Glossary

The definitive guide to investment banking

Please select a category according to alphabet or search for a specific definition.

ABN AMRO Rothschild (AAR)

ABN AMRO Rothschild (AAR) is a joint venture offering international equity capital markets services, which has acted in a lead distribution or advisory role in many of Europe's largest transactions to date.

ACCA

ACCA is the professional qualification for Certified Accountants that is offered as part of our Finance and Accounting graduate programme. Highly regarded throughout the business world, it enables you to work in any aspect of finance or management in any business.

Acquisition

An Acquisition is the purchase by one company of a controlling interest in another. We carried out the $13.1 billion acquisition facility for Gazprom in Russia.

Actuary

An Actuary is an expert in statistics, traditionally employed by insurance companies, pension funds and so on to calculate risks, premiums and dividends. Actuaries can also be asked to advise on the implications of almost any major business decision.

Aftermarket

Aftermarket is the period of dealing following the primary market when a new security is issued. It’s also known as secondary market.

Appreciate

To Appreciate means to increase in value.

Arbitrage

Arbitrage is the simultaneous purchase and sale of a security (or a synthetic replication of the security) in order to profit from a differential in the price. Also known as a 'riskless profit'.

Asset

An Asset is anything with value.

Automotive and Industrials

Our Global Automotive and Industrials group is dedicated to automotive, aerospace, defence and manufacturing companies worldwide.

Back office

The Back office is the part of a bank or stockbroking firm that processes the paperwork supporting any deal.

Balance sheet

A Balance sheet is a statement produced by a business or organisation to show its financial position on a specific date listing assets, liabilities and equity.

Banker magazine

According to The Banker magazine in July 2005, ABN AMRO is the tenth largest bank in Europe and the 16th largest bank in the world, based on total assets.

Banker Technology Awards 2005

At the Banker Technology Awards 2005, we won the award for Best Risk Management Technology.

Bear*

A Bear is someone who anticipates a drop in prices.

Bid price

The Bid price is the price at which a trader is willing to buy an asset.

BIMBO

BIMBO is an acronym for buy-in management buy-out.

Bloomberg

Bloomberg is an online source of news and financial information.

Blue chips

Blue chips are stocks or shares in top quoted companies that are considered to be reliable, low-risk investments

Bonds

Bonds are interest-bearing securities, issued by governments, businesses, banks and other institutions to raise funds. Interest payments may be fixed or floating. ABN AMRO's global retail distribution group provides a wide range of government bonds, corporate bonds, structured notes and credit linked notes.

Bull

A Bull is someone who anticipates a rise in prices.

Business Units

ABN AMRO is organised into a number of Business Units. These units are responsible for managing a distinct region, client segment or product segment, while also sharing expertise and operational excellence across the Group.

Buy-out

A Buy-out is the purchase of shares in order to achieve control of a company.

Call

A Call is a demand to repay a loan or bond.

Call option

A Call option is a contract providing the right (but not the obligation) to buy an asset at a specified price within a specified period.

Capital

Capital means the wealth that is available to a business or individual for the purpose of generating more income through investment.

Capital markets

Capital markets is the market for trading in long-term capital.

Cash breaks

Cash breaks are cash accounts that monitor the movement of money between accounts. This involves evaluating discrepancies and assessing where manual adjustments need to be made. As a Finance and Accounting graduate you will work on these. Also known as Nostros.

Central bank

A Central bank is at the centre of a country’s monetary system that administers monetary policy. It may also manage the national debt and supervise the banking system.

Charity of the Year

In 2006/7 our Charity of the Year in London is Richard House Hospice, London’s first children’s hospice. We aim to raise at least £150,000 for Richard House to help fund critically important support and care services for children and their families across London.

Chemicals

Our award-winning Chemicals team has substantial experience in many chemical and economic cycles and delivers bespoke solutions.

Chinese wall

A Chinese wall is an invisible communication barrier between the investment banking, research and trading departments of a bank or broker. Erected to prevent the sharing of inside information.

CIMA

CIMA is the professional qualification for Management Accountants. CIMA focuses on financial management rather than audit and is an internationally recognised business accreditation. You can study for CIMA on our Finance and Accounting graduate programme.

Clearing bank

A Clearing bank is a commercial bank that collects and disburses funds relating to issued cheques.

Collateral

Collateral is a security pledged for the repayment of a loan.

