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Glossary of Municipal Securities Terms
The Municipal Securities Rulemaking Board's (MSRB's) Glossary of Municipal
Securities Terms.
Can't find a term/definition below? Contact us at info@MunicipalBonds.com and we'll add it.
There are 602 terms in this Municipal Bond glossary. They are
listed here alphabetically. Simply click on the term to link to the
definition.
ACCEPTANCE RATIO
ACCRETION OF A DISCOUNT
ACCRUED INTEREST
ACCUMULATION ACCOUNT
AD VALOREM TAX
ADDITIONAL BONDS TEST
ADJUSTED TRADE
ADVANCE REFUNDING
AFFIRMATION
AGENCIES
AGENCY CROSS
AGREEMENT AMONG UNDERWRITERS
A.I.D. CALL
ALL OR NONE or AON
AMBAC INDEMNITY CORPORATION or AMBAC
AMORTIZATION OF A PREMIUM
AMORTIZATION OF DEBT
AMORTIZATION SCHEDULE
ANY-INTEREST-DATE CALL
APPROVING OPINION
ARBITRAGE
ARBITRAGE BONDS
ARBITRATION
"AS AGENT" TRADE
A.S.C.A.
ASSESSED VALUATION
ASSIGNMENT
ASSOCIATED PERSON
AUCTION MARKET
AUDIT REPORT
AUDITED STATEMENT
AUDITOR'S REPORT
AUTHORITY
AUTHORIZING RESOLUTION or ORDINANCE
AVERAGE LIFE or AVERAGE MATURITY
AWARD
BALANCE ORDER
BALLOON MATURITY
BALLOON PAYMENT
BANK DEALER
BANs
BASIS BOOK
BASIS POINT
BASIS PRICE
BEARER BOND
BELL-SHAPED YIELD CURVE
BENEFICIAL OWNER
BID
BID FORM
BID WANTED
BIDDING LIMITATIONS
BIDDING SYNDICATE
BIGI
BLUE LIST TOTAL
BLUE LIST, THE
BLUE-SKY LAWS
BOND
BOND AMORTIZATION FUND
BOND AND INTEREST RECORD
BOND ANTICIPATION NOTE
BOND ATTORNEY, BOND APPROVING ATTORNEY, or BOND APPROVING CO
BOND BUYER INDEXES
BOND BUYER, THE
BOND CONTRACT
BOND COUNSEL
BOND COVENANT
BOND ELECTION or BOND REFERENDUM
BOND EQUIVALENT YIELD or COUPON EQUIVALENT YIELD
BOND FISCAL YEAR
BOND FUND
BOND INVESTORS GUARANTY INSURANCE COMPANY or BIGI
BOND ISSUE
BOND ORDINANCE
BOND POWER
BOND PROCEEDS
BOND PURCHASE AGREEMENT
BOND REFERENDUM
BOND REGISTER
BOND RESOLUTION or ORDINANCE
BOND SERVICE FUND
BOND SINKING FUND
BOND TRANSCRIPT
BOND YEAR
BONDED DEBT
BONDHOLDER
BOOK VALUE
BOOK-ENTRY CLEARANCE
BOOK-ENTRY SECURITY or BOOK-ENTRY FORM SECURITY
BROKER or MUNICIPAL SECURITIES BROKER
BROKER'S BROKER or MUNICIPAL SECURITIES BROKER'S BROKER
BROKER/DEALER
BUDGET
BUY-IN
CAB
CALAMITY CALL
CALL
CALL FEATURES
CALL PRICE
CALL PROTECTION
CALLABLE BOND
CANADIAN INTEREST COST or C.I.C.
CAPITAL APPRECIATION BOND or CAB
CAPITAL MARKET
CAPITALIZED INTEREST or FUNDED INTEREST
CARRYING COST
CASH TRADE
CATASTROPHE CALL
C.A.V.
