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Pass-Through Security

A derivative security representing the receivables on some debt. That is, a shareholder of a pass-through security is entitled to a portion of the income from the debt. Generally, a pass-through security has a large number of debts underlying it; for example, a pass-through may represent a portion of several hundred car loans. The most common type of pass-through is a mortgage-backed security.


Landlord operating expenses that can be billed to tenants, either as part of their obligation to pay a pro rata share of operating expenses,their obligation to pay a pro rata share of common area maintenance,or a particular tenant's obligation to pay for goods and services benefiting only that tenant.

References in periodicals archive ?
In general, higher coupon pass-throughs have shorter average lives than lower coupons.
Second, the data through the first 10 months of 1993 also suggested $520 billion (Item 13) worth of gross issuance of agency-guaranteed and private-label, fixed-rate pass-throughs for the year.
Carhart says pass-throughs are an extraordinary investment during uncertain economic and market conditions, a situation he believes will persist for several years.
Operating expenses net of pass-throughs increased 21% to $7.
However, for 1993, mortgage pass-throughs will be hard pressed to beat Treasuries in total returns, continuing their mixed performance of 1992.
This new service combines the most accurate and timely real-time prices from the mortgage backed pass-throughs market with live trade information sourced from Tullett plc, the industry's leading broker for mortgage backed securities between primary dealers.
The credit concerns of investors led to the record issuance in 1991 of nearly $30 billion of non-agency mortgage pass-throughs rated Aaa, the highest rating of Moody's Investors Service.
Consolidation and mill and box plant closures in the corrugated markets are moving closer to a declining domestic demand, permitting cost pass-throughs and better operating margins.
In fact, if the "high risk" tests were applied to these pass-throughs, current GNMA 8.
These reports cover: cash flow analysis, cash flow per annum, total occupancy cost components, rental components per annum, expense escalations and pass-throughs, capital costs, etc.
Esaki said $17 billion of new, private pass-throughs were issued in this year's first half alone, compared to $25 billion for all of 1990.