Commercial Client Segment

Our Commercial Client Segment team serves over 80,000 small and medium-sized enterprises large corporates across the globe. Working across business units, the team exploits our global position to ensure success and best practice are shared across the whole bank, identifying and enabling global commercial initiatives, facilitating local partnerships and innovation and promoting cross-selling. We are a leading player in this segment in the Netherlands, the US Midwest and Brazil.

Commodity

A Commodity is a raw material or primary product, such as sugar, cotton and precious metals, used as exchangeable units of wealth.

Compliance department

The Compliance department in an organised stock exchange ensures all companies, traders and brokerage firms comply with the regulatory body and exchange rules and regulations.

Consumer Client Segment

Our Consumer Client Segment team serves more than 20 million consumer banking customers worldwide. Working across business units, the team exploits our global position to ensure success and best practice are shared across the whole bank, identifying and enabling global commercial initiatives, facilitating local partnerships and innovation and promoting cross-selling. We are a leading player in this segment in the Netherlands, the US Midwest and Brazil.

Control function

The Control function is the Finance and Accounting team that investigates account discrepancies, ensuring the account status is managed, and producing foreign exchange and interest rate reports to monitor assets and liabilities.

Conversion

A Conversion or Convertible is the exchange of one type of security, such as a convertible bond, into another type, such as equity.

Convertible

A Conversion or Convertible is the exchange of one type of security, such as a convertible bond, into another type, such as equity.

Corporate broking

Corporate broking is the provision of equity execution and advisory services to corporate clients. Represented within ABN AMRO by Hoare Govett.

Covered bonds

Covered bonds are securities backed by mortgages or public sector loans that remain on the issuer’s balance sheet. ABN AMRO is the world’s number one covered bonds house, conducting transactions such as leading the 4 billion euro Covered Bond for Banco Santander.

Credit House of the Year

ABN AMRO was awarded Credit House of the Year in 2005 by Structured Products magazine.

Dead cat bounce*

Dead cat bounce is a temporary increase in the value of a stock following a dramatic decline.

Dealer

A Dealer is someone who buys and sells securities.

Deals of the Year

In 2005 ABN AMRO earned a number of Deals of the Year awards. In Project Finance magazine’s Special Report on Deals of the Year, we were awarded Australian Deal of the Year, Asian Power Deal of the Year and Asian Oil and Gas Deal of the Year. In the Euromoney Deals of the Year, 2005, we were awarded Best High Yield Bond and Best Agency Deal.

Debt House

ABN AMRO was recognized by international finance magazine Euromoney as the Best Debt House in the Middle East in 2006.

Demerger

In Australia, we carried out the AUD3.75 billion Demerger of Foodland Association Ltd. and its subsequent sale to Woolworths and Metcash.

Depreciation

Depreciation is the reduction in value of an asset through use, wear and tear or obsolescence, or the allocation of this cost over the depreciable life of the asset.

Derivatives

Derivatives is a generic term for financial instruments such as futures, swaps and options, whose value is derived from an underlying asset. ABN AMRO has an excellent track record of working closely with European blue-chip companies to provide effective derivative solutions.

Disclosure

Disclosure is the enforced or voluntary publication of information – especially financial information – typically to comply with legislation or regulatory requirements.

Discounted Cash Flow (DCF)

Discounted Cash Flow is the valuation of future cash flows in present value terms.

Dividend

A Dividend is the distribution of a company’s net profits to its shareholders.

Dow Jones indexes

Dow Jones indexes are the indices of closing prices of securities quoted on the New York Stock Exchange. The Dow Jones Industrial Average (DJIA) shows the average of the 30 leading shares.

Dragon*

The Dragon economies are those of nations that form the second wave of newly industrialised countries – Indonesia, Malaysia, the Philippines and Thailand.

Dubai Quality Appreciation Award

ABN AMRO was awarded the Dubai Quality Appreciation Award in 2005 by Al Bayan magazine.

Due diligence

Due diligence is an investigation into a company's background and financial reliability – for example, when it is about to issue new securities, or when it is about to be taken over. Analysts in ABN AMRO's M&A pool are involved in conducting due diligence through the in-depth analysis of the company's records.

Eastern Europe

Our Transaction Banking business was voted Number 1 for Client Service in Eastern Europe by Euromoney magazine In December 2005.

