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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 suggested that in our world, people routinely blame others for their shortcomings, showing susceptibility to negative self-esteem messages (p.
The cherries then were Cerasus; the almonds and peaches Amygdalus; the plums were Prunus; the apricots were Armeniaca; and bird cherries Padus.
The MainConcept DVD Authoring SDK is optimized to integrate smoothly with the Padus Foundation Class burning engine, enabling companies to quickly create robust authoring software.
The big Prunus padus that was the centrepiece of part of this area has gone.
The big Prunus padus that was the centerpiece of part of this area has gone.
whereas for the tree species birch, alder, bird cherry Prunus padus, hazel Corylus avellana, oak Quercus robur and holly Ilex aquifolium, only a single tree nearest to the middle of the plot was examined partly due to high abundance locally.
Caragana arborescens, Elaeagnus commutata, Padus avium Betula20 Hippophae rhamnoides Betula pendula, Populus natural balsamifera, Populus tremula, Pinus sylvestris, Picea abies, Salix sp.
autumn colours: colour preference of Rhopalosiphum padi on Prunus padus.
Flowering cherries are not my favourites, apart from some of the white, single-flowered varieties such as the winter-flowering Prunus x subhirtella `Autumnalis' (8m, 25ft) and the native bird cherry Prunus padus (6m, 20ft).