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  • New King Digital IPO Lawsuit Targets JP Morgan

    25 March 2015, 11:59 pm

    According to recently-filed court documents, King Digital Entertainment PLC (NYSE: KING ) and underwriters of its IPO, including JPMorgan Chase & Co. (NYSE: JPM ), Bank of America Corp (NYSE: BAC ) and ...


  • IPO Outlook: More Solar, More IPOs, More Fun T

    24 March 2015, 6:55 pm

    Finally, it looks like the IPO market is back on track with IPOs ranging from biotech to tech to financials. Investors finally have something to get excited about. SolarEdge Technologies (NASDAQ: SEDG ...


  • Why Shake Shack Reported a Loss in the Fourth

    20 March 2015, 10:05 pm

    Shake Shack's IPO led to ~$1.1 million in related expenses. Due to these expenses, Shake Shack reported a net loss of $1.4 billion in the fourth quarter.


  • GoDaddy Is Going Public And Its Ticker Symbol

    19 March 2015, 7:28 pm

    In times of few IPOs in the U.S., domain name registration and website hosting giant GoDaddy Inc. has filed for an initial public offering of at least 22 million Class A shares. The offering is expected ...


  • IPO Outlook: Valeritas Seeks Funding For Revol

    17 March 2015, 7:53 pm

    After a brief slowdown in the IPO market, insulin pump maker Valeritas Inc (NASDAQ: VLRX ) sets its sights on a $75 million offering for Friday March 20. The medical technology company will issue 5.0 million ...


  • Could Summit Materials Put The IPO Market Back

    12 March 2015, 7:13 pm

    The First Leveraged Buyout Of 2015 Hits The Public Markets Amid a quiet IPO market in the first quarter of 2015, attention this week shifts to Blackstone-backed construction materials company Summit Materials ...


  • Alibaba Shareholders Bracing For First Major L

    5 March 2015, 9:53 pm

    After a largely successful IPO on September 19, 2014, Alibaba Group Holding Ltd (NYSE: BABA ) has taken shareholders on quite a ride. Unfortunately, there may be a major bump in the road coming later this ...


 

Canadian Fixed Income

Our Canadian Bond Data service tracks corporate actions affecting listed and unlisted Canadian bonds on a daily basis. This service provides detailed information on 40 event types such as redemption, call & put options and interest payments for both fixed and floating rate bonds.

In addition to corporate actions data, we provide static data outlining key Terms and Conditions for all fixed income securities. The Canadian Fixed Income service covers a broad range of asset types including convertibles, FRN's, Permanent Interest Bearing Shares, Preferred Securities and Treasury Bills.

It is designed to help firms keep track of new bond issues or changes in Terms and Conditions of both corporate and government issuances.

It is this level of coverage and data quality that combine to provide investment firms with the necessary tools to reduce risk and maximize potential from the Fixed Income arena.

The data is available both online and as a data feed via FTP. It is also available under ISO 15022 Messaging standard.

Our Canadian bond data service has been developed to provide a high level of flexibility so firms can easily get a complete overview of changes affecting their own portfolio or the entire Canadian bond market.

Please contact us if you would like more information on our Canadian Fixed Income service.

If you have more international data needs please visit our global website for more information on our Worldwide Fixed Income service.

Exchange Coverage

The Fixed Income service displays the Country and Exchange where the security is listed in a 6 letter Exchange code. This code is made up by the 2 letter Country code and four letters from the Exchange name.

Country CodeCountryExchange CodeExchangeMIC
CACanadaCABNDCanada Unlisted Bond
CACanadaCACNQCanadian Securities ExchangeXCNQ
CACanadaCACVETSX Venture ExchangeXTSX
CACanadaCATSEToronto Stock ExchangeXTSE

** Note: This table is constantly being updated with new Exchanges covered.

Events Coverage

We have listed the events covered as well as their major fields. Our Canadian Fixed Income service divides events affecting debt securities into 3 main categories:

Note: V and M indicate if the event is either Voluntary or Mandatory.


