan is made in a low interest currency to buy instruments in a higher yield currency. During the 2008 financial crisis the carry trade and foreign currency bonds in general came under criticism in Japan for contributing to the crisis. On 1 November 2015 the size of the Uridashi Bond Market was USD 33.2bn equivalent in 15 different currencies. Uridashi bonds An Uridashi bond is a secondary offering of bonds outside Japan. They can be denominated in Yen or issued in a foreign currency. These bonds are sold to Japanese household investors. An Uridashi bond is normally issued
Uridashi bonds
10522888
Southeast Asian Nations member to issue Panda bonds. The Treasury bureau of the Philippines has said that regulatory approvals are the only remaining for the issuance of three-year and five-year panda bonds — renminbi-denominated debt sold in China by a foreign issuer. Panda bonds A Panda bond is a Chinese renminbi-denominated bond from a non-Chinese issuer, sold in the People's Republic of China. The first two Panda bonds were issued in October 2005 on the same day by the International Finance Corporation and the Asian Development Bank. Their terms were 1.13 billion yuan of 10-year bonds at a 3.4% yield
Panda bonds
9045109
reduced to A$308 million (US$258 million) and delayed until 10 April 2007. HSBC were also said to be considering issuing such a bond, and BNP Paribas suggested that they might regularly issue Formosa Bonds. Presently, only Taiwan branches of publicly traded overseas financial institutions are permitted to issue Formosa Bonds; the market regulator has floated the idea of extending this permission to other branches and subsidiaries of such institutions as well. Formosa bond A Formosa bond is a bond issued in Taiwan but denominated in a currency other than the New Taiwan Dollar. They are issued by the Taiwan branches
Formosa bond
20999375
dollar bond market. Tencent priced $5 billion of notes in January 2018 as a string of Asian technology firms continued to issue debt as market values swelled. U.S dollar-denominated bond issued by Chinese institutions has also been referred to as 'Kungfu bonds', a term born out of a consultation with more than 400 market participants across Asia by Bloomberg L.P.. Chinese-issued U.S. dollar bonds Since 2017 the bond market has seen growth in the issuance of offshore U.S. dollar-denominated bond issued by Chinese financial institutions and corporations. The issuance of U.S dollar-denominated bond issued by Chinese institutions doubled to $214
Chinese-issued U.S. dollar bonds
20136533
rates can change quickly and dramatically. Hence, they affects the total return for non-U.S. investors. Yankee bonds avoid from currency risk by issuing in dollars. Yankee bonds have been a backbone of the U.S. fixed-income market for several decades. Since 2003, a type of bonds called Reverse Yankee Bond emerged in the worldwide market. In general, the Reverse Yankee Bond is a bond, mostly of a higher grade, issued by a U.S. company outside the U.S., and denominated in a currency other than the U.S. dollar. This bond is governed by Securities Act of 1933, and later on registered under
Yankee Bond
20999373
Chinese-issued U.S. dollar bonds Since 2017 the bond market has seen growth in the issuance of offshore U.S. dollar-denominated bond issued by Chinese financial institutions and corporations. The issuance of U.S dollar-denominated bond issued by Chinese institutions doubled to $214 billion in 2017 as tighter domestic regulations and market conditions saw Chinese companies look offshore to conduct their fund-raising initiatives. This has far outpaced many of the other major foreign currency bonds issued in Asia in the last few years. Chinese issuance of dollar bonds make up nearly 70% of corporate dollar bonds in Asia ex-Japan. The anticipated continuation of
Chinese-issued U.S. dollar bonds
716233
denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into the issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away
Bond (finance)
13781946
denominated bond. In addition to the credit risk on the bond issuer, the investor also takes on currency risk since the foreign currency denominated coupon payments will have to be exchanged into Japanese Yen for the retail investor or if the investor should wish to sell the bond and exchange the proceeds from the sale back into Japanese Yen. Where the bond is issued in Japanese Yen, they are typically linked to a foreign currency or to an equity index like the Nikkei. Uridashi bonds became very popular in the 2000s and are often associated with the carry trade in
Uridashi bonds
1412764
bonds, often with higher risk credits, are issued subject to transfer restrictions. Outside the United States, many other countries in the world also issue similar bonds, sometimes called local authority bonds or other names. The key defining feature of such bonds is that they are issued by a public-use entity at a lower level of government than the sovereign. Such bonds follow similar market patterns as U.S. bonds. That said, the U.S. municipal bond market is unique for its size, liquidity, legal and tax structure and bankruptcy protection afforded by the U.S. Constitution. Historically, municipal debt predates corporate debt by
Municipal bond
4014119
restructurings (call options embedded in the bonds, "stepped" coupons, pars and discounts) were retained in the later sovereign restructurings in, for example, Russia and Ecuador. The latter country, in 1999, became the first country to default on its Brady bonds. In 2003, Mexico became the first country to retire its Brady debt. The Philippines bought back all of its Brady bonds in May 2007, joining Colombia, Brazil, Venezuela, and Mexico as countries that have retired the bonds. Brady Bonds Brady bonds are dollar-denominated bonds, issued mostly by Latin American countries in the late 1980s. The bonds were named after U.S.