EBIT

EBIT is the acronym for earnings before Interest and Tax.

EBITDA

EBITDA is the acronym for earnings before Interest, Tax, Depreciation and Amortisation.

Emerging markets

Emerging markets are the securities markets of countries that are newly industrialised or where capital markets have only been established relatively recently. ABN AMRO has a significant presence in emerging markets throughout Asia, Central and Eastern Europe, the Middle East, Africa and Latin America.

Equities

Equities is another name for ordinary shares.

Equity

Equity is the value of a company after all liabilities have been taken into account.

Equity capital markets (ECM).

Equity capital markets is the market for large-scale equity offerings such as initial public offerings and privatizations. In ECM graduates can enjoy a six-month rotational programme. See also: ABN AMRO Rothschild.

Equity derivatives

Equity derivatives are financial instruments based on dealings in ordinary shares. Equity derivatives form a core component of ABN AMRO’s broad range of global equity products.

Euromoney magazine

Euromoney magazine gave ABN AMRO the award for Best Electronic Service Provider in Trade Finance in 2005.

Exchange traded

Something Exchange traded has been traded on an organised exchange such as futures contracts on the Chicago Board of Trade.

Exercise price

The Exercise price is the price at which an underlying asset can be purchased (or sold) under a call (or put) option.

Finance

To Finance something is to provide funds as and when they are required, typically through loans, equity or grants.

Finance house

A Finance house is a financial institution that lends money to businesses and individuals through various forms of instalment credit, especially hire purchase.

Financial engineering

Financial engineering is the act of combining or carving up existing instruments to create new financial products.

Financial Times share indices

The Financial Times share indices are the indices of securities prices. The most familiar is the FTSE 100 (often referred to as the 'Footsie 100'), which is a weighted average, calculated minute by minute, of the market capitalisation of the 100 largest quoted companies on the London Stock Exchange.

Fixed income instruments

Fixed income instruments are assets that pay a fixed cash amount, such as bonds and preferred stock.

Fixed income market

The Fixed income market is the market for trading bonds and preferred stock.

Floating rate

The Floating rate is the rate of interest is fixed periodically based on a relationship with an index, such as LIBOR.

Flotation*

Flotation is the process of launching shares or bonds.

Football

The Football team we sponsor in the Netherlands is AFC Ajax of Amsterdam.

Foreign exchange

Foreign exchange is the sale and purchase of foreign currencies – also known as Forex and FX. With operations in over 40 countries, serviced by key hubs in Amsterdam, London, New York, Chicago, Singapore and Sydney, ABN AMRO provides market-leading Foreign Exchange solutions.

Forex

Front office

The Front office is the sales and trading people who generate revenues in a brokerage, insurance, or other financial services operation.

FTSE Index

See Financial Times share indices.

Fund

A Fund is a sum of money entrusted to a financial services provider for investment and management.

Futures

Futures are exchange traded instruments allowing the purchase or sale of underlying assets at an agreed price at some date in the future.

GFM

See Global financial markets

Gilts

Gilts are UK government securities.

Global Consumers

Our Global Consumers group comprises Senior Relationship Bankers supported by specialist teams covering five categories: Beverages, Food and Tobacco, Retail, Household and Personal Care, and Hospitality, Gaming and Leisure.

Global financial markets

Global financial markets involves the international trade in major debt, equity and foreign exchange products.

Global network

We started our Global network early, with the first international branch opening in Batavia (now Jakarta in Indonesia) in 1826. ABN AMRO has over 3,500 branches in almost 60 countries and territories worldwide.

Grey market

The Grey market is the trade in securities before they have been officially issued.

Gross Domestic Product (GDP)

Gross Domestic Product (GDP) is the market value of goods and services produced by a country inside its own borders.

Gross National Product (GNP)

Gross National Product (GNP) is the market value of goods and services produced by a country, including income from investment abroad.

Hang Seng Index

The Hang Seng Index is an index of the 33 leading stocks on the Hong Kong Stock Exchange.

Hedge

A Hedge is a transaction that is used to offset risk.

High profile

The High profile, award-winning transactions our Global Clients business unit executed in 2005 included the 1.29 billion euro acquisition of Priory Group by ABN AMRO.

Hoare Govett

Hoare Govett is a franchise through which ABN AMRO offers corporate broking services in the UK. Consistently ranked as a leading UK corporate broker, Hoare Govett offers independent market advice to 140 clients, including 25 of the FTSE 100.