Static Data Events

  • New Issue: Description of basic terms and conditions of a newly issued bond. Issuer; Bond Type; Debt Market; Tier; Coding (ISIN, CUSIP...); Par Value; Issue details (Date, Currency, Price, Amount...); Interest terms (Rate, Cumulative, Accrual Convention, Frequency, First Coupon Date, Pay Dates, Payment in Kind Indicator...); Tax details(Rates, Rules, Governing Law...); Regulation S/ Rule 144a; Coupon type (Fixed, Floating, Step Up...); FRN (Index Benchmark, Interest Adjustment Frequency, Margins, Rounding...); Maturity Terms (Structure, Price, Date, Business Day Convention, Benchmark...); Denomination (Minimum, Tradable, Multiple...); Tranche (Number, Date, Amount...); Conversion terms (Dates, Resultant Security, Price, FX Rate, Ratio...); Agency (Name, Relationship, Address, Depository Bank...); Paying Agent; Lead Manager; Redemption terms (Date; Type; Price; Premium Amount; Redemption Percentage...), Sinking Fund (Date; Currency; Amount; Amount as Percentage); Covered Pool indicator (Public, Mortgage, Ship, Aircraft...); Call/Put Option terms (Type; Notice From/To; Minimum/Maximum Notice Days; Price; Call-Put Price, Formula Based Price, Schedule dates, characterisation*...); Collateralized flag; Business Day Convention Centre (BDC)(BDC Applied To; Centre); Selling restriction (Country Code; Restriction); Security Agency (Agency Name; Relationship; Guarantee Type; Surety Period)
    * European, Bermudian, American...
  • International Code Change (M) Effective Date; Previous/Current ISIN; Previous/Current ...; Previous/Current Common Code; Event Type
  • Bond Static Change (M) Effective Date; Previous/Current Bond Type; Previous/Current Currency; Previous/Current Perpetual; Previous/Current Interest Basis; Previous/Current Interest Currency; Previous/Current Maturity Currency; Previous/Current Interest; Previous/Current Maturity Business Day Convention; Event Type
  • SEDOL™ Change (M) Effective Date; Previous/Current Country Code; Previous/Current Register Country; Previous/Current SEDOL™ Code
  • Local Code Change (M) Exchange Code; Effective Date; Previous/Current Local Code; Event Type
  • Incorporation Change: Change in the country of incorporation of the issuer. (M) Incorporation Change Date; Previous/Current Country Code; Event Type
  • Issuer Name Change (M) Name Change Date; Previous/Current Name; Event Type
  • Security Agency Change: Changes in a Security's agency and/or its relationship. (M) Effective Date; Previous/Current Relationship; Previous/Current Agency Code; Previous/Current Guarantee Type; Previous/Current Surety Period Start/End
  • Agency Change (M) Security Code; Country; Effective Date; Previous/Current Agency Code
  • Agency Details Change (M) Effective Date; Previous/Current Name; Previous/Current Address; Previous/Current Contacts
  • Registered Office Change (M) Effective Date; Previous/Current Head Office Details
  • Selling Restrictions Change (M) Country Code; Effective Date; Previous/Current Restriction
  • Maturity Change (M) Notification Date; Previous/Current Maturity Date; Previous/Current Maturity Benchmark; Reason; Event Type
  • Redemption (M/V) Effective Date; Redemption Type; Redemption Price; Redemption Price as Percentage; Redemption Amount; Redemption Percentage; Redemption Default; Post Default Payment; Event Type
  • Redemption Change (M) Effective Date; Previous/Current Redemption Date; Previous/Current Redemption Type; Previous/Current Currency; Previous/Current Redemption Price; Previous/Current Redemption Premium; Previous/Current Redemption Price as Percentage; Previous/Current Redemption Amount; Previous/Current Redemption Percentage; Event Type
  • Conversion Terms Change (M) Effective Date; Previous/Current From/To Dates; Previous/Current Resultant Ratio; Previous/Current Security Ratio; Previous/Current Currency; Previous/Current Conversion Price; Previous/Current Conversion Price as Percentage; Resultant Security Type; Previous/Current Resultant Security ID; Previous/Current FX Rate; Event Type
  • Interest Rate Change (M) Effective Date; Previous/Current Interest Rate; Event Type
  • Interest Basis Change (M) Effective Date; Previous/Current Interest Basis; Event Type
  • Interest Frequency Change (M) Effective Date; Previous/Current Interest Payment Frequency; Previous/Current Interest Pay Dates, Previous/Current Variable Interest Payment Date; Event Type


Distribution
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  • Currency Redenomination (M) Effective Date; Previous/Current Currency; Previous/Current Par Value; Event Type
  • Redenomination: Changes in Bonds' denomination which is due to part redemption, amortisation or Euro conversion. (M) Effective Date; Previous/Current Currency Code; Previous/Current Par Value; Currency Redenomination; Event Type
  • Reconvention (M) Effective Date; Previous/Current Interest Accrual Convention; Previous/Current Convention Method; Event Type
  • Interest (M) Record, Ex & Pay Dates; Interest From/To Dates; Days; Interest Default; Post Default Payment; FRN Fixings
  • Call (V) Call Number; Currency Code; To Face Value; To Premium; Due Date
  • Listing Status Change (M) Exchange Code; Notification/Effective Date; Status; Event Type
  • Bond Outstanding Value Change (M) Effective Date; Previous/Current Outstanding Value; Previous/Current Outstanding Date; Event Type
  • Interest Payment (M) Option; Interest Type; Interest Rate Percentage for the period; Annual Coupon Rate; Currency; Gross/Net Interest; Interest in Percentage; Domestic/Non-Resident Tax Rate; Agency Fees; Coupon Number; Coupon ID; Step Up coupon schedule; Bond Currency; Bond Par Value; Rescind Interest; Security Type; Resultant Security Code; Previous/Current Ratio; Fractions; Rescind Stock Interest; Default Option; Option Election Date


Securities Exchange
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  • Conversion (M/V) From/To Dates; Conversion Type; Resultant Security Type; Resultant Security; Currency; Price; Conversion Price as Percentage; FX Rate; Ratio; Fractions; Mandatory /Optional Part/Final

Note: SEDOL is a registered trademark of London Stock Exchange plc.