CERTIFICATE
CERTIFICATED SECURITY
CHURNING
C.l.C
CLEARING AGENT
CLEARING CORPORATION
CLEARING HOUSE FUNDS
CLNs
CLOSE-OUT
CLOSED END FUND
CLOSED LIEN or CLOSED END LIEN
CLOSING
CNS
CO-MANAGER
COMMERCIAL PAPER (TAX-EXEMPT)
COMMISSION
COMPARISON
COMPETITIVE BID or COMPETITIVE BIDDING
COMPOUND ACCRETED VALUE CALL or C.A.V. CALL
COMPOUND ACCRETED VALUE or C.A.V.
COMPOUND INTEREST BOND
CONCESSION or DEALER'S ALLOWANCE
CONDUIT FINANCING
CONFIRMATION
CONSTRUCTION LOAN NOTE
CONSULTING ENGINEER
CONTINUOUS NET SETTLEMENT
CONTRA-PARTY or CONTRA-SIDE
CONTRACT CLAUSE
COSTS OF ISSUANCE
COUPON
COUPON BOND
COUPON EQUIVALENT YIELD
COUPON RATE
COVENANTS or BOND COVENANTS
COVER
COVERAGE or DEBT SERVICE COVERAGE
CREDIT RATING
CROSSOVER REFUNDING
CURRENT COUPON
CURRENT YIELD
CUSIP NUMBER (COMMITTEE ON UNIFORM SECURITIES IDENTIFICATION
DATED DATE
DBA
DEALER BANK
DEALER BANK ASSOCIATION or DBA
DEALER BOOK
DEALER or MUNICIPAL SECURITIES DEALER
DEALER'S ALLOWANCE
DEBT LIMIT
DEBT RATIOS
DEBT SERVICE
DEBT SERVICE COVERAGE
DEBT SERVICE FUND
DEBT SERVICE RESERVE FUND
DEBT SERVICE SCHEDULE
DEFAULT
DEFEASANCE
DEFINITIVE FORM
DELAYED DELIVERY TRADE
DELIVERY DATE
DELIVERY VS. PAYMENT or DVP
DEMAND BOND or DEMAND NOTE
DENOMINATION
DEPOSITORY
DESIGNATED ORDER
DIRECT DEBT
DISCLOSURE
DISCOUNT
DISCOUNT SECURITY
DISCOUNTED SECURITY
DISCRETIONARY ACCOUNT
DIVERSIFICATION
DIVIDED ACCOUNT
DK
DOLLAR BOND
DOLLAR PRICE
DOUBLE EXEMPT or DOUBLE EXEMPTION
DOUBLE-BARRELED BOND
DOWNGRADE
DRAWDOWN SCHEDULE
DUE BILL
DUE BILL CHECK
DUE DILIGENCE
DUE DILIGENCE OPINION
DURATION
EASTERN ACCOUNT
EFFECTIVE INTEREST COST
EFFECTIVE INTEREST RATE
ENTERPRISE ACTIVITY
ENVELOPE SYSTEM
ESCROW ACCOUNT
ESCROWED TO MATURITY
EX-LEGAL
EXCISE TAX
EXEMPT SECURITIES or EXEMPTED SECURITIES
EXPIRATION DATE
EXTRAORDINARY MANDATORY REDEMPTION
EXTRAORDINARY OPTIONAL REDEMPTION
FACE AMOUNT
FAIL
FANNIE MAE
FARMERS HOME ADMINISTRATION or FmHA
FEASIBILITY STUDY
FEDERAL FUNDS
FEDERAL HOME LOAN MORTGAGE CORPORATION or FHLMC or FREDDIE M
FEDERAL NATIONAL MORTGAGE ASSOCIATION or FNMA or FANNIE MAE
FGIC
FHLMC
FILL OR KILL
FINAL OFFICIAL STATEMENT
FINANCIAL ADVISOR