Brady Bonds
3218055
US dollars. Government bonds are sometimes regarded as risk-free bonds, because national governments can if necessary create money de novo to redeem the bond in their own currency at maturity. Although many governments are prohibited by law from creating money directly (that function having been delegated to their central banks), central banks may provide finance by buying government bonds, sometimes referred to as monetizing the debt. Government debt, synonymous to sovereign debt, can be issued either in domestic or foreign currencies. Investors in sovereign bonds denominated in foreign currency have exchange rate risk: the foreign currency might depreciate against the
Government debt
10523142
company to sell non-won-denominated bonds in the South Korean market was Bear Stearns. Although foreign firms had long been permitted to issue won-denominated bonds, typically referred to as Arirang bonds, permission for them to issue foreign currency-denominated bonds was slower in coming. Permission was finally granted due to the strength of the won in 2005. Kimchi bond A Kimchi bond is a non-won-denominated bond issued in the South Korean market. The name refers to kimchi, a Korean side dish. Woori Bank, which is credited with coining the term, defines it as solely referring to bonds from foreign issuers, a definition
Kimchi bond
4298138
would point to options markets and European bond markets-which are similarly fragmented, but much more transparent on a pre-trade basis." A combination of mathematical and regulatory initiatives are aimed at addressing pre-trade transparency in the U.S. corporate bond markets. In February 2015 it was expected that Apple Inc. would issue its corporate bonds in Swiss francs, as the yields of Switzerland's government bonds went negative. Taking advantage of the very low borrowing costs, the computer maker intended to sell CHF-denominated bonds for the first time. The California-based company did sell positive-yield and Swiss franc-denominated bonds on the 10th of February
Corporate bond
4480788
its debts. The original loans were exchanged for Brady Bonds, dollar-denominated bonds issued in the original amount of the loans. Paul Singer's Elliott Associates, a New York-based hedge fund, purchased $20.7 million worth of defaulted loans made to Peru for a discounted price of $11.4 million. Elliott Associates, holding the only portion of Peru's debt remaining outside the restructure, sued Peru and won a $58 million settlement. Unable to pay the $58 million, Peru, continued to repay creditors that held Brady Bonds. Elliott filed an injunction to prevent Peru from paying off its restructured debt without also paying Elliott. It
Distressed securities
4014112
Brady Bonds Brady bonds are dollar-denominated bonds, issued mostly by Latin American countries in the late 1980s. The bonds were named after U.S. Treasury Secretary Nicholas Brady, who proposed a novel debt-reduction agreement for developing countries. Brady bonds were created in March 1989 to convert bank loans, mostly in Latin America, into a variety or "menu" of new bonds after many countries defaulted on their debt in the 1980s. At the time, the market for emerging markets' sovereign debt was small and illiquid, and the standardization of emerging-market debt facilitated risk-spreading and trading. In exchange for commercial bank loans, the
Brady Bonds
18780000
Foreign exchange reserves of India The Foreign exchange reserves of India are India's holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India's national currency, the Indian rupee. The reserves are managed by the Reserve Bank of India for the Indian government and the main component is foreign currency assets. Foreign exchange reserves act as the first line of defense for India in case of economic slowdown, but acquisition of reserves has its own costs. Foreign exchange reserves facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in
Foreign exchange reserves of India
18042117
to refer to offshore RMB bonds listed elsewhere, Schengen bonds are the offshore RMB bonds listed in Europe, featuring a new trend of the internationalization of RMB and establishing a brand name for the RMB bonds in the Eurozone. Schengen bond A Schengen bond is a bond denominated in offshore Renminbi, and more specifically refers to bonds listed on the Luxembourg Stock Exchange and issued by a Chinese company. On 8 May 2014, Bank of China Limited, Luxembourg Branch, launched its first offshore-RMB “Schengen” bond, for an amount of RMB 1.5 billion. The transaction was done under the USD 10
Schengen bond
2857752
and fall). There is no single yield curve describing the cost of money for everybody. The most important factor in determining a yield curve is the currency in which the securities are denominated. The economic position of the countries and companies using each currency is a primary factor in determining the yield curve. Different institutions borrow money at different rates, depending on their creditworthiness. The yield curves corresponding to the bonds issued by governments in their own currency are called the government bond yield curve (government curve). Banks with high credit ratings (Aa/AA or above) borrow money from each other
Yield curve
392540
International Center for Settlement of Investment Disputes, International Fund for Agricultural Development, and Islamic Development Bank. It is not only international organizations that use the XDR in this way. JETRO uses XDRs to price foreign aid. In addition, charges, liabilities, and fees prescribed by some international treaties are denominated in XDRs. In 2003, the Bank for International Settlements ceased to use the gold franc as their currency, in favour of XDR. Some bonds are also denominated in SDR, like the IBRD 2016 SDR denominated bonds. In some international treaties and agreements, XDRs are used to value penalties, charges or prices.
Special drawing rights
887793
1: Opening balance sheet as of 1 April 2011*<br> i. Companies which are part of NSE Index – Nifty 50<br> ii. Companies which are part of BSE Index – Sensex 30 a. Companies whose shares or other securities are listed on a stock exchange outside India b. Companies, whether listed or not, having net worth of more than INR 1000 crore (INR 10 billion) Phase 2: Opening balance sheet as of 1 April 2012* Companies not covered in phase 1 and having net worth exceeding INR 500 crore (INR 5 billion) Phase 3: Opening balance sheet as of 1 April
International Financial Reporting Standards
4298130
corporate bonds denominated in US Dollars. US Dollar corporate bond market is the oldest, largest, and most developed. As the term corporate bond is not well defined, the size of the market varies according to who is doing the counting, but it is in the $5 to $6 trillion range. The second largest market is in Euro denominated corporate bonds. Other markets tend to be small by comparison and are usually not well developed, with low trading volumes. Many corporations from other countries issue in either US Dollars or Euros. Foreign corporates issuing bonds in the US Dollar market are
Corporate bond
20136535
to book profits overseas, in order to minimize the tax burden on their onshore profits. There are also three further growth that drives this type of bonds: Globalisation, Currency Volatility and issuing euro-denominated debt. Reverse Yankee Bonds enter into European market by foreign issuers, which has emerged for the current year in spite of prosaic name. This is because United State (US) organizations are offering a large and traded into Euro- denominated bonds to reflect diverging monetary policy on either side of the Atlantic. Besides, US bonds yields sitting well over those in the Euro zone, a large number of
Yankee Bond
2777563