Event Glossary & Useful Terms


A

  • Accrued Interest
    The interest accruing on a security since the previous coupon date. If a security is sold between two payment days, the buyer usually compensates the seller for the interest accrued, either within the price or as a separate payment.
  • Agent Bank
    Bank appointed by members of an international syndicate to protect lenders interests during the life of a loan. >>see Syndicate.
  • Amortisation
    The reduction of principal or debt at regular intervals. This can be achieved via purchase or sinking fund.
  • Ask
    A market maker's price to sell a security, currency or any financial instrument. Also known as offer, a two way price comprises the bid and ask. The difference between the two quotations is spread. >>see also Bid.
  • At Par
    When a security is selling at a price that is equal to its face value.
  • Auction
    A public sale of security whereby the issuer invites authorised dealers to make bids in price or yield until the full amount of issue is sold. >>see also Dutch Auction.

B Back to top

  • Basis Point
    One hundredth of one per cent (of yield) or 0.01.
  • Bearer Bonds/Forms
    A bond for which physical possession of the certificate is proof of ownership. The issuer does not know the identity of holder. Interest payments are claimed by presenting coupons, clipped from the certificate to a paying agent. Eurobonds are usually issued in bearer form. These days bearer bonds are usually settled electronically, and while no register of ownership is kept by the issuer, coupon payments may be made electronically.
  • Benchmark
    A bond whose terms set a standard for the market. The benchmarks usually has the greatest liquidity, the highest turnover and is usually the most frequently quoted.
  • Bid
    A market maker's price to buy a security or instrument.
  • Book Entry
    Securities registered by the issuer, usually in computerised form, and for which there are no physical issues.
  • Book Runner
    The investment firm responsible for looking after the administration of a new bond issue. The book runner is responsible for tasks such as inviting others to subscribe and allocation tranches of the bonds.
  • Brady Bonds
    These bonds originated as syndicated bank credits to developing countries, denominated in the major Eurocurrencies. During the economic recession of the early 1980's, many developing countries ran out of foreign currency to meet their payment obligations of these loans. To restore confidence in the borrowers, much of this debt was converted into negotiable bonds backed by US Treasury , under a scheme introduced by the then US Treasury Secretary Nicholas Brady.
  • Bullet Bond
    Also known as a straight or fixed bond because it has no special features. It pays a fixed rate of interest and is redeemed in full on maturity. Interest is usually paid annually. >>see also Bonds and Maturity.
  • Busted Convertible
    A convertible issue of little value because the underlying stock has fallen below the conversion price.