Hybrid capital

As a leading book runner of Hybrid capital in Europe and Latin America, our Financial Institutions and Public Sector business unit has built a reputation as a provider of innovative solutions.

IFR

In 2005 IFR voted our Global Markets business unit as Covered Bond House of the Year and EMEA Emerging Market Loan House of the Year.

Income

In 2005, ABN AMRO's operating Income was over €19.8 billion.

Indexation

Indexation is the process of automatically linking prices with monetary obligations. For example, the interest on government issued securities may be linked to changes in the retail price index. It's also known as index-linking.

Index-linking

See Indexation.

Inflation*

Inflation is a percentage measure of the amount by which the prices of goods and services rise in the economy over a period of time, usually one year.

Initial public offering (IPO)

An Initial public offering (IPO) is the first time a corporation offers its shares to the investing public.

Insider dealing

Insider dealing is the process of using material information in order to gain an unfair advantage in the buying and selling of securities.

Institutional investors

Institutional investors are organisations that invest funds on a large scale, such as pension funds, unit trusts and insurance companies.

Instrument

An Instrument is a financing medium such as a bond.

Investment banks

Investment banks are financial institutions that offer a variety of financial services such as acting as intermediaries between issuers and investors, advising companies on financial matters, and dealing in securities.

ISE/Nikkei 50 Index

The ISE/Nikkei 50 Index is an index of the top 50 Japanese equities traded on both the International Stock Exchange (ISE) and the Tokyo Stock Exchange.

Issue

An Issue is when a security first goes on sale.

Junk bond

A Junk bond is a sub-investment grade bond.

Knock-out option

A Knock-out option is an option that has reached its expiry date and is now worthless.

Large-cap

Large-cap is a stock with a high level of capitalisation, usually at least USD 5 billion market value.

Leveraged buy-out (LBO)

A Leveraged buy-out is a debt financed take-over of a company.

Liability

A Liability is a financial obligation, such as the payment of an invoice or the repayment of a loan.

LIBOR

LIBOR is the London Interbank Offered Rate, the rate at which major banks lend money to each other in the money markets.

Liquid assets

Liquid assets are assets that are easily converted to cash.

Liquidation

Liquidation is the process of terminating and winding up the affairs of a company.

Liquidity

Liquidity is a measure of a company’s ability to meet its short-term liabilities. The ability to buy or sell an asset quickly without substantially affecting its price adversely.

Listed company

A Listed company is one whose shares are listed or quoted on an official stock exchange.

London Stock Exchange

The London Stock Exchange is London’s recognised market for the buying and selling of equities.

Long position

Taking a Long position is owning an asset in the anticipation of an increase in price.

M&A

Short for ‘mergers and acquisitions’. A fundamental product within our Corporate and Institutional Clients business.

Management Buy-Out (MBO)

A Management Buy-Out (MBO) is the purchase of a company’s public shares by its existing management – in effect taking the company private.

Management reporting

Management reporting is an accounting approach that details, analyses and presents an illustrative report on the revenues generated in each business area for business managers. You can gain valuable experience of management reporting in Finance and Accounting.

Managing for Value

Managing for Value links to ABN AMRO’s one overriding governing objective: maximising shareholder value. It means that every action or decision should be judged on its impact on our shareholder value and that the best decision to be taken is the one that maximises shareholder value.

Marathon

In the United States, ABN AMRO sponsors the LaSalle Bank Chicago Marathon.

Market capitalisation

Market capitalization is the value of a company measured by the market price of its equity.

Merger

A Merger is the combination of two or more companies to form a new organisation.

Mergers and Acquisitions

Mergers and Acquisitions is a fundamental product within ABN AMRO’s Corporate and Institutional Clients business.

Morning shout*

The Morning shout is a daily broadcast across all of our European offices, which sets the focus for the day's equity and bond business. It reviews overnight US and Asian market moves and comments on the day’s published research. It also allows analysts to comment on headlines or breaking stories and provide feedback on salient equity or bond, economic or strategic issues.

NASDAQ

NASDAQ stands for the National Association of Securities Dealers Automated Quotation System – a computerised system for storing and displaying current prices of securities traded in the over-the-counter market. It also offers a series of share indices that measure the price changes of shares listed on the system.

