STAIRS


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STAIRS

A convertible municipal bond. STAIRS are zero-coupon bonds that may be converted into interest-bearing bonds. Zero-coupon bonds are sold at a discount, and, because they do not pay interest, they are more volatile in the secondary market. A bondholder may thus wish to convert STAIRS to interest-bearing bonds in order to lock in a certain return. On the other hand, more risk tolerant bondholders may wish to hold the bond in the belief that a fluctuation in interest rates will make the bond more valuable. Like all municipal bonds, STAIRS are exempt from federal taxes. They are also called municipal convertibles.
References in classic literature ?
Her eldest child, now descending the stairs by her side, was the mirror in which she could look back and see again the reflection of her own youth.
If you live here tomorrow, I'll have your story and your character proclaimed on the common stair.
She then hastened away to her mother, who had purposely broken up the card party, and was sitting up stairs with Kitty.
He went hastily down, and was followed by a dignified person, dressed in a purple velvet suit with very rich embroidery; his demeanor would have possessed much stateliness, only that a grievous fit of the gout compelled him to hobble from stair to stair, with contortions of face and body.
Mrs Brooks, thinking that the speaker was coming to rush out of the door, hastily retreated down the stairs.
I wonder how Jim is ever going to draw the buggy up so many stairs," said Dorothy, gravely.
Had one among the many persons in authority under Miss Ladd's roof heard the girls talking, and ascended the stairs to surprise them in the act of violating one of the rules of the house?
We groped our way up the stairs to the first landing.
Sir Nigel was thrown down by the sheer weight of them, and Sir Bertrand with his thunderous war-cry was swinging round his heavy sword to clear a space for him to rise, when the whistle of two long English arrows, and the rush of the squire and the two English archers down the stairs, turned the tide of the combat.
Karnegie and his daughter, carrying on the business of the hotel, received a message from up stairs which was ominous of something out of the common.
I believe I am a better man than yourself; ay, every way, that I am;" and presently proceeded to discharge half-a-dozen whores at the lady above stairs, the last of which had scarce issued from his lips, when a swinging blow from the cudgel that Jones carried in his hand assaulted him over the shoulders.
The report from the revolver made a deafening noise; but the man continued his flight down the stairs.