C Back to top

  • Call Option
    An option which gives the issuer the right to repay the bond prior to maturity as described in terms and conditions of a bond. >>see also Put Option
  • Callable Bond
    A callable bond gives the issuer right to early redemption at a given price (redemption price) or a given date (call date). >>see also Puttable Bond
  • Call Provision
    A clause in bond's indenture, granting the issuer the right to buy back all or part of issue prior to maturity date.
  • Capped FRN
    A floating rate instrument with an embedded cap that places a maximum coupon rate of the issue. Stipulate a maximum ceiling on the interest rate payable.
  • Clean Price
    Present value of cash flow of a bond excluding accrued interest, the quoted price of a bond. >>see also Dirty Price.
  • Clearing House
    A clearing house is the administrative centre of the market through which all transactions are cleared. In addition to administering trades, the clearing house guarantees the performance of contracts. It becomes the counterparty to both the buyer and seller of a contract when a trade has been matched, treaty reducing counterparty risk.
  • Clearing System
    A system that facilitates the transfer of ownership for securities and arranges custody. >>See also CEDEL and Euroclear.
  • Collateral
    Assets used as a form of security for bond issuances. In case of default by the borrowers, the lenders (bondholders) have the legal right to claim those assets and sell them off to repay the loan.
  • Collateralised Mortgage Obligations (CMO)
    A mortgage-backed security in which payments by the borrower are passed into a pool from which principal and interest are paid to security holders class by class. CMOs were developed to solve the problem of uncertainty with regard to cash flows. They do this by creating different classes of bonds with different maturities , so that payments from the mortgage holders retire the bonds on a priority basis. >>see also Securitisation.
  • Common Code
    Cedel and Euroclear clearing security code. Nine digit code with XS prefix.
  • Conversion
    The process of converting a convertible security, such as a bond or preferred stock, into common stock.
  • Consent
    The process whereby issuer offers cash payments to holders for their acceptance of the proposed changes
  • Conversion Price
    For convertible bonds this is the price at which the existing security will be converted into the underlying security. Subject to change due to various capital events as stipulated in bonds terms and conditions.
  • Conversion Ratio
    The ratio fixed on the convertibility of a preferred share into a fixed number of common shares, or from a convertible bond into the underlying shares.
  • Convertible Bond
    A bond that is convertible into a fixed number of an issuing company's shares at a pre-set conversion price. This price usually represents a premium over the current or average price. Because of this inducement, the bond can carry a lower coupon at par. >>see also Bonds.
  • Convertible FRNs
    Convertible at investor's option into a fixed rate bond at any time during a stated period.
  • Coupon/ Coupon Rate
    Coupon is the interest paid on a bond expressed as a percentage of the face value. If a bond carries a fixed coupon, the interest is paid on an annual or semi-annual basis. The term also describes the detachable certificate entitling the bearer to payment of the interest. >> see also Bullet Bond and Bearer Forms.
  • Coupon Stripping
    Detaching the coupons from a bond and trading the principal repayment and coupon amounts separately, thus forming zero coupon bonds. >>see also Zero Coupon Bonds.
  • Credit Rating
    Credit ratings measure a borrower's creditworthiness and provide an international framework for comparing the credit quality of issuers and rated debt securities. Rating agencies allocate three kinds of rating: issuer credit rating, long-term debt and short-term debt. The top credit rating issued by the main agencies � Standard and Poor's, Moody's and Fitch IBCA is AAA or Aaa. This is reserved for a few sovereign and corporate issuers. Rating are divided into two broad groups: investment grade and speculative grade.
  • Current Coupon
    The prevailing coupon on a floating rate note or other variable rate security. >>see also Coupon.
  • Current Maturity
    The time remaining to maturity, an important factor in bond valuation. >>see also Maturity.
  • Current Yield
    A measure of the return a bondholder calculated as a ration of the coupon to the market price. It is simply the annual coupon rate divided by the clean price of the bond. >>See also YTM.
  • Custody
    The storing and safekeeping of securities together with maintaining the accurate records of their ownership.

D Back to top

  • Dated Date
    Date from which interest begins to accrue on a new issue, frequently the issue date.
  • Daycount Conventions
    Every bond market has its own system of determining the number of days in year and even the number of days between two coupon dates. These different methods are referred as daycount conventions and are important when calculating accrued interest and present value (when the next coupon is less than a full coupon period away).
  • Debenture Bond
    Debt not secured by a specific property but which gives bondholders the claim of general creditors over all assets that are not specifically pledged elsewhere.
  • Debt
    Financial instruments, such as bonds, that represent loans to borrowers. Debt instruments have a defined life, a maturity date and normally a fixed rate. Debt instruments fall into three broad categories: sovereign, government and corporate.
  • Debt for Equity Swap
    A debtor country buys back its foreign debt at a discount in line with market conditions for local currency that the creditor can then use to invest in one of nation's companies. The debtor country is then said to have securitised the debt.
  • Default
    Failure to meet an obligation such as payment of interest or principal. Technically the borrower does not default. The initiative comes from the lender who declares the borrower in default.
  • Deferred Coupon FRNs
    A bond that delays coupon (interest) payment for the first few years, paying it in a lump sum at maturity. It is aimed at investors who want delayed cash flow and who also seek a lower tax bill in early years when their income might be higher than in later years. >> See also Coupon.
  • Deferred Coupon FRNs
    FRN that pays no interest for a fixed period and then pays interest for its remaining life at a wide spread over the appropriate index.
  • Dirty Price
    Present value of the cash flow of a bond including accrued interest. Also known as gross price. >> See also Clean Price.
  • Discount Rate
    Interest Rate at which a central bank will discount government paper or lend money against government paper collateral.
  • Disposal of Assets Covenant
    This sets a limit on the amount of assets that can be disposed of by the borrower during the tenor (term to maturity) to the debt.
  • Domestic Bonds
    Issued by local governments, government agencies, local governmental authorities and corporations in local currency, traded on a local stock exchange.
  • Drop-lock FRNs
    Automatically convert into fixed rate bonds when short term interest rates fall below a specified level.
  • Dual Currency Bond
    A bond that pays a coupon in one currency, but is redeemed for a fixed amount of another currency. Investors usually get an above market coupon, but run the risk that, in this example, the dollar would fall below the exchange rate implied when the amount was fixed. These bonds are attractive to borrowers who operate in the redemption currency because they have no long-term exchange rate risk. For other borrowers, the guaranteed exchange rate can be used in swap, for example, with corporations having liabilities in currency of issue.
  • Duration
    A measure of the average maturity of a bond's cash flows - the coupon payments and principal. Quoted in years, duration indicates the average exposure to market risk. It allows bonds with different coupons and maturities to be compared. Also known as Macauley Duration. >> See also Coupon.
  • Dutch Auction
    An auction where the price is lowered gradually - from a price well above the true value - until a responsive bid is seen. This then becomes the price at which the offering is sold. The US Treasury sells its Treasury bills using a similar basis where the bids are termed tenders. >> See also Treasury Bill.

