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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.

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References in periodicals archive ?
Padus is devoted to developing innovative, high-quality products which bring optical disc writing solutions at affordable levels.
Padus Incorporated is a privately held firm founded in 1995 by pioneers of the Compact Disc recording software industry.
THERE is a huge Prunus padus '''' Bird Cherry'''' here at Glebe Cottage.
AMERICAN DREAMS: There is a huge Prunus padus 'Bird Cherry' here at Glebe Cottage.
Apart from two copper beech and an underestimated Prunus padus - often known as bird cherry - most of the trees we have planted at Glebe Cottage are on the small, slow-growing side and many have much to commend them during the summer.
leaves of Fraxinus excelsior, Cornus sanguinea, Ulmus minor, Clematis vitalba, and Prunus padus (decomposition within 7 months, according to Penka et al.