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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
A debt security collateralized by some receivables on some credit sale. Common examples of this collateral include receivables on credit cards, automotive loans, and similar assets. Returns on these securities come from customers' payments on their credit cards and other loans that may be backing the securities. Banks and companies package and sell their receivables to investors in order to reduce the risk of loan defaults. See also: Mortgage-backed security.
Automated Bond System
An electronic system on the New York Stock Exchange giving bid and ask quotes for inactive bonds. This allows investors, especially the cabinet crowd, to easily monitor the prices of bonds that are not frequently traded.
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