bond-basics

Specimen Bond

A Bond which is not authenticated by the Trustee or Paying Agent and which is frequently specifically identified as a Specimen Bond and is provided in the Closing Transcripts.

Hudson Yards Rail Yards

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Interest Rate Swap

A type of derivative, in which the interest rate on the bonds is swapped, or exchanged, by the issuer for an agreed-upon fixed rate or variable rate based upon an index, calculated on a notional principal amount.