their own currency and in their own time zone. Investors will therefore not face any currency risk, because they will not have to invest in dollar denominated or rupee denominated contracts. In August 2008, currency derivatives were introduced in India with the launch of Currency Futures in USD–INR by NSE. It also added currency futures in Euros, Pounds and Yen. The average daily turnover in the F&O Segment of the Exchange on 20 June 2013 stood at in futures and in options, respectively. In December 2013, exchanges in India received approval from market regulator SEBI for launching interest rate futures
National Stock Exchange of India
3863937
example, Euroyen and Eurodollar bonds are denominated in Japanese yen and American dollars respectively. Eurobonds were originally in bearer bond form, payable to the bearer and were also free of withholding tax. The bank paid the holder of the coupon the interest payment due. Usually, no official records were kept. The word eurobond was originally created by Julius Strauss. The first eurobonds were issued in 1963 by Italian motorway network Autostrade, who issued 60,000 bearer bonds at a value of US$250 each for a fifteen-year loan of US$15m, paying an annual coupon of 5.5%. The issue was arranged by London
Eurobond
14156168
for foreign securities. However, there are numerous exemptions to the Swiss transfer tax. These are among others: Eurobonds, other bonds denominated in a foreign currency and the trading stock of professional security brokers. The revenue of the Swiss transfer tax was CHF 1.9 billion in 2007 or 0.37% of GDP. In Taiwan the securities transaction tax (STT) is imposed upon gross sales price of securities transferred and at a rate of 0.3% for share certificates issued by companies and 0.1% for corporate bonds or any securities offered to the public which have been duly approved by the government. However, trading
Financial transaction tax
759126
greatly liberalized in July 2010. In 2010 renminbi-denominated bonds were reported to have been purchased by Malaysia's central bank and that McDonald's had issued renminbi denominated corporate bonds through Standard Chartered Bank of Hong Kong. Such liberalization allows the yuan to look more attractive as it can be held with higher return on investment yields, whereas previously that yield was virtually none. Nevertheless, some national banks such as Bank of Thailand (BOT) have expressed a serious concern about RMB since BOT cannot substitute the deprecated US dollars in its US$200 billion foreign exchange reserves for renminbi as much as it
Renminbi
3218054
suspended payments on his bills. From then on, the British Government would never fail to repay its creditors. In the following centuries, other countries in Europe and later around the world adopted similar financial institutions to manage their government debt. 1815, at the end of the Napoleonic Wars, British government debt reached a peak of more than 200% of GDP. A government bond is a bond issued by a national government. Such bonds are most often denominated in the country's domestic currency. Sovereigns can also issue debt in foreign currencies: almost 70% of all debt in 2000 was denominated in
Government debt
7475791
1967 to 1975. The Stock Trading Center of Vietnam is also the official mechanism through which new government bonds are issued, and it functions as the secondary market for a number of existing bond issues. All securities traded on the Stock Trading Center of Vietnam are denominated in Vietnamese dong (VND). Par value is standardized at VND10,000 for equities and VND100,000 for bonds. Trading is conducted daily with two matching sessions: morning (9 a.m. - 11.30 a.m.) and afternoon (1 p.m. - 3 p.m.). The State Securities Commission (SSC), a body established formally in 1996, is responsible for capital markets
Ho Chi Minh City Stock Exchange
8916549
In 1940, the Government of United Province of British India issued a non-denominated stamp marking Literacy Day. An Post issue "N" stamps at the current domestic posting rate, which allow posting to both the Republic and Northern Ireland. These are generally available in post offices, yet not commonly sold. "E" stamps were briefly available, which allowed posting to anywhere in the European Union, but have not been sold in many years. PostNL now issues all first-class stamps as NVIs, which simply bear a large numeral “1” that varies to match the typography used for each particular issue. Stamps meeting the
Non-denominated postage
18780003
from authorized dealers in open market operations. Foreign exchange reserves of India act as a cushion against rupee volatility once global interest rates start rising. The Foreign exchange reserves of India consists of below four categories; u Foreign exchange reserves of India The Foreign exchange reserves of India are India's holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India's national currency, the Indian rupee. The reserves are managed by the Reserve Bank of India for the Indian government and the main component is foreign currency assets. Foreign exchange reserves act as the first
Foreign exchange reserves of India
9094968
Philippine Government Securities Philippine government securities (locally referred to as "GS") are the unconditional debt obligations of the Republic of the Philippines. These are all in the local currency, the Philippine peso. The securities are issued by the Republic through its fiscal agent, the Bureau of Treasury. By convention, the risk-free interest rate is the yield that the investor can obtain by acquiring financial instruments with no default risk. In practice, finance professionals and academics classify government bonds denominated in the domestic currency of the issuing government as risk free because of the extremely low probability that the government will
Philippine Government Securities
14324424
of circulating coinage. All but the Stans and St. Gallen issues are denominated. Other countries have minted coins in honor of shooting festivals or marksmanship competitions, but only Swiss pieces are considered shooting thalers. The first shooting thaler was issued for the Chur shooting festival in 1842 and is denominated at four francs. The second, issued for Glarus, has a face value of forty batzen. The third, minted for the shooting festival in Geneva, is denominated at ten francs. A total of eighteen designs were struck in the nineteenth century, concluding with the Bern issue of 1885. All those struck
Shooting thaler
17602132
the Eurozone was listed at the Luxembourg Stock Exchange, the so-called Schengen bond. Luxembourg is the largest RMB securities settlement centre and leading place for RMB denominated bonds in Europe with RMB 79bn in deposits and over RMB 261 bn in investment funds registered. In October 2011, Khazanah Nasional Bhd issued the first ever offshore RMB denominated sukuk, raising RMB500m . In July 2014, SWIFT ranked Malaysia as top ten offshore RMB centres. Its RMB trade settlement volume as tripled since 2010 to RMB3bn (in 2013) while RMB deposit to (10.7bn) and FX volume ($580m per day) increased more than
Internationalization of the renminbi
934583
Government bond A government bond or sovereign bond is a bond issued by a national government, generally with a promise to pay periodic interest payments and to repay the face value on the maturity date. Government bonds are usually denominated in the country's own currency, in which case the government cannot be forced to default, although it may choose to do so. If a government is close to default on its debt the media often refer to this as a sovereign debt crisis. The terms on which a government can sell bonds depend on how creditworthy the market considers it
Government bond
10522887
Eventually, it was agreed that funds raised from sales of Panda bonds would have to remain in China; issuers would not be permitted to repatriate such funds. In May 2010, rules were liberalised and more issuers were allowed, with the restriction on proceeds not being remitted abroad lifted. In June 2016, Bank of China has signed a Memorandum of Understanding on panda bonds issuance with Poland's Ministry of Finance, making Poland the first European sovereign government to issue such bonds. In March 2018, the Philippines issued its inaugural renminbi-denominated bonds or Panda bonds. The Philippines became the first Association of