E Back to top

  • Early Redemption
    The repurchase of a bond before maturity by the issuer.
  • Euro-Denominated Interbank Offered Rate (EURIBOR)
    The Europe -wide version of the London interbank offered rates that serves as a benchmark short-term interest rate for European money markets.
  • Eurobond
    Eurobonds are issued in a specific currency outside the currency's domicile. They are not subject to withholding tax and fall outside the jurisdiction of any one country. The Eurobond market is based in London.
  • Eurocurrency
    A currency that is held on deposit outside its country of origin. The most extensively used Eurocurrency is Eurodollar.
  • Ex-date
    The first date on which a security is traded without entitling the buyer to receive income distribution.

F Back to top

  • Face Value
    Apparent worth. The nominal value that appears on the face value of the document recording an entitlement, generally a certificate of bond. For debt instruments, the amount to be repaid at maturity. Known also as par value or nominal value.
  • First Coupon
    The date on which an initial interest payment is due on a bond.
  • Fiscal Agent
    >> See Paying Agent.
  • Fixed/Floating Bonds
    Bonds that pay both fixed- and floating-rating interest at different periods during their life.
  • Fixed Income
    The generic term for debt instruments, such as bonds and loans, which pay interest in the form of a coupon. The rate of interest is often fixed, hence the term fixed income.
  • Floating Debt
    Debt with a floating interest rate as opposed to fixed.
  • Floating Rate Bond
    A bond with a variable interest rate as opposed to fixed.
  • Floating Rate Note (FRN)
    Floating rate note. A medium-term debt instrument that pays regular coupons but those coupons are not fixed. Instead the coupon rates are adjusted periodically in line with short-term interest rates such as LIBOR or EURIBOR. >> See also Coupon and Euribor.
  • Floors
    In FRNs the coupon cannot fall below a specified minimum rate.
  • Foreign Bond
    A bond issued on the domestic capital market by a foreign borrower and denominated in the domestic currency. These bonds have different names according to the currency of issue such as bulldog bond, matador bond, samurai bond and yankee bond.
  • Fungible
    The term used to describe when one instrument is identical to, and therefore interchangeable with another. A fungible bond is a new issue which is attached to an existing issue in the sense that it has the same specifications, other than price. If a bond is fungible, it can be exchanged for an existing bond with the same characteristics.

G-H Back to top

  • Gearing Ratio Covenant
    This places a restriction on the total borrowings of the company during the tenor of the bond.
  • Gilt-Edged
    A term used to describe securities that carry little risk. Government bonds in the UK and South Africa are known as gilts.
  • Government Domestic
    Bonds issued by local governments, government agencies, local government authorities in local currency, traded on a local stock exchange.
  • Government Eurobond
    Bonds issued by local governments, government agencies, local government authorities in local currency, traded on local and international stock exchanges, usually London and Luxembourg. ISIN code has usually a prefix XS or US for rule 144.
  • Government Foreign
    Issued by local governments, government agencies, local governmental authorities in foreign currency, traded on exchange of that particular currency. For example German bond issued in CHF, traded in Zurich would be foreign bond. The ISIN has a prefix CH.
  • Grace Period
    The time period agreed by the lender whereby the borrower does not start to repay the principal for a number of years although interest payments are made.
  • Gross Price
    >> See Dirty Price.
  • Guaranteed Bonds
    Bonds guaranteed by a particular government or assets of a company as described in the terms and conditions of a bond.
  • Holder of Record
    The name of the owner of a security as recorded in the issuing company's records.

I Back to top

  • Index-linked Bonds
    Bonds in which the coupons are linked to a retail or consumer price index.

    >>Capital-Index-Linked Bonds - the coupon rate is specified in real terms. Interest payments equal the coupon rate multiplied by the inflation - adjusted principal amount. These types of bonds have been issued in Australia, Canada, New Zealand, the UK and the USA.

    >>Zero-Coupon Indexed Bonds - these pay no coupons but the principal repayment is scaled for inflation. These types of bonds have been issued in Sweden.

    >>Indexed-Annuity Bonds - the payments consist of a fixed annuity payment and varying element to compensate for inflation. These types of bonds have been issued in Australia, although not by the central government.

