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 ?
It was certainly a fact that the large lamp which illuminated the staircase now burned dim and duskily: so that several figures, which passed hastily down the stairs and went forth from the porch, appeared rather like shadows than persons of fleshly substance.
Alleyne, as God is my help, as I came up the stairs this night I saw her stand before me, her face in tears, her hands out as though in warning--I saw it, Alleyne, even as I see those two archers upon their couches.
The stair had been carried no higher; to set a stranger mounting it in the darkness was to send him straight to his death; and (although, thanks to the lightning and my own precautions, I was safe enough) the mere thought of the peril in which I might have stood, and the dreadful height I might have fallen from, brought out the sweat upon my body and relaxed my joints.
When he ran down stairs and joined the lady he had left in the hall with his hat'--Miss Jenny began.
He was very warm, and well he might be; for, not to mention the exertion of getting the trunk up stairs, he was closely muffled in winter garments, though the thermometer had stood all day at eighty-one in the shade.
She turned hurriedly away, and, passing round to a back door, glided up stairs, and tapped at Emmeline's door.
Another member of the family appeared on the stairs -- Miss Garth, the governess.
I jumped up in a hurry without waiting for a lantern, and in the darkness I fell against something, which tumbled headlong down the stairs and never stopped till it reached the bottom.
There was no answer, but I fancied I heard her footsteps, lower down on the stairs.
Bennet retired to the library, as was his custom, and Mary went up stairs to her instrument.
The stairs likewise to the upper rooms, let them be upon a fair open newel, and finely railed in, with images of wood, cast into a brass color; and a very fair landing-place at the top.
She accordingly ascended the stairs softly, and stood at the door of the front room--a drawing-room, connected with the room immediately behind it (which was a bedroom) by folding-doors in the common manner.