Panda bonds
8755233
bond arbitrage is that, over a longer period of time, two similar instruments--municipal bonds and interest rate swaps--will correlate with each other; they are both very high quality credits, have the same maturity and are denominated in U.S. dollars. Credit risk and duration risk are largely eliminated in this strategy. However, basis risk arises from use of an imperfect hedge, which results in significant, but range-bound principal volatility. The end goal is to limit this principal volatility, eliminating its relevance over time as the high, consistent, tax-free cash flow accumulates. Municipal bond arbitrage Municipal bond arbitrage, also called municipal bond
Municipal bond arbitrage
15470090
Samurai bond A samurai bond is a yen-denominated bond issued in Tokyo by non-Japanese companies, and is subject to Japanese regulations. These bonds provide the issuer with an access to Japanese capital, which can be used for local investments or for financing operations outside Japan. Foreign borrowers may want to issue in Samurai market to hedge against foreign currency exchange risk. Another intention may be simultaneously exchanging the issue into another currency, in order to take advantage of lower costs. Lower costs may result from investor preferences that differ across segmented markets or from temporary market conditions that differentially affect
Samurai bond
4130328
by the pledge of specific assets are called mortgage bonds. Mortgage bonds can pay interest in either monthly, quarterly or semiannual periods. The prevalence of mortgage bonds is commonly credited to Mike Vranos. The shares of subprime MBSs issued by various structures, such as CMOs, are not identical but rather issued as tranches (French for "slices"), each with a different level of priority in the debt repayment stream, giving them different levels of risk and reward. Tranches—especially the lower-priority, higher-interest tranches—of an MBS are/were often further repackaged and resold as collaterized debt obligations. These subprime MBSs issued by investment banks
Mortgage-backed security
13039401
Turkish being the official languages of the Republic of Cyprus. Some in northern Cyprus have called for the unilateral adoption of the euro (similar to other states). Since April 2009, the Zimbabwean dollar is no longer in active use after it was officially suspended by the government due to hyperinflation. The United States dollar (US$), South African rand (R), Botswanan pula (P), Pound sterling (£), Euro (€), Indian rupees (INR), Australian dollars (A$), Chinese yuan (元/¥), and Japanese yen (¥) are now used instead, along with US-cent denominated Zimbabwean bond coins and bond notes. In 1998, Cuba announced that it
International status and usage of the euro
6207222
failed in 2007–08 because it was unable to renew the short-term debt it used to finance long-term investments in mortgage securities. In an international context, many emerging market governments are unable to sell bonds denominated in their own currencies, and therefore sell bonds denominated in US dollars instead. This generates a mismatch between the currency denomination of their liabilities (their bonds) and their assets (their local tax revenues), so that they run a risk of sovereign default due to fluctuations in exchange rates. Many analyses of financial crises emphasize the role of investment mistakes caused by lack of knowledge or
Financial crisis
7032064
November 2000 are valid for postage. Irish stamps denominated in pounds were demonetized on 31 December 2002. Stamps issued since 2 August 2000 are valid for postage. In Malta, all stamps denominated in Maltese pounds were demonetized in 2008. All stamps issued since 29 December 2006 are valid for postage. Mail franked with older stamps is marked STAMP NOT VALID and postage due is charged. Stamps of the Netherlands denominated in guilders were demonetized on 1 November 2013. It is not possible to exchange guilder stamps for ones denominated in euros. Portuguese stamps denominated in escudos were demonetized in 2002.
Postage stamp demonetization
10764268
which 28 have a trading status. There are nine approved market makers. The Luxembourg Stock Exchange specialises primarily in the listing of international bonds, in which it ranks first in Europe with 25,831 debt securities listed as of August 2016. In 1963, with the issue of Italian Autostrade bonds, it became the first exchange globally to list a Eurobond, an international bond denominated in a currency not native to the country where it was issued.[2] To this day, Luxembourg has maintained a dominant position in European bond issues with approximately 40% of all cross-border securities in Europe listed in Luxembourg.[3]
Luxembourg Stock Exchange
716236
priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is called trading at a discount. Most government bonds are denominated in units of $1000 in the United States, or in units of £100 in the United Kingdom. Hence, a deep discount US bond, selling at a price of 75.26, indicates a selling price of $752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. Treasury
Bond (finance)
7454241
types of issues that were becoming popular because of the boom in leveraged buyout financing, zero-coupon bonds and payment-in-kind (PIK) bonds. Galdi's solution was to maintain the existing rules for the Master Index, but to create a new index that included "zeros" and PIKs. The new Master II was introduced with retroactive data that extended its history back to August 31, 1986. The BofA Merrill Lynch US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on
Merrill Lynch High Yield Master II
12802255
srang" note of small size was issued between 1942 and 1946. Finally, an undated "25 srang" note was introduced in 1950 and was issued until 1955. All the Tibetan srang-denominated banknotes were machine-printed on locally made paper at the government mint of Trabshi Lekhung using inks imported from India. All denominations are hand-numbered. In 1959 these issues were withdrawn from circulation and replaced by Chinese banknotes denominated in Renminbi Yuan. Among the most important mints in the early 20th century were one known by the name 'dod dpal (las khung) located in Shol, below the Potala Palace, and one located
Historical money of Tibet
16035697
segments. Interfax and Cbonds have been publishing corporate bond index IFX-Cbonds since February 3, 2003 (called RUX-Cbonds before January 1, 2009). The index is based on the most liquid bond issues with their lists subject to quarterly reviews. The calculation base currently includes 30 securities. IFX-Cbonds is a market capitalization weighted index including the most liquid ruble denominated bonds issued by Russian issuers and admitted for trading on the MICEX on its Quotations Lists. The index base includes MICEX quotes for underlying bonds for transactions done in the main trading mode. Cbonds-muni is a sub-federal and municipal bond index. It
Cbonds
610950
as postage at their indicated value. Stamps with no value shown or denominated by a letter are also still valid, although the value depends upon the particular stamp. For some stamps issued without a printed value, the current value is the original value. But some stamps beginning in 1988 or earlier, including "Forever Stamps" (issued from April 2007) and all first-class, first-ounce stamps issued from January 21, 2011, the value is the current value of a first-class-mail first-ounce stamp. The USPS calls these Forever Stamps but the generic name is non-denominated postage. Forever stamps are sold at the First-Class Mail
United States Postal Service
20136513