    >>Coupon Stripping Features on Index Linked bonds - some countries allow market practitioners to strip indexed bonds which enables them to create new inflation-linked products that are more specific to investor needs, such as indexed annuities or differed payment indexed bonds.
  • Index-linked Gilts
    They have their coupons and principal amounts adjusted to reflect changes in the retail prices index (RPI), with an eight month tag. This time lag is to allow for the next coupon uplift to be calculated and known before the bond is traded.
  • Inverse FRNs These pay interest in an inverse relationship to movements in benchmark interest rate.
  • ISIN
    International Securities Identification Number consisting of twelve characters.
  • Interest Rate
    Compensation that the borrower pays to lender for use of the funds. It may be payable monthly, quarterly, half-yearly, annually or bi-annually. >> See Coupon Rate
  • Issue Date
    The date from where the bond accumulates the interest or becomes alive.
  • Issue Price
    Percentage amount of the denomination that a bondholder is required to pay in order to purchase the bond.
  • Issuer
    There are four issuers of Bonds, namely: Sovereign governments and their agencies (Governmental bonds), Local government authorities (Municipal bonds), Supranational bodies such as the World Bank (Supranational bonds) and Corporations (Corporate Bonds).

L -M Back to top

  • Lead Manager/Underwriter
    The institution awarded the mandate by a borrower to raise money via a bond or loan. The lead manager guarantees the liquidity of the deal, arranges the syndication of the issue and undertakes a major underwriting and distribution commitment. The lead manager forms a syndicate of co-lead managers, co-managers and underwriters.
  • Loan Stock
    Unsecured stock delivered to an entity that has furnished a loan for a company. Loan stock earns interest rate at a fixed rate.
  • London Interbank Offered Rate (LIBOR)
    The rate at which banks are prepared to lend money market funds to each other. LIBOR is a key interest rate level and used for setting rates on loans and floating rate notes.
  • Maturity
    A length of time between the issue of a security and date on which it becomes payable in full. Most bonds are issued with a fixed maturity date. Those without are known as perpetuals.
  • Maturity Date
    The date when a security becomes payable in full.
  • Maturity Date Change
    Change in the maturity date of the instrument.
  • Maturity Value
    The amount to be paid back at maturity; in bond trading also called principal.
  • Medium-term Notes (MTN)
    Medium-term notes. Borrowings out to about five years typically issued under a similar borrowing facility for commercial paper. MTNs issued in the Euromarkets are known as EMTNs.
  • Mini-Max FRNs
    Have a lower limit of interest payable (floor) as well as cap.
  • Mismatch (or rolling rate) FRNs
    Coupons are reset every month (usually based on LIBOR) but are only paid quarterly or semi-annually.
  • Mortgage Debenture
    Mortgage Debenture gives bondholders a charge over the pledged assets, called a lien. Where companies do not own fixed assets or other real property they often offer as collateral securities of other companies that they hold.
  • Municipal Notes
    Short-term US securities, typically out to three years maximum, issued by state and local governments and agencies. Commonly known as munis. Types of municipal notes include: tax anticipation notes (TANs); revenue anticipation notes (RANs); grant anticipation notes (GRANs); bonds anticipation notes (BANs); tax exempt commercial paper.

N - O Back to top

  • Negative Pledge
    Clause in bond agreement which prevents the borrower from pledging greater security of collateral to other lenders.
  • New Issue
    A security that is being offered for sale in the primary market.
  • Nominal Interest Rates
    The interest rate expressed in money terms. >> See also Real Interest Rate.
  • Non-Competitive Bid Auctions
    Bidding that does not include a yield, only the quantity. The investor then pays the average price determined by competitive bidders. The bids allow small investors to participate in the auction. Since non-competitive bids are given priority and are awarded the full allocation, they could only reduce amounts available to competitive bidders.
  • Odd Coupon
    This occurs when the firs or last coupon period is longer or shorter than the nominal coupon period.
  • Odd Lot Trade
    A block of securities that is smaller that the standard lot size traded in the market. The price can very from the current market value.
  • On-The-Run Issue
    The most recent issue of a security, which would be trading with a narrower spread than the older, off-the-run, issues. As an issue ages its liquidity decreases and the spread tends to widen.