Nett

Nett or net is the remaining value after all deductions for taxes, expenses and so on.

Nikkei Stock Average

The Nikkei Stock Average is an index of the prices of the 225 leading equities quoted on the Tokyo Stock Exchange.

Nostros

See Cash breaks.

Note

A Note is a debt instrument with an initial maturity longer than one year and shorter than 10 years.

Objective

ABN AMRO has one overriding governing Objective: maximising shareholder value.

Offer price

The Offer price is the price at which a dealer offers to sell an asset.

Oil and Gas

Our Oil and Gas team is a leader in its industry due to the quality of its innovative products and its service delivery, which focuses on Eastern Europe, Russia and other key markets.

Opening price

The Opening price is the first price at which a security is quoted at the beginning of a trading day.

Option

An Option is a contract providing the right (but not the obligation) to buy (call option) or sell (put option) an asset at a specified price within a specified period. See Call option and Put option.

Order

An Order is the client’s instruction to a dealer to buy or sell a security.

Over-the-counter (OTC)

Over-the-counter refers to trading in company securities not listed on the stock exchange or, more commonly, to the trading of securities through a telephone or computer link rather than on the floor of an exchange.

PER

See Price/earnings ratio.

Placing

Placing is the process of selling newly issued securities to individual or institutional investors.

Portfolio

A Portfolio is the total securities held by an individual or institution. A portfolio may include preferred and common stocks as well as bonds of various enterprises.

Position

A Position refers to the net exposure a trader has to a particular issue or the market in general.

Power and Utilities

Our Power and Utilities group has a global presence and a reputation as a leading energy house.

Price/earnings (P/E) ratio

The Price/earnings (P/E) ratio is a measure of the relative value of a company’s shares. This is calculated by dividing a share’s quoted price by the company’s earnings per share.

Profit and loss account

A Profit and loss account. also known as a P&L account, is a financial statement that shows an organisation’s revenues, expenditures and gross and net profit or loss during an accounting period. This is a core discipline for our Finance and Accounting function.

Project finance

Project finance is the process of funding major projects where debt payments rely on future cash flows from the project itself.

Project Finance magazine

In the Project Finance magazine Deals of the Year 2005, ABN AMRO were awarded North American PPP Deal of the Year, North American Merchant Power Deal of the Year, Latin American Refinancing Deal of the Year and Latin American Infrastructure Deal of the Year.

Prospectus

A Prospectus is a formal document that offers to sell new securities setting out pertinent company information and terms and conditions of the securities.

Put option

A Put option is a contract providing the right (but not the obligation) to sell an asset at a specified price within a specified period.

Quotation

A Quotation is the two-way price at which a trader will trade a security.

Quoted company

A Quoted company is a company whose shares are registered and traded on an official stock exchange.

Ramping

Ramping involves buying securities to artificially increase their value.

Return On Capital Employed (ROCE)

Return On Capital Employed (ROCE) is a financial indicator calculated by showing profit as a percentage of the capital employed.

Reuters

Reuters is an online source of news and financial information.

Rights issue

A Rights issue involves new shares offered to a company’s existing shareholders on favourable terms to raise capital.

Risk management

Risk management is the practice of identifying and avoiding, accepting or offsetting threats to the profitability of an organisation. Global Finance magazine voted us Best Bank for Risk Management in Western Europe in 2006.

Roots

ABN AMRO’s Roots go back to 1824 when the Dutch merchant King Willem I initiated the foundation of the Nederlandsche Handel-Maatschappij trading company.

Secondary market

See Aftermarket.

Secondary markets

See Aftermarket.

Secured

If something is Secured, it’s backed by collateral.

Securitization

Securitization is the process of backing by collateral.

Security

A Security can be one of two things. Firstly, it’s a financial asset that a borrower promises to surrender on failure to repay a loan. Secondly, it can also be any medium of investment (share, bond etc) in a money or capital market.

A Share is a unit of equity ownership that also entitles the holder to a proportion of the profits.

Short position

Taking a Short position involves selling an asset which the trader does not actually own in the anticipation of a decrease in price when it can be bought back more cheaply.

Small-cap

Small-cap is a stock with a small capitalisation, meaning a total equity value of less than USD 500 million. Our Equities business has extensive small-cap expertise.

Staff

ABN AMRO has a Staff of over 105,000 full-time equivalents worldwide.

