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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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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 ?
China was acutely aware that if Tibet remained outside China's control it would inevitably drift closer to India, with which it had geographical proximity, a deep religious and cultural affinity, and no history of hostility.
Strictly within the United States, there are multiple organizations aside from those associated with the Dalai Lama that would see Tibet freed from Chinese rule.
Chapter III contains a detailed survey and annotated review of Ulrich von Schroeder's expensive two-volume Buddhist Sculptures in Tibet, widely considered one of the most important works in Himalayan art studies.
In May 1951, with Communist China's gun at its head, Tibet signed a 17-point agreement.
''We are receiving more foreign tourists now than any other time since March 14 last year,'' Xinhua quoted Liu Mingzan, manager of the Tibet Qamdo International Travel Agency, as saying.
Border controls have been tightened in Tibet and ethnic Tibetan areas in neighbouring provinces of China to prevent anti-Chinese protests during the anniversary.
Tibet became a recurring issue in congressional deliberations in the late 1980s.
She added: "This year has seen much suffering inside Tibet following demonstrations in March and the country remains under lock-down.
"Free Tibet" has become the cry of the backward and the reactionary.
"China's relationship with India is on the priority of Chinese diplomacy and Tibet has a very long history of exchanges with India in terms of culture and religion.
Branstad visited Tibet last week, the first such trip by a U.S.

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