P Back to top

  • Par Bond
    Bond issued at par, or, in debt restructuring , swapped for old debt at par to provide debt service reduction.
  • Par Value
    >> See Face Value.
  • Pari Passu
    Securities issued with pari passu clause rank equally with existing securities of the same class.
  • Participation Certificate
    In the US, represents an interest in mortgage loans. The buyer receives the cash flows and is the owner financially, although the seller remains the mortgagee of record.
  • Partly Paid
    A system of payment that allows shareholders or bondholders to pay only part of the determined price for a new issue, the rest being settled on a fixed future date.
  • Pass-through Certificate
    Represents an interest in a pool mortgages on which payments received on the underlying pool are passed through to the investor by the firm servicing the mortgage payments.
  • Pay Date
    The date when the interest is due to a bondholder.
  • Paying Agent
    Institution appointed to supervise payment and, for floating rate notes, sets interest rates.
  • Payment Date
    The date on which a coupon payment is due to be made.
  • Perpetual Note
    A floating-rate note that has no final maturity. For this privilege, the borrower pays a higher margin over a relevant base interest rate. As they will never be repaid, the notes assume the characteristics of an equity prices.
  • Premium
    Generally used to describe when something is trading above its normal price.
  • Prospectus
    Document provided by the issuing company giving detailed terms and conditions of a new stock or debt offering.
  • Put Option
    An option giving the buyer or the holder the right to sell the underlying at an agreed price within a specified time. The seller or writer has the obligation to buy. >> See also Call Option.
  • Puttable Bonds
    A bond is described as puttable or having a put feature when the holder has the right to sell the bond back to the issuer at a specific date before maturity. The repurchase price, which may be at par, premium or discount, is specified at the time of issue. >> See also Callable bonds.

R Back to top

  • Ranking
    Denotes where a bond stands in relation to priority claims from a lender upon a default by the borrower. Senior debt earns high priority if lenders have to reclaim funds, hence the bond issue terms can be less onerous for the borrower. Subordinated debt ranks a bond lower down the scale, has a borrower has to offer a lender more advantageous terms.
  • Rate of Return
    The return on an investment. For the company this would be net profits expressed as percentage of average capital employed.
  • Real Interest Rates
    The actual rate of return calculated by deducing the inflation rate from the current interest rate. Also known as real yield. >> See also Nominal Interest Rates.
  • Real Yield
    >> See Real Interest Rates.
  • Reconvention
    Change of Daycount convention; mainly due to Euro conversion.
  • Record Date
    The date on which a bondholder must be the official owner of bonds to be entitled to the interest payment. >> See also Ex-date.
  • Redemption
    The repurchase of a bond at maturity by the issuer.
  • Redemption Terms Change
    Changes in the redemption terms for a bond.
  • Redemption Yield
    Current yield increased or decreased to take account of the capital gain or loss on redemption.
  • Redenomination
    Process that was applied on the fixed income instruments of EMU member states on 1-4 January 1999. This process is expected to be mirrored as more members join-in.
  • Rediscount
    Purchase before maturity by a central bank of a government obligation or other financial instrument already discounted in the money market.
  • Refinancing
    The issuing of a new debt to replace old. A borrower pays off one loan with the proceeds from another provided by other lenders. If the lenders are effectively the same then it could technically be called a rescheduling. Bankers might use the term refinancing. >> See also Restructuring.
  • Refunding
    Rollover of government debt by replacing one issue with another, the maturity of which is deferred to a later date.
  • Refunding Operations
    The quarterly auction of US Treasury securities with maturities of three and ten years in months of February, May, August and November, together with the semi-annual auction of the 30-year in February and August form part of refunding operations of the US Treasury.
  • Registered Form
    A security that is registered in the books of the issuer in the name of the owner. Securities are kept in either registered or bearer form and the government bonds are most commonly registered. >> See also Bearer Form.
  • Renominalisation
    Due to Euro conversion. The nominal value of the bonds is adjusted to achieve nominal bond value considered appropriate in EURO.
  • Rescheduling
    A borrower delays redemption of principal under the terms of a new repayment schedule. Interest continues to be paid and the rate of interest can be raised or lowered. >> See also Refinancing and Restructuring.
  • Restructuring
    A process whereby a borrower arranges to replace debt of one maturity with debt of another maturity. >> See also Refinancing and Rescheduling.
  • Round Lot Trade
    The most common block of securities or commodities trading in that market.

