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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Principal Only

Describing a derivative in which the underlying assets are the future principal payments on a pool of mortgages or other debt obligations. Principal-only derivatives are issued at a deep discount to their par value; that is, one buys such derivatives for an amount less than the principal payments to which the holder is entitled. The gain on a principal-only derivative comes from the amount by which principal payments exceed the amount that the holder pays for the security. For that reason, holders of these derivatives can benefit from prepayment risk because when property owners repay their mortgages more quickly, principal-only derivative holders receive their returns more quickly.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

PO

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
Most of Europe (1) Vulnerable (3) (Juncaceae) Prunus padus L.
To some extent Norway spruce, grey alder (Alnus incana), and bird cherry (Prunus padus) are browsed.
lenta * Cherry Prunus padus * Chestnut, Chinese Castanea mollissima * Crabapple Malus species Flowering * Fruiting * Crape Myrtle Lagerstroemia indica * Cypress Italian Cupressus sempervirens * Monterey Cupressus macrocarpa * Sawara false Chamaecyparis pisifera * Dogwood Cornus species Flowering C.
According to Padus, we live in a world where people commonly blame others for their shortcomings and reveal oversensitivity to messages about their power and self-worth.
Mayday tree (Prunus padus) dangles drooping clusters of white blossoms with almondlike scent in May, followed by small, glossy black fruit and yellow-orange autumn leaves.
Prunus padus is another European-grown cherry and Prunus cerasifera is a native of the Balkans.
(1) Padus, Emrika, "The Complete Guide to Your Emotions and Your Health, New Dimensions in Mind/Body Healing," Rodale Press, 1986.
The dominant tree species are birch Betula pubescens/Betula pendula, rowan Sorbus aucuparia, alder Alnus incana, hackberry Prunus padus and goat willow Salix caprea.