FINANCIAL AND OPERATIONS PRINCIPAL (FINOP)
FINANCIAL GUARANTY INSURANCE COMPANY or FGIC
FINS NUMBER
FIRM or FIRM PRICE
FISCAL AGENT
FISCAL CONSULTANT
FISCAL YEAR
FITCH INVESTORS SERVICE
FLAT
FLAT YIELD CURVE
FLOATER
FLOATING RATE or VARIABLE RATE
FLOW OF FUNDS
FmHA
FNMA
FOCUS REPORT
FOUR.R FUND (4-R FUND)
FREDDIE MAC
FULL CASH REFUNDING
FULL DISCLOSURE
FULL FAITH AND CREDIT BOND
FULLY REGISTERED
FUNDED INTEREST
FUNGIBILITY
GANs
GASB
GENERAL OBLIGATION BOND or G.O. BON
GFOA
GINNIE MAE
GLASS-STEAGALL ACT OF 1933
GLOBAL CERTIFICATE
GNMA
GOING AWAY
GOOD DELIVERY
GOOD FAITH DEPOSIT
GOVERNMENT FINANCE OFFICERS ASSOCIATION or GFOA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION or GNMA or GINNIE M
GOVERNMENTAL ACCOUNTING STANDARDS BOARD
GRANT ANTICIPATION NOTE
GROSS BONDED DEBT
GROSS PLEDGE or GROSS REVENUE PLEDGE
GROSS REFUNDING
GROSS SPREAD or GROSS UNDERWRITING SPREAD
GROUP NET ORDER
HAIRCUT
HEALTH INDUSTRY BOND INSURANCE or HIBI
HOUSING REVENUE BOND
HUMPBACKED YIELD CURVE
I.D. SYSTEM
IDB
IDBI MANAGERS, INC. or IDBI
IDR
IMMOBILIZATION
IMMOBILIZED SECURITY
INDENTURE
INDICATION
INDUCEMENT RESOLUTION
INDUSTRIAL DEVELOPMENT BOND or IDB
INDUSTRIAL REVENUE BOND
INSIDER TRADING
INSTITUTIONAL DELIVERY SYSTEM
INSTITUTIONAL SALES
INTEREST
INTEREST CLAIM
INTEREST RATE
INTERIM PERIOD FINANCIAL STATEMENTS
INTERMEDIATE RANGE
INVESTED SINKING FUND or INVESTED SINKER
INVESTMENT GRADE
IRB
ISSUANCE
ISSUE OF BONDS or ISSUE OF SECURITIES
ISSUER
JOINT ACCOUNT
JOINT AND SEVERAL OBLIGATION
JOINT MANAGER
JUMBO CERTIFICATE
JUNIOR LIEN BONDS
LC
LEAD MANAGER
LEASE RENTAL BOND
LEGAL FORM
LEGAL INVESTMENT
LEGAL ITEM
LEGAL OPINION or LEGAL or APPROVING OPINION
LETTER OF CREDIT or LC or L.O.C.
LEVEL DEBT SERVICE
LIMITED TAX BOND
LIQUIDITY
L.O.C.
LOCKED MARKET
LONG COUPON
LOWER FLOATER
LT
M
MANAGED FUND
MANAGER
MANAGING UNDERWRITER
MANDATORY REDEMPTION
MANDATORY REDEMPTION ACCOUNT
MARK-DOWN
MARK-TO-MARKET
MARK-UP
MARKET MAKER
MARKET VALUE
MARKETABILITY
MASTER RESOLUTION or MASTER INDENTURE
MATURITY or MATURITY DATE
MATURITY VALUE
MBIA
MEMBER ORDER
MFOA
MIG
MILL
MILLAGE
MONEY MARKET INSTRUMENTS
MONEY SUPPLY
MOODY'S INVESTORS SERVICE, INC.
