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 ?
She then shut the bedroom door, and all the other doors, and going down stairs and emerging from the Albany into the busy streets, took omnibus for Saint Mary Axe: pressing on the road all the gaily-dressed ladies whom she could see from the window, and making them unconscious lay-figures for dolls, while she mentally cut them out and basted them.
Her eldest child, now descending the stairs by her side, was the mirror in which she could look back and see again the reflection of her own youth.
The mother and daughter slowly descended the stairs together -- the first dressed in dark brown, with an Indian shawl thrown over her shoulders; the second more simply attired in black, with a plain collar and cuffs, and a dark orange-colored ribbon over the bosom of her dress.
When the minute hand had recorded the lapse of five minutes more a door banged in the bedroom regions -a clear young voice was heard singing blithely -- light, rapid footsteps pattered on the upper stairs, descended with a jump to the landing, and pattered again, faster than ever, down the lower flight.
Her headlong course down the house stairs; the brisk activity of all her movements; the incessant sparkle of expression in her face; the enticing gayety which took the hearts of the quietest people by storm -- even the reckless delight in bright colors which showed itself in her brilliantly-striped morning dress, in her fluttering ribbons, in the large scarlet rosettes on her smart little shoes -- all sprang alike from the same source; from the overflowing physical health which strengthened every muscle, braced every nerve, and set the warm young blood tingling through her veins, like the blood of a growing child.
They ran from room to room unnecessarily, and lost time and patience in jostling each other on the stairs. If a stranger had entered the house that day, he might have imagined that an unexpected disaster had happened in it, instead of an unexpected necessity for a journey to London.
Henceforth, she was never at peace in it after daylight departed; and never went up or down stairs in the dark without having her apron over her head, lest she should see something.
It was soon done, and the boat was brought round to the Temple stairs, and lay where I could reach her within a minute or two.
A sharp turning, and then a second one, brought them to the head of a short stair, from which they looked straight down upon the scene of the uproar.
Once there, we might hold the narrow stair; and at least, as the walls are of a greater thickness, it would be longer ere they could burn them.
May the saints be with us all!" He rose from the couch and left the chamber, while Alleyne could hear his feet sounding upon the winding stair. The young squire walked across to the window and gazed out at the moonlit landscape, his mind absorbed by the thought of the Lady Tiphaine, and of the strange words that she had spoken as to what was going forward at Castle Twynham.
The Bison Loft Stairs have a "Gas" strut mechanism requiring just fingertip control, making opening and closing your loft stairs exceptionally easy.