Start-up

A Start-up is a newly established business venture.

Stock

A Stock is another name for a Share – in other words an accumulation of commodities or goods.

Stock exchange

A Stock exchange is a market for the buying and selling of securities.

Structured Foreign Exchange Products

Our Global Markets business unit was voted Best Bank for Structured Foreign Exchange Products 2005 by FX Week.

Subsidiaries

ABN AMRO has more than 100 subsidiaries around the world.

Sustainable Development

ABN AMRO won the 2006 Gold Medal for International Corporate Achievement in Sustainable Development from the World Environment Center.

Swap

A Swap is an exchange of one security for another to adjust a portfolio. A contract to exchange future periodic cash flows.

Syndicate

A Syndicate involves a number of financial institutions that group together in order to provide a loan or underwrite the issue of a security.

Take-over

A Take-over is the acquisition of the controlling interest in another company. This is a key area for our M&A business.

Tennis

We have sponsored the ABN AMRO World Tennis Tournament since it began in 1974.

Term

A Term is the period until a security matures or is redeemed.

The City

The City is the short term for ‘The City of London’, a popular collective term for the financial institutions located in central London.

The Netherlands

ABN AMRO was voted the Best Investment Bank in the Netherlands in 2005 by Global Finance magazine.

The US

ABN AMRO is the largest foreign bank in the US.

Tiger*

The Tiger economies are those of the four nations that formed the first wave of newly industrialised countries – Hong Kong, Singapore, South Korea and Taiwan.

Traded Markets

Our Traded Markets team has c.2,500 trading, sales, marketing and research professionals across the complete asset classes, including derivatives.

Trade Finance

Global Finance magazine has voted us Best Trade Finance Bank in Europe for five consecutive years from 2002-2006. And Euromoney magazine voted us Best Electronic Provider in Trade Finance in 2005.

Transaction Banking

Our Transaction Banking business provides corporate and institutional clients with award-winning cash management, clearing, trade and securities services. With broad ranging global financial expertise, we deliver flexible, innovative working capital solutions that achieve balance efficiency with risk.

Treasury Solutions

In 2005, Global Finance magazine voted us as Best Provider of Outsourced Treasury Solutions in Western, Central and Eastern Europe.

Trial balance

A Trial balance is a draft calculation to see if debts and credits balance, this can be regarded as an ongoing tracking system.

Turnover

Turnover refers to the total sales revenue of a business and the total value of securities traded on a stock exchange.

Unlisted company

An Unlisted company is a company whose shares are not registered on an official stock exchange. Otherwise known as an unquoted company.

Unquoted company

See Unlisted company.

Unsecured

Unsecured means not backed by any security.

Values

Our four corporate Values are Integrity, Teamwork, Respect and Professionalism. These are supported by our three corporate behaviours – Customer Focus and Integrity, Collaboration and a ‘One Bank’ mentality, and Discipline.

Venture capital

Venture capital refers to funds provided for the purpose of expanding or setting up a business.

Volatility

Volatility refers to the fluctuation of security prices.

Volvo Ocean Race

Team ABN AMRO ONE was the convincing winner of the Volvo Ocean Race 2005-6, and also won the Inshore Race Series. Team ABN AMRO TWO came fourth overall and also picked up the Media Award, GANT 24 Hours Speed Record Award and the Musto Seamanship Award.

Warrant

A Warrant is a type of security that bestows the right (but not the obligation) to buy a share or bond at a specified price during a specified time period.

Western Europe

We were voted Best CLS-linked Bank Offering in Western Europe for three consecutive years from 2004-2006 by Global Finance magazine.

Wholesale

Banking activities relating to institutions rather than individuals.

Wholesale banking

Wholesale banking refers to banking activities relating to institutions rather than individuals.

Working capital

ABN AMRO Working Capital delivers award-winning cash management, clearing, trade and securities services to wholesale clients. With broad ranging global financial expertise, we deliver flexible, innovative working capital solutions that achieve balance efficiency with risk.

Written off

An asset is Written off, when its value is reduced so it is deemed worthless.

Yield

Yield is the return on an investment.

Yield curve

A Yield curve is a graph showing yields on similar financial instruments against their maturity date.

Zombie*

A Zombie is an insolvent company that continues to operate as it awaits takeover or closure.

Glossary

The definitive guide to investment banking

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