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  • Sealed Bid
    A process whereby the issuer offers to the holders to submit confidential bids for the purchase of issuer's principal.
  • Secured Bonds
    A corporate that is seeking lower cost debt, or that does not have significantly high credit rating, may issue secured debt. The security offered may be fixed to a specific asset tied to the loan or floating, meaning that the general assets of the company are offered as security for the loan, but not any specific asset.
  • Securitisation
    Securitisation was introduced int the US market which remains the dominant market for this types of securities. In the sterling market all public mortgage-backed and asset backed securities are explicitly rated by Moody's and /or Standard and Poor's.
  • SEDOL™ Code
    Stock Exchange Daily Official List. A seven digit code assigned by London Stock Exchange for all listed securities held by its members.
  • Serial FRNs
    Have a mandatory amortisation. Unlike sinking fund securities which are redeemed by lot or purchased randomly, each individual note is amortised systematically with principal repayment coupons with paid interest coupons.
  • Short First Coupon
    The first interest payment on a recently issued bond that includes less than the normal semi-annual or annual payment.
  • Sinking fund
    This type of provision for repayment of corporate debt is designed to retire all of a bond issue by the maturity date or it may be arranged to pay off only a part of the total by the end of the term. If only a part is paid off, the remaining balance is known as balloon maturity. The purpose of sinking fund is to reduce the credit risk attached to the bond. In most cases the issuer will repay by making a cash payment of the face amount of the bonds to be redeemed to the bond trustee, who will call the bonds for repayment by drawing serial numbers randomly, or by delivering to the trustee bonds with a total face value equal to the amount that must be retired from bonds purchased in the open market. The sinking fund call price, as with callable bonds in general, is the par value of bonds, although in a few cases there may be a set percentage of par that isredeemable.
  • Step-Down FRNs
    FRN with interest paid at a declining spread over the index. After a period the note is callable at par.
  • Step-Up FRNs
    Bonds where after a period of time the coupon rate is increased to compensate for low (or zero) coupon rate at the start of bonds life.
  • Straight Bond
    >> See Bullet Bond.
  • Stripping
    >>see Coupon Stripping.
  • Sukuk Bond
    Islamic bond, structured in accordance with Sharia'a principles, does not pay interest, but generate regular payments based on leasing or rental income.
  • Supranational
    Agency that raises money in world capital markets to fund investment in developing countries or large projects. Supranational are owned by a consortium of national governments. They include World Bank and EBRD.
  • Syndicate
    Group of institutions responsible for issuing debt. A syndicate assembles to share the risk of an issue and split it into manageable amounts.

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  • Term to Maturity
    A time period from issue date to maturity date.
  • Tranche
    Term used to describe portion allocation or installment. One of a series of two or more issues with the same coupon rate and maturity date. The tranches becomes fungible at a future date, usually just after the first coupon date.
  • Treasury Bond
    Government debt security issued with a maturity of ten years or more traded in the capital markets. Treasury bonds are issued with a fixed coupon.
  • Treasury Note
    Government debt security issued with maturities of two to ten years and traded in capital markets. Treasury notes bear a fixed coupon.
  • Underwriting
    A form of insurance whereby, an underwriter agrees for a fee to take up a specific quantity of new issue at the issue price if there is insufficient demand.
  • Variable Coupon Renewable Note (VCR)
    A form of frequently repriced debt instrument. After an initial period during which the coupon rate is reset based on an index rate, the issue is automatically renewed each quarter.
  • Variable Rate
    A periodically adjusted rate, usually based on a standard market rate.
  • Variable Rate Note (VRN)
    FRN where the spread over an index will vary over the life of the issue, being fixed at the start of each coupon period by a remarketing process,
  • Variable Redemption Bond
    A bond whose redemption value is linked to variable such as the USD/JPY exchange rate, the performance of the US Treasury 30-year bond, a stock index or gold price. Often issued in bull and bear portions, or tranches.
  • Yield to Maturity (YTM)
    A key consideration when comparing bond investments. It is annualised rate of return of a bond, namely the interest rate that makes the present value of the bond's future cash equal to the present price of eh bond. It assumes the bond will be held to maturity and that the coupon will be reinvested at the same rate.
  • Zero Coupon Bond
    A bond that pays on coupon but is issued at a deep discount to face value. The difference between the issue and redemption price creates a hefty capital gain, which boosts the yield close to the market levels. As it does not pay a coupon, investors do not run the risk of reinvesting interest aid at a lover rate if interest rates fall during the life of the bond.

Note: SEDOL is a registered trademark of London Stock Exchange plc.

EVENT ACTION TYPE (VOLUNTARY vs. MANDATORY)

VOLUNTARY EVENT: When the shareholder has the option to participate in the event. Some examples are:

  • Call/Put Option

MANDATORY EVENT: When the shareholder has no option BUT to participate in the event. Some examples are:

  • Angency Change
  • Issuer Name Change
  • Agency Details Change
  • Listing Status
  • Bond Oustanding Value Change
  • Local Code Change
  • Bond Static Change
  • Maturity Change
  • Conversion Terms Change
  • Reconvention
  • Country of Incorporation Change
  • Redenomination
  • Currency Redenomination
  • Redenomination Terms Change
  • Interest Basis Change
  • Security Agency Change
  • Interest Frequency Change
  • Security Name Change
  • Interest Payment
  • Sedol™ Change
  • Interest Rate Change
  • Selling Restriction
  • International Code Change

MIXED EVENT: Events which are Mandatory as well as Voluntary (M/W).

  • Conversion
  • Redemption

Note: SEDOL is a registered trademark of London Stock Exchange plc.

Canadian Fixed Income Service - Monthly Statistics

Here is a non-exhaustive list of events we have captured last month.

MonthEvent TypeInserted

Note: These statistics were based on the issuer's country of incorporation