Angel


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Angel

An investment-grade bond. Antithesis to fallen angel. In the context of venture capital, the first investor.

Angel

1. Informal for angel investor, which is a high net worth individual who provides financing to a start-up, either in exchange for convertible debt or equity. Among start-ups, they are thought of as a bridge between loans from family and friends and venture capital, though angels are themselves often personally connected to the business. Angels take on a great deal of risk when they invest in these start-ups; they are also subject to dilution at the start-up's IPO. Therefore, they usually require a high rate of return in exchange for their financing.

2. Informal for investment-grade, which describes a bond with a medium or high rating. Angel bonds are rated Baa3 by Moody's or BBB- by S&P or Fitch. Angel bonds are considered sufficiently low-risk that the law allows banks to invest in them. In addition to being low-risk, they provide a low return, greatly reducing the cost on the issuer. All Treasury and most municipal bonds are angel bonds.
References in classic literature ?
They say this wilderness is populated with a scattering few hundred thousand billions of red angels, with now and then a curiously complected DISEASED one.
It swarms with a mean kind of leather-headed mud-colored angels - and your nearest white neighbor is likely to be a million miles away.
Well, Raoul, my father is in Heaven, and I have been visited by the Angel of Music.
I remembered all that Christine had told me of the Angel of Music.
Hereupon the Angel of the Odd replenished my goblet (which was about a third full of Port) with a colorless fluid that he poured from one of his hand bottles.
The considerate kindness of the Angel mollified me in no little measure; and, aided by the water with which he diluted my Port more than once, I at length regained sufficient temper to listen to his very extraordinary discourse.
Hosmer Angel must have some strong object for his curious conduct, and it was equally clear that the only man who really profited by the incident, as far as we could see, was the stepfather.
No, father; I cannot underwrite Article Four (leave alone the rest), taking it 'in the literal and grammatical sense' as required by the Declaration; and, therefore, I can't be a parson in the present state of affairs," said Angel.
His father grieved so deeply that it made Angel quite ill to see him.
By that Heaven that bends above us -- by that God we both adore -- Tell this soul with sorrow laden if, within the distant Aidenn, It shall clasp a sainted maiden whom the angels name Lenore -- Clasp a rare and radiant maiden whom the angels name Lenore.
By that Heaven that bends above us--by that God we both adore-- Tell this soul with sorrow laden if, within the distant Aidenn, It shall clasp a sainted maiden whom the angels name Lenore-- Clasp a rare and radiant maiden whom the angels name Lenore.
Then God grieved at the empty spaces in heaven from whence the wicked angels had been driven forth.