Dual Currency Bond Dual currency bonds are the bonds for which money is raised in one currency, but redemption takes place in another. In a dual currency bond, the principal and coupon rate denominated in two different currencies. Low interest rates during 1995 and 1996 led to a surge in issuance of dual currency bonds that was driven primarily by Japanese investors seeking income opportunities that were not available domestically. Dual currency bond were among the earliest and most successful currency linked fixed income securities and remained popular thereafter. The securities were introduced on a private placement basis in the
Dual Currency Bond
20136515
reducing the cost of fund. Dual Currency Bond Dual currency bonds are the bonds for which money is raised in one currency, but redemption takes place in another. In a dual currency bond, the principal and coupon rate denominated in two different currencies. Low interest rates during 1995 and 1996 led to a surge in issuance of dual currency bonds that was driven primarily by Japanese investors seeking income opportunities that were not available domestically. Dual currency bond were among the earliest and most successful currency linked fixed income securities and remained popular thereafter. The securities were introduced on a
Dual Currency Bond
3218057
repayments denominated in a country's home currency. CIA's World Factbook lists only the percentages of GDP; the total debt and per capita amounts have been calculated in the table below using the GDP (PPP) and population figures of the same report. A debt to GDP ratio is one of the most accepted ways of assessing the significance of a nation's debt. For example, one of the criteria of admission to the European Union's euro currency is that an applicant country's debt should not exceed 60% of that country's GDP. Municipal bonds, "munis" in the United States, are debt securities issued
Government debt
10523141
Kimchi bond A Kimchi bond is a non-won-denominated bond issued in the South Korean market. The name refers to kimchi, a Korean side dish. Woori Bank, which is credited with coining the term, defines it as solely referring to bonds from foreign issuers, a definition echoed by the Ministry of Finance and Economy. However, in practise, the term is also used to refer to non-won-denominated bond issuance by domestic entities. Deutsche Bank credits itself as having executed the first kimchi bond transaction, a US$100 million two-year floating rate note sold by South Korean company SK Global, but the first foreign
Kimchi bond
887792
Institute of Chartered Accountants of India (ICAI) has announced that IFRS will be mandatory in India for financial statements for the periods beginning on or after 1 April 2016 in a phased manner. There is a roadmap issued by MCA for adoption of IFRS. Reserve Bank of India has stated that financial statements of banks need to be IFRS-compliant for periods beginning on or after 1 April 2011. The ICAI has also stated that IFRS will be applied to companies above INR 1000 crore (INR 10 billion) from April 2011. Phase wise applicability details for different companies in India: Phase
International Financial Reporting Standards
8679885
debt outstanding. JPMorgan EMBI The JPMorgan Emerging Market Bond Index (EMBI) are a set of three bond indices to track bonds in emerging markets operated by J P Morgan. The indices are the "Emerging Markets Bond Index Plus", the "Emerging Markets Bond Index Global" and the "Emerging Markets Bond Global Diversified Index". The Emerging Markets Bond Index Plus (EMBI+) tracks total returns for traded external debt instruments (external meaning foreign currency denominated fixed income) in the emerging markets. The regular EMBI index covers U.S.dollar-denominated Brady bonds, loans and Eurobonds. The EMBI+ expands upon J.P.Morgan's original Emerging Markets Bond Index (EMBI),
JPMorgan EMBI
8679882
JPMorgan EMBI The JPMorgan Emerging Market Bond Index (EMBI) are a set of three bond indices to track bonds in emerging markets operated by J P Morgan. The indices are the "Emerging Markets Bond Index Plus", the "Emerging Markets Bond Index Global" and the "Emerging Markets Bond Global Diversified Index". The Emerging Markets Bond Index Plus (EMBI+) tracks total returns for traded external debt instruments (external meaning foreign currency denominated fixed income) in the emerging markets. The regular EMBI index covers U.S.dollar-denominated Brady bonds, loans and Eurobonds. The EMBI+ expands upon J.P.Morgan's original Emerging Markets Bond Index (EMBI), which was
JPMorgan EMBI
15573674
bond issued by Chinese institutions doubled to $214 billion in 2017 as tighter domestic regulations and market conditions saw Chinese companies look offshore to conduct their fund-raising initiatives. This has far outpaced many of the other major foreign currency bonds issued in Asia in the last few years. The anticipated continuation of a prudent monetary policy in China to curb financial risks and asset bubbles, along with the expectation of a stronger yuan will likely see Chinese companies to continue to issue U.S. dollar bonds. Major issuers of U.S. dollar denominated bonds have included Tencent Holdings Limited, Industrial and Commercial
International use of the U.S. dollar
4429967
policy. The currency board regime intended to stabilize the peso, encourage both foreign and local investment, and foster sustained economic growth. The main qualities of an orthodox currency board are: The Argentine currency board violated all these rules at one time or another, except that of a fixed exchange rate. Full convertibility with the U.S. dollar became jeopardized upon implementation of exchange rate controls that provided a preferential exchange rate for exports. The currency board was allowed to hold up to one-third of its dollar-denominated reserves in the form of bonds issued by the government of Argentina. It acted as
Convertibility plan
4298129
country of Mexico issuing in US dollars) will be included. The term sometimes also encompasses bonds issued by supranational organizations (such as European Bank for Reconstruction and Development). Strictly speaking, however, it only applies to those issued by corporations. The bonds of local authorities (municipal bonds) are not included. Corporate bonds trade in decentralized, dealer-based, over-the-counter markets. In over-the-counter trading dealers act as intermediaries between buyers and sellers. Corporate bonds are sometimes listed on exchanges (these are called "listed" bonds) and ECNs. However, vast majority of trading volume happens over-the-counter. By far the largest market for corporate bonds is in
Corporate bond
12025063
currency mismatch: if few bonds in their own currency are accepted abroad, and so the country issues mainly foreign-denominated bonds, decrease in the value of their own currency can make it prohibitively expensive to pay back their foreign-denominated bonds (see original sin). Since a sovereign government, by definition, controls its own affairs, it cannot be obliged to pay back its debt. Nonetheless, governments may face severe pressure from lending countries. In a few extreme cases, a major creditor nation, before the establishment of the UN Charter Article 2 (4) prohibiting use of force by states, made threats of war or
Sovereign default
10522886
Panda bonds A Panda bond is a Chinese renminbi-denominated bond from a non-Chinese issuer, sold in the People's Republic of China. The first two Panda bonds were issued in October 2005 on the same day by the International Finance Corporation and the Asian Development Bank. Their terms were 1.13 billion yuan of 10-year bonds at a 3.4% yield and 1 billion yuan of 10-year bonds at a 3.34% yield. The Chinese government had been negotiating for several years about implementation details before permitting the sale of such bonds; they had been concerned about the possible effects on their currency peg.
