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.Refunded bond Also called a prerefunded bond, one that originally may have been issued as a generalobligation or revenue bond but that is now secured by an "escrow fund" consisting entirely of direct U.S.government obligations that are sufficient for paying the bondholders.Refunding The redemption of a bond with proceeds received from issuing lower-cost debt obligationsranking equal to or superior to the debt to be redeemed.Regional fund A mutual fund that invests in a specific geographical area overseas, such as Asia or Europe.Registered bond A bond whose issuer records ownership and interest payments.Differs from a bearer bondwhich is traded without record of ownership and whose possession is the only evidence of ownership.Registered representative A person registered with the CFTC who is employed by, and soliciting businessfor, a commission house or futures commission merchant.Registered trader A member of the exchange who executes frequent trades for his or her own account.Registrar Financial institution appointed to record issue and ownership of company securities.Registration statement A legal document that is filed with the SEC to register securities for public offering.Regression analysis A statistical technique that can be used to estimate relationships between variables.Regression equation An equation that describes the average relationship between a dependent variable and aset of explanatory variables.Regression toward the mean The tendency for subsequent observations of a random variable to be closer toits mean.Regular way settlement In the money and bond markets, the regular basis on which some security trades aresettled is that the delivery of the securities purchased is made against payment in Fed funds on the dayfollowing the transaction.Regulation A The securities regulation that exempts small public offerings, those valued at less than$1.5MM, from most registration requirements with the SEC.Regulation D Fed regulation currently that required member banks to hold reserves against their netborrowings from foreign offices of other banks over a 28-day averaging period.Regulation D has beenmerged with Regulation M.Regulation M Fed regulation currently requiring member banks to hold reserves against their net borrowingsfrom their foreign branches over a 28-day averaging period.Reg M has also required member banks to holdreserves against Eurodollars lent by their foreign branches to domestic corporations for domestic purposes. 120Dictionary of Finantial and Business TermsLico Reis Consultoria & Línguaslicoreis@terra.com.brRegulation Q Fed regulation imposing caps on the rates that banks may pay on savings and time deposits.Currently time deposits with a denomination of $100,000 or more are exempt from Reg Q.Regulatory accounting procedures Accounting principals required by the FHLB that allow S&Ls to electannually to defer gains and losses on the sale of assets and amortize these deferrals over the average life of theasset sold.Regulatory pricing risk Risk that arises when regulators restrict the premium rates that insurance companiescan charge.Regulatory surplus The surplus as measured using regulatory accounting principles (RAP) which may allowthe non-market valuation of assets or liabilities and which may be materially different from economic surplus.Reinvestment rate The rate at which an investor assumes interest payments made on a debt security can bereinvested over the life of that security.Reinvestment risk The risk that proceeds received in the future will have to be reinvested at a lower potentialinterest rate.Reinvoicing center A central financial subsidiary used by an MNC to reduce transaction exposure by havingall home country exports billed in the home currency and then reinvoiced to each operating affililate in thataffiliate's local currency.It can also be used as a netting center.REIT (real estate investment trust) Real estate investment trust, which is similar to a closed-end mutualfund.REITs invest in real estate or loans secured by real estate and issue shares in such investments.Relative purchasing power parity (RPPP) Idea that the rate of change in the price level of commodities inone country relative to the price level in another determines the rate of change of the exchange rate betweenthe two countries' currencies.Relative strength A stock's price movement over the past year as compared to a market index (the S&P 500).Value below 1.0 means the stock shows relative weakness in price movement (underperformed the market); avalue above 1.0 means the stock shows relative strength over the 1-year period.Equation for RelativeStrength: [current stock price/year-ago stock price] [current S&P 500/year-ago S&P 500]Relative value The attractiveness measured in terms of risk, liquidity, and return of one instrument relative toanother, or for a given instrument, of one maturity relative to another.Relative yield spread The ratio of the yield spread to the yield level.Remainderman One who receives the principal of a trust when it is dissolved.Remaining maturity The length of time remaining until a bond's maturity.Remaining principal balance The amount of principal dollars remaining to be paid under the mortgage as ofa given point in time.Rembrandt market The foreign market in the Netherlands.REMIC (real estate mortgage investment conduit) A pass-through tax entity that can hold mortgagessecured by any type of real property and issue multiple classes of ownership interests to investors in the formof pass-through certificates, bonds, or other legal forms.A financing vehicle created under the Tax ReformAct of 1986.Remote disbursement Technique that involves writing checks drawn on banks in remote locations so as toincrease disbursement float. 121Dictionary of Finantial and Business TermsLico Reis Consultoria & Línguaslicoreis@terra.com.brRental lease See:full-service lease.Reoffering yield In a purchase and sale, the yield to maturity at which the underwriter offers to sell the bondsto investors.Reopen an issue The Treasury, when it wants to sell additional securities, will occasionally sell more of anexisting issue (reopen it) rather than offer a new issue.Reorganization Creating a plan to restructure a debtor's business and restore its financial health.Replacement cost Cost to replace a firm's assets.Replacement cycle The frequency with which an asset is replaced by an equivalent asset.Replacement value Current cost of replacing the firm's assets.Replacement-chain problem Idea that future replacement decisions must be taken into account in selectingamong projects.Replicating portfolio A portfolio constructed to match an index or benchmark [ Pobierz caÅ‚ość w formacie PDF ]
