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 periodicals archive ?
In addition, as a benefactor of the royal family of the Angles by virtue of his mission to the potentially dangerous land of the Goths, he is associated also with the northern English who traced their royal lineage back to Offa of Angeln.
54) The adverb eastan situates the narrator's point of view to the west of Angeln, as would suit a speaker from the British Isles; see Krapp and Dobbie, The Exeter Book, xlv.