Panda bonds
14452764
WCU – World Currency Unit The World Currency Unit (WCU) is an indexed unit of account (unit of account) that stands for a unit of real global purchasing power. Proposed by Lok Sang Ho of Lingnan University, Hong Kong, it was first intended to be the basis for denominating global bonds, a debt instrument that is issued globally and subscribable by people and institutions around the world. Since each unit by design represents a stable unit of purchasing power, the stipulated interest rate on WCU-denominated bonds represents a real interest rate. In principle, the common denomination of bonds by issuers
WCU – World Currency Unit
16278216
the major market for dim sum bonds is Hong Kong, China Construction Bank became the first Chinese Bank to issue a renminbi denominated bond in London in November, 2012. This followed similar issues by non-Chinese banks like ANZ, HSBC and Banco do Brasil earlier in the year. 35.7 billion yuan in dim sum bonds were issued in 2010 and 131 billion in 2011. The first foreign-issued dim sum bond by a nonfinancial company was announced in August 19, 2010 and issued in September 16, 2010 by McDonald's. On 5 November 2013, British Columbia finance minister Mike de Jong reported a
Dim sum bond
15470093
could finance yen through yen-denominated private placement bonds. They were permitted to target a restricted number of institutional investments, and terms and liquidity were under close control. In 1972 the first non-Japanese 10 billion yen bond was issued by Australia. In 1979, Sears made the first corporate Samurai bond issue for 20 billion yen. At that time, Samurai market gradually became accessible to more issuers through the alleviation of eligibility criteria, which now required minimum credit ratings, and through liberalization of new kinds of bonds. In addition, Samurai bonds provided an opportunity of issuing in two different currencies, as well
Samurai bond
7032065
All stamps issued since 15 March 1999 are valid for postage. Spanish stamps denominated in pesetas were demonetized in 2002. All stamps issued since 8 January 2001 are valid for postage. Stamps of the Vatican City denominated in lire are no longer valid for postage. The six self-governing Australian colonies that formed the Commonwealth of Australia on 1 January 1901 operated their own postal service and issued their own stamps. Under section 51(v) of the Commonwealth of Australia Constitution 1900, “postal, telegraphic, telephonic, and other like services” became a Commonwealth responsibility. The Commonwealth's Postmaster-General's Department became effective on 1 March
Postage stamp demonetization
11721318
can merely purchase previously-issued bonds. When it would like to contract the money supply, it can sell them. This is known as the "secondary market", but for this to work, the bonds, of course, have to have been issued previously in the primary market. But if a country does not have a significant national debt, direct operations are called for. Essentially, the government prints and sells bonds to the central bank on an ad hoc basis; the central bank in turns issues currency to pay for them. Essentially the government is provided with cash to meet its needs, although it
Direct operations
7315901
pay to access credit markets, i.e., the amount of interest they pay on their issued debt. The threshold between investment-grade and speculative-grade ratings has important market implications for issuers' borrowing costs. Bonds that are not rated as investment-grade bonds are known as high yield bonds or more derisively as junk bonds. The risks associated with investment-grade bonds (or investment-grade corporate debt) are considered significantly higher than those associated with first-class government bonds. The difference between rates for first-class government bonds and investment-grade bonds is called investment-grade spread. The range of this spread is an indicator of the market's belief in
Bond credit rating
5359774
are called "specified private activity bonds" and are preference items under the alternative minimum tax. Additionally, corporate taxpayers may need to include interest on otherwise tax exempt municipal bonds in a calculation base for purposes of the alternative minimum tax and other special taxes. For taxpayers who purchase municipal bonds issued in the same state in which they reside, interest payments are generally exempt from state and local tax also. States generally tax interest on municipal bonds issued in other states. There is considerable variability by state, however. For example, in Maryland there is also a specific exemption of capital
Revenue bond
1440149
the Western world. It was also rich in asbestos, granite, vanadium, chromium and manganese. Additional revenues came from the Sun City casino, which was a day trip from Johannesburg and Pretoria, where gambling was illegal under the National Party government, as it was throughout all of South Africa. Bophuthatswana also issued bearer development bonds. The so-called "Bop Bonds" are not recognized or redeemable in South Africa, and are worthless as financial instruments. However, bonds in excellent condition are considered collectible. Bonds issued in 1988 and 1989, in R10 and R20 denominations, currently trade at 10-25% of original face value. Towards
Bophuthatswana
472263
issuing bonds. The Bank raised $29 billion USD worth of capital in 2011 from bonds issued in 26 different currencies. The IBRD has enjoyed a triple-A credit rating since 1959, which allows it to borrow capital at favorable rates. It offers benchmark and global benchmark bonds, bonds denominated in non-hard currencies, structured notes with custom-tailored yields and currencies, discount notes in U.S. dollars and eurodollars. In 2011, the IBRD sought an additional $86 billion USD (of which $5.1 billion would be paid-in capital) as part of a general capital increase to increase its lending capacity to middle-income countries. The IBRD
International Bank for Reconstruction and Development
20999374
a prudent monetary policy in China to curb financial risks and asset bubbles, along with the expectation of a stronger yuan will likely see Chinese companies to continue to issue U.S. dollar bonds. Major issuers of U.S. dollar denominated bonds have included Tencent Holdings Limited, Industrial and Commercial Bank of China Limited and Sinopec Group. In 2017, China's Ministry of Finance revealed plans to sell US$2 billion worth of U.S. dollar sovereign bonds in Hong Kong, its first dollar bond offering since October 2004. The technology and communications sector in China is a taking significant share of the offshore U.S.