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.Refunded bond Also called a prerefunded bond, one that originally may have been issued as a generalobligation or revenue bond but that is now secured by an "escrow fund" consisting entirely of direct U.S.government obligations that are sufficient for paying the bondholders.Refunding The redemption of a bond with proceeds received from issuing lower-cost debt obligationsranking equal to or superior to the debt to be redeemed.Regional fund A mutual fund that invests in a specific geographical area overseas, such as Asia or Europe.Registered bond A bond whose issuer records ownership and interest payments.Differs from a bearer bondwhich is traded without record of ownership and whose possession is the only evidence of ownership.Registered representative A person registered with the CFTC who is employed by, and soliciting businessfor, a commission house or futures commission merchant.Registered trader A member of the exchange who executes frequent trades for his or her own account.Registrar Financial institution appointed to record issue and ownership of company securities.Registration statement A legal document that is filed with the SEC to register securities for public offering.Regression analysis A statistical technique that can be used to estimate relationships between variables.Regression equation An equation that describes the average relationship between a dependent variable and aset of explanatory variables.Regression toward the mean The tendency for subsequent observations of a random variable to be closer toits mean.Regular way settlement In the money and bond markets, the regular basis on which some security trades aresettled is that the delivery of the securities purchased is made against payment in Fed funds on the dayfollowing the transaction.Regulation A The securities regulation that exempts small public offerings, those valued at less than$1.5MM, from most registration requirements with the SEC.Regulation D Fed regulation currently that required member banks to hold reserves against their netborrowings from foreign offices of other banks over a 28-day averaging period.Regulation D has beenmerged with Regulation M.Regulation M Fed regulation currently requiring member banks to hold reserves against their net borrowingsfrom their foreign branches over a 28-day averaging period.Reg M has also required member banks to holdreserves against Eurodollars lent by their foreign branches to domestic corporations for domestic purposes. 120Dictionary of Finantial and Business TermsLico Reis Consultoria & Línguaslicoreis@terra.com.brRegulation Q Fed regulation imposing caps on the rates that banks may pay on savings and time deposits.Currently time deposits with a denomination of $100,000 or more are exempt from Reg Q.Regulatory accounting procedures Accounting principals required by the FHLB that allow S&Ls to electannually to defer gains and losses on the sale of assets and amortize these deferrals over the average life of theasset sold.Regulatory pricing risk Risk that arises when regulators restrict the premium rates that insurance companiescan charge.Regulatory surplus The surplus as measured using regulatory accounting principles (RAP) which may allowthe non-market valuation of assets or liabilities and which may be materially different from economic surplus.Reinvestment rate The rate at which an investor assumes interest payments made on a debt security can bereinvested over the life of that security.Reinvestment risk The risk that proceeds received in the future will have to be reinvested at a lower potentialinterest rate.Reinvoicing center A central financial subsidiary used by an MNC to reduce transaction exposure by havingall home country exports billed in the home currency and then reinvoiced to each operating affililate in thataffiliate's local currency.It can also be used as a netting center.REIT (real estate investment trust) Real estate investment trust, which is similar to a closed-end mutualfund.REITs invest in real estate or loans secured by real estate and issue shares in such investments.Relative purchasing power parity (RPPP) Idea that the rate of change in the price level of commodities inone country relative to the price level in another determines the rate of change of the exchange rate betweenthe two countries' currencies.Relative strength A stock's price movement over the past year as compared to a market index (the S&P 500).Value below 1.0 means the stock shows relative weakness in price movement (underperformed the market); avalue above 1.0 means the stock shows relative strength over the 1-year period.Equation for RelativeStrength: [current stock price/year-ago stock price] [current S&P 500/year-ago S&P 500]Relative value The attractiveness measured in terms of risk, liquidity, and return of one instrument relative toanother, or for a given instrument, of one maturity relative to another.Relative yield spread The ratio of the yield spread to the yield level.Remainderman One who receives the principal of a trust when it is dissolved.Remaining maturity The length of time remaining until a bond's maturity.Remaining principal balance The amount of principal dollars remaining to be paid under the mortgage as ofa given point in time.Rembrandt market The foreign market in the Netherlands.REMIC (real estate mortgage investment conduit) A pass-through tax entity that can hold mortgagessecured by any type of real property and issue multiple classes of ownership interests to investors in the formof pass-through certificates, bonds, or other legal forms.A financing vehicle created under the Tax ReformAct of 1986.Remote disbursement Technique that involves writing checks drawn on banks in remote locations so as toincrease disbursement float. 121Dictionary of Finantial and Business TermsLico Reis Consultoria & Línguaslicoreis@terra.com.brRental lease See:full-service lease.Reoffering yield In a purchase and sale, the yield to maturity at which the underwriter offers to sell the bondsto investors.Reopen an issue The Treasury, when it wants to sell additional securities, will occasionally sell more of anexisting issue (reopen it) rather than offer a new issue.Reorganization Creating a plan to restructure a debtor's business and restore its financial health.Replacement cost Cost to replace a firm's assets.Replacement cycle The frequency with which an asset is replaced by an equivalent asset.Replacement value Current cost of replacing the firm's assets.Replacement-chain problem Idea that future replacement decisions must be taken into account in selectingamong projects.Replicating portfolio A portfolio constructed to match an index or benchmark [ Pobierz caÅ‚ość w formacie PDF ]