MORAL OBLIGATION BOND
MSRB
MULTIPLIER or MULTIPLIER BOND
MUNICIPAL BOND INSURANCE ASSOCIATION or MBIA
MUNICIPAL BONDS
MUNICIPAL FINANCE OFFICERS ASSOCIATION
MUNICIPAL NOTES
MUNICIPAL SECURITIES
MUNICIPAL SECURITIES BROKER
MUNICIPAL SECURITIES BROKER'S BROKER
MUNICIPAL SECURITIES DEALER
MUNICIPAL SECURITIES PRINCIPAL
MUNICIPAL SECURITIES REPRESENTATIVE
MUNICIPAL SECURITIES RULEMAKING BOARD or MSRB
MUNICIPAL SECURITIES SALES PRINCIPAL
MUNIFACTS
MUTILATED CERTIFICATE (NOTE or BOND)
MUTILATED COUPON
NATIONAL ASSOCIATION OF BOND LAWYERS or NABL
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. or NASD
NATIONAL INSTITUTIONAL DELIVERY SYSTEM or NIDS
NEGATIVE CARRY
NEGATIVE YIELD CURVE
NEGOTIATED SALE
NET BONDED DEBT
NET CAPITAL RULE
NET CASH REFUNDING
NET DIRECT DEBT
NET INTEREST COST or NIC
NET OFFERING
NET OVERALL DEBT
NET PLEDGE or NET REVENUE PLEDGE
NET PRICE
NET REVENUES
NETTING
NEW HOUSING AUTHORITY BOND or NHA BOND
NEW ISSUE
NIC
NOMINAL INTEREST RATE
NOMINAL QUOTATION
NOMINEE
NON-CALLABLE BOND
NON-LITIGATION CERTIFICATE
NORMAL YIELD CURVE
NOTE
NOTICE FOR TENDERS or REQUEST FOR TENDERS
NOTICE OF REDEMPTION
NOTICE OF SALE
ODD COUPON
ODD LOT
OFFER
OFFERING CIRCULAR
OFFERING PRICE
OFFICIAL STATEMENT or FINAL OFFICIAL STATEMENT or O.S.
O.I.D.
OPEN END FUND
OPEN END LIEN
OPERATIONS AND MAINTENANCE FUND
OPTION
ORDER PERIOD
ORIGINAL ISSUE DISCOUNT or O.I.D.
O.S.
OVER-THE-COUNTER MARKET
OVERLAPPING DEBT
PAR
PAR BOND
PAR OPTION
PAR VALUE
PARI PASSU BONDS
PARITY BONDS
PARKING
PARTIAL DELIVERY
PARTICIPANT
PAYING AGENT
PAYMENT DATE
PCR
PER CAPITA DEBT
PHA BOND
PLACEMENT RATIO
PLEDGED REVENUES
PNs
POINT
POLLING THE ACCOUNT
POLLUTION CONTROL REVENUE BOND or PCR
P.O.S.
POSITION TRADING
POSITIVE CARRY
POWER OF ATTORNEY RELEASE
PRE-SALE ORDER
PRELIMINARY OFFICIAL STATEMENT or RED HERRING or P.O.S.
PREMIUM
PREMIUM CALL
PREMIUM CALL PRICE
PREMIUM SECURITY
PREREFUNDED BOND or PREREFUNDING
PRESENT VALUE
PRESENT VALUE INTEREST COST
PRIMARY MARKET
PRINCIPAL
PRINCIPAL TRADE
PRIOR ISSUE
PRIORITY PROVISIONS
PRIVATE PLACEMENT
PRO-RATA SHARE
PRODUCTION
PROJECT NOTE
PROTECTIVE COVENANTS
PROVISIONAL RATING
PUBLIC HOUSING AUTHORITY BOND
PUBLIC SECURITIES ASSOCIATION or PSA
PURCHASE CONTRACT
PUT BOND or TENDER OPTION BOND
PUT OPTION or TENDER OPTION
QUALIFIED BID
QUALIFIED LEGAL OPINION
RANs
RATING AGENCIES
RATINGS
REALIZED COMPOUND YIELD
RECALL
RECEIPT VS. PAYMENT or RVP
RECIPROCAL IMMUNITY DOCTRINE
RECLAMATION
RECORD DATE
RED BOOK
RED HERRING
REDEMPTION
REDEMPTION PROVISIONS or CALL FEATURES
REFUNDING
REGISTERED BOND
REGISTERED CLEARING AGENCY
REGISTRAR
"REGULAR WAY" TRADE
REINVESTMENT RISK
REJECTION
RELATED PORTFOLIO
RENEWAL AND REPLACEMENT FUND
REOFFERING SCALE
REPURCHASE AGREEMENT or REPO
REQUEST FOR TENDERS
RESERVE FUND
RESERVE MAINTENANCE FUND
RETAIL SALES
REVENUE ANTICIPATION NOTE
REVENUE BOND
REVENUE FUND
REVERSE REPURCHASE AGREEMENT or REVERSE or REVERSE REPO
ROUND LOT
RP
RULE 10b-5
SALLIE MAE
S.C.A.
