Trains


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Trains

Refers to investment trusts which are populated by corporate bonds. In October 2001, Morgan Stanley's Tradable Custodial Receipts (Tracers) was launched. Tracers contain a number of coporate bonds and credit default swaps which are selected for liquidity and diversity. Lehman Brothers launched a similar product, Targeted Return Index Securities (Trains) in January 2002. Both contain investment grade bonds. If a bond falls out of the investment grade category, it is either liquidated from the trust or delivered to the investor. Both Tracers and Trains are 144a trust structures and are only available to qualified buyers because they are considered private securities due to the trust structure.
References in classic literature ?
We learnt, afterwards, that the train we had come by was really the Exeter mail, and that they had spent hours at Waterloo, looking for it, and nobody knew what had become of it.
Regularly at half-past seven, in one part of the summer, after the evening train had gone by, the whip-poor-wills chanted their vespers for half an hour, sitting on a stump by my door, or upon the ridge-pole of the house.
The train once arrested, the most superficial stare could take in many features of the tragedy.
The seizure of the station with a fit of trembling, gradually deepening to a complaint of the heart, announced the train.
I say, papa will miss the train," replied Magdalen, taking Miss Garth's hint with her customary quickness.
It happens that I am going by this train," said Trefusis.
That train fastened to his dress, how beautifully it hangs
In order to be sure of meeting Rose at the station he took an earlier train than he usually did, and he waited about the platform for an hour.
The conductor helped her off the car and then the engineer started his train again, so that it puffed and groaned and moved slowly away up the track.
I require a special train to London as quickly as possible," he announced.
We must, then, on our road again, and I hope from my heart that you may train these two young goshawks here until they are ready for a cast even at such a quarry as you speak of.
They're going down on a special train to Haywards to parade.