Chinese-issued U.S. dollar bonds
19846010
their tenure is up. It is also noted that yields of SSBs and fixed deposit interest rates are highly correlated and usually move in the same direction. Singapore Savings Bonds Singapore Savings Bonds (SSBs) are a type of Singapore Government Securities that are issued for Singaporeans who want to participate in the Singapore Government Securities (SGSs) market but in smaller denominations. SSBs can be purchased in multiples of $500 and comes with 10 year tenure. They are issued monthly and their yield is comparable to SGSs with a similar tenure at the point of issue. Interest on SSBs come with
Singapore Savings Bonds
11988562
from India worth INR 54 billion (US$819 million, as per the exchange rates at the time of signing the deal) for his nation during his visit to New Delhi in August 2013. Five-sixth of this amount (INR 45 billion) has been earmarked for Bhutan's 11th Five-Year plan. INR 4 billion was for the pending projects of the previous plan period. The remaining INR 5 billion was part of India's "Economic stimulus package" for Bhutan's slowing economy. India operates 3 hydro power projects, of 1,416 MW in Bhutan and 3 more of 2,129 MW are under construction. For much of its
Bhutan–India relations
12767515
watermark although a plain space existed in the areas where it would normally be positioned. US$10 million worth of Zimbabwean Bond Notes were introduced in November 2016 and are denominated in U.S. dollars. They circulate along with eight other currencies, but could not be used outside of Zimbabwe. Withdrawals from Zimbabwean bank accounts were issued in Bond Notes. They are in two denominations: These bear the signature of John Mangudya, the Governor of the Reserve Bank of Zimbabwe. Special prefixes were allocated for Replacement banknotes of Zimbabwe. The prefixes used were as follows: Hyperinflationary Zimbabwean banknotes (such as the $100
Banknotes of Zimbabwe
7038037
exchange had stated that the failure to deliver shares inherent in naked short sales threatened market orderliness. On May 18, 2010, the German Minister of Finance announced that naked short sales of euro-denominated government bonds, credit default swaps based on those bonds, and shares in Germany's ten leading financial institutions will be prohibited. This ban went into effect that night and was set to expire on March 31, 2011. On May 28, German financial market regulator BaFin announced that this ban would be permanent. The ban is effective July 27, 2010. The International Monetary Fund issued a report in August
Naked short selling
934589
has influenced the development of pension and life insurance markets in the respective countries. Government bond A government bond or sovereign bond is a bond issued by a national government, generally with a promise to pay periodic interest payments and to repay the face value on the maturity date. Government bonds are usually denominated in the country's own currency, in which case the government cannot be forced to default, although it may choose to do so. If a government is close to default on its debt the media often refer to this as a sovereign debt crisis. The terms on
Government bond
934584
to be. International credit rating agencies will provide ratings for the bonds, but market participants will make up their own minds about this. The first general government bonds were issued in the Netherlands in 1517. Because the Netherlands did not exist at that time, the bonds issued by the city of Amsterdam are considered their predecessor which later merged into Netherlands government bonds. The average interest rate at that time fluctuated around 20%. The first ever bond issued by a national government was issued by the Bank of England in 1694 to raise money to fund a war against France.
Government bond
12031895
Commemorative coins of Malta Malta since its independence in 1964 from the United Kingdom it has issued several commemorative coins denominated in the Maltese Lira. In 1972, as soon as the Maltese placed aside their former colonial’s currency, the British pound and adopted the Maltese lira, Malta issued the first commemorative coin denominated in the Maltese lira. The Jean De La Valette commemorative coins issued in 2007 were the last Maltese commemorative coins to be denominated in the Maltese lira as Malta joined the eurozone on 1 January 2008. Most of the coins issued by Malta are made up of
Commemorative coins of Malta
7484719
Studies for Pacnet predicted the rise of a south-south alternative to the World Bank and IMF led by China and India as their frustration with politically imposed limits on their influence in these organizations compounded. Washington-based anger resounded, one comment stating "There is no long-term significance in the fact that China and other countries are buying SDR-denominated 'bonds' from the IMF". In 2014 Brahm's prediction came true as the Asian Infrastructure Investment Bank and BRICS Development Bank was established as a south-south alternatives to the World Bank. China's Vice President Li Yuanchao received Brahm timed with the announcement of a
Laurence Brahm
7356245
its foreign investors, BTLP had issued some bonds denominated in pounds, and the interest on these bonds was payable in pounds. The Spanish government had imposed currency restrictions: BTLP was unable to exchange its Spanish pesetas for pounds, and so could not pay the interest. This was not viewed with any great alarm by the bond-holders; BTLP had plenty of pesetas and would pay the interest arrears whenever the currency restrictions were relaxed. However, March scented an opportunity. Agents secretly acting for him quietly bought up the bonds (about £500,000). Then in February 1948, they appeared in a Spanish court,
Barcelona Traction
8585467
complex synthetic molecules and in polymer synthesis. Radialene [n]Radialenes are alicyclic organic compounds containing n cross-conjugated exocyclic double bonds. The double bonds are commonly alkene groups but those with a carbonyl (C=O) group are also called radialenes. For some members the unsubstituted parent radialenes are elusive but many substituted derivatives are known. Radialenes are related to open-chain dendralenes and also to compounds like butadiene and benzene which also consist of a ring of sp hybridized carbon atoms. Radialenes are investigated in organic chemistry for their unusual properties and reactivity but have not ventured outside the laboratory. Reported uses are as
Radialene
36046
the same maturity and are denominated in the same currency. Credit risk and duration risk are largely eliminated in this strategy. However, basis risk arises from use of an imperfect hedge, which results in significant, but range-bound principal volatility. The end goal is to limit this principal volatility, eliminating its relevance over time as the high, consistent, tax-free cash flow accumulates. Since the inefficiency is related to government tax policy, and hence is structural in nature, it has not been arbitraged away. Note, however, that many municipal bonds are callable, and that this imposes substantial additional risks to the strategy.