SCALE
S.E.C.
SECONDARY MARKET
SECURITIES AND EXCHANGE COMMISSION or S.E.C.
SECURITIES INDUSTRY ASSOCIATION or S.I.A.
SECURITIES INVESTOR PROTECTION CORPORATION or SIPC
SECURITY
SECURITY FOR THE BONDS or SECURITY
SELF-SUPPORTING DEBT or SELF-LIQUIDATING DEBT
SELL-OUT
SELLING GROUP
SENIOR LIEN BONDS
SENIOR MANAGER
SERIAL BONDS
SERIAL ISSUE
SETTLEMENT
SETTLEMENT DATE
SEVERAL OBLIGATION
SHORT COUPON
SHORT POSITION
SHORT SALE
S.I.A.
SIGNATURE GUARANTEE
SINKING FUND
SIPC
SLGS
SLMA
SPECIAL ASSESSMENT
SPECIAL ASSESSMENT BOND
SPECIAL DISTRICTS
SPECIAL OBLIGATION BONDS-
SPECIAL TAX BOND
SPLIT RATINGS
SPREAD
STABILIZATION
STANDARD & POOR'S CORPORATION or S&P
STEPPED COUPON BONDS
STICKERING
"STREET" NAME
STRIKE PRICE
STRIP CALL
STRIP ORDER
STRUCTURING AN ISSUE
STUB PERIOD FINANCIALS or STUB PERIOD AUDIT
STUDENT LOAN MARKETING ASSOCIATION or SLMA or SALLIE MAE
SUITABILITY
SUPER SINKER
SUPPLEMENTAL COUPONS
SURPLUS FUND
SWAP
SYNDICATE
SYNDICATE ACCOUNT LETTER
SYNDICATE MANAGER
TAKE OR PAY CONTRACT
TAKE OUT
TAKEDOWN
TANs
TAX ANTICIPATION NOTE
TAX BASE
TAX or TAXES
TAX RATE
TAX RATE LIMIT
TAX ROLL
TAX SWAP
TAX-EXEMPT BOND
TAXABLE EQUIVALENT YIELD or TAXABLE YIELD EQUIVALENT
TENDER OFFER
TENDER OPTION
TENDER OPTION BOND
TERM BONDS
TERM ISSUE
30-DAY VISIBLE or 30-DAY VISIBLE SUPPLY
TIC
TOMBSTONE
TOTAL OVERALL DEBT
TRADE DATE
TRANSCRIPT OF PROCEEDINGS
TRANSFER
TRANSFER AGENT
TREASURY SECURITIES
TRIPLE EXEMPT or TRIPLE EXEMPTION
TRUE INTEREST COST BID
TRUE INTEREST COST or TIC
TRUST INDENTURE
TRUSTEE
TWO-SIDED MARKET
U.I.T.
UNDERWRITE or UNDERWRITING
UNDERWRITER
UNDERWRITER'S COUNSEL
UNDERWRITING AGREEMENT
UNDERWRITING PERIOD
UNDERWRITING SYNDICATE
UNDIVIDED ACCOUNT
UNEXPENDED FUNDS CALL or UNEXPENDED PROCEEDS CALL
UNIT INVESTMENT TRUST
UNLIMITED TAX BOND
UPGRADE
U.T.
WARRANT
WASH SALE
WESTERN ACCOUNT
"WHEN, AS AND IF ISSUED"
WOODEN TICKET
WORKABLE
YIELD CURVE
YIELD PRICE
YIELD TO CALL
YIELD TO MATURITY
YIELD TO OPTION
YIELD TO PUT OPTION
ZERO COUPON BOND
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