Arbitrage
8585463
Radialene [n]Radialenes are alicyclic organic compounds containing n cross-conjugated exocyclic double bonds. The double bonds are commonly alkene groups but those with a carbonyl (C=O) group are also called radialenes. For some members the unsubstituted parent radialenes are elusive but many substituted derivatives are known. Radialenes are related to open-chain dendralenes and also to compounds like butadiene and benzene which also consist of a ring of sp hybridized carbon atoms. Radialenes are investigated in organic chemistry for their unusual properties and reactivity but have not ventured outside the laboratory. Reported uses are as experimental building blocks for novel organic conductors
Radialene
17483962
objectives of MCTA are: MCTA opens membership to teachers of higher education under the Government of Mizoram, but only those appointed according to the norms of UGC. Enrolment requires a fee of INR 100, and annual fee of INR 50. Membership ceases om death, retirement, transfer to other post, and failure to pay fee. Every member is also imposed to contribute a welfare fund of INR 100 and condolence fund of INR 300 annually. Affiliated colleges of MCTA are called branch members, and include: MCTA represent the state government colleges to the Academic Council of Mizoram University, under which all
Mizoram College Teachers' Association
12562467
funds market. For longer maturity loans, banks can tap the Eurodollar market. Eurodollars are dollar-denominated deposit liabilities of banks located outside the United States (or of International Banking Facilities in the United States). US banks can raise funds in the Eurodollar market through their overseas branches and subsidiaries. A second option is to issue large negotiable certificates of deposit (CDs). These are certificates issued by banks which state that a specified amount of money has been deposited for a period of time and will be redeemed with interest at maturity. Repurchase agreements (repos) are yet another source of funding. Repos
Interbank lending market
15745791
such as Mexican Federal Treasury Certificates (Cetes), Development Bonds denominated in investment units (Udibonos), Development Bonds with a Fixed Interest Rate (Bonos M) and Development Bonds (Bondes D). As a result of cetesdirecto, government securities are seen as an alternative of saving and investment because now individuals are able to have access to competitive interest rates in the money market without brokers and commissions, and to have an investment portfolio according to their necessities. Some of the advantages of cetesdirecto are: Cetesdirecto Cetesdirecto is a Mexican Government Program established on November 26, 2010 after an effort to promote and extend
Cetesdirecto
5804822
GKO GKO (abbreviation for ) are short-term zero-coupon government bonds issued by the Russian Finance Ministry and trade on the Moscow Inter Bank Currency Exchange (MICEX), as well as on five other currency exchanges connected with the MICEX and located in large regional cities. The last GKO auction was held in February 2004. The issuance of a short-term, ruble-denominated bond was approved by the Supreme Soviet of Russia in February 1993. The first GKO auction was held on 18 May 1993. Foreign investors were allowed into the trade from 1996. The initials became synonymous with the 1998 Russian financial crisis
GKO
4715766
These were the only issue of tanga denominated notes, whilst the rupia notes were issued until 1924 and the 1 rupia until 1929. 100 and 500 rupias notes were reintroduced in 1924. Portuguese Indian rupia The rupia was the currency of Portuguese India sometime after 1668 until 1958. Prior to 1668, the currency unit was "Xerafim" ("xerafin", "xeraphin"). In 1666, the Portuguese administration struck a silver coin calling it double "xerafin" and this was declared equal to a rupia in circulation in India outside of Portuguese possessions. A "xerafim" was a convertible subunit of "rupia", and it was unique to
Portuguese Indian rupia
2204680
Coins denominated in gold marks were first issued in 1871, and gradually replaced the old coins. The mark banco was converted into the new gold mark at par. The Bank of Hamburg was incorporated as the Hamburg subsidiary into the newly founded (established 1876), issuing banknotes denominated in gold marks. In 1914, the stopped demanding first-class collateral (e.g. good bills of exchange, covered bonds such as ") when providing credit to borrowers. The gold mark became a weak currency, colloquially referred to as the paper mark (), in order to finance the war effort. In 1918, the pre-war sound money
Mark (currency)
222162
if and when authority passes into new hands. In October 2014, Kazakhstan introduced its first overseas dollar bonds in 14 years. Kazakhstan issued $2.5 billion of 10- and 30-year bonds on 5 October 2014, in what was the nation's first dollar-denominated overseas sale since 2000. Kazakhstan sold $1.5 billion of 10-year dollar bonds to yield 1.5 percentage points above midswaps and $1 billion of 30-year debt at 2 percentage points over midswaps. The country drew bids for $11 billion. The housing market of Kazakhstan has grown since 2010. In 2013, the total housing area in Kazakhstan amounted to . The
Kazakhstan
19448097
business divisions, in particular, economics and finances, risks, treasury, international capital markets, and investor relations. On 14 July 2016, supervised by Nikolay Tsekhomsky, VEB completed a record-breaking placement of US dollar-denominated bonds with settlements in rubles. Demand for the bonds surpassed $1bn resulting in a decision to double the number of the bonds issued from $300mn to $600mn. Nikolay Tsekhomsky has also participated in an agreement on deliveries of Sukhoy Superjet 100 to Europe with financial backing by Vnesheconombank. The Russian aircraft will be delivered to the Irish air carrier CityJet to renew its fleet. In December 2009, Tsekhomsky became
Nikolay Tsekhomsky
19846007
Singapore Savings Bonds Singapore Savings Bonds (SSBs) are a type of Singapore Government Securities that are issued for Singaporeans who want to participate in the Singapore Government Securities (SGSs) market but in smaller denominations. SSBs can be purchased in multiples of $500 and comes with 10 year tenure. They are issued monthly and their yield is comparable to SGSs with a similar tenure at the point of issue. Interest on SSBs come with a step-up component each year to encourage investors to hold SSBs for a longer period. Investors are restricted to a maximum holding of $100,000 worth of SSBs
Singapore Savings Bonds