Trains


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Trains

Refers to investment trusts which are populated by corporate bonds. In October 2001, Morgan Stanley's Tradable Custodial Receipts (Tracers) was launched. Tracers contain a number of coporate bonds and credit default swaps which are selected for liquidity and diversity. Lehman Brothers launched a similar product, Targeted Return Index Securities (Trains) in January 2002. Both contain investment grade bonds. If a bond falls out of the investment grade category, it is either liquidated from the trust or delivered to the investor. Both Tracers and Trains are 144a trust structures and are only available to qualified buyers because they are considered private securities due to the trust structure.
References in classic literature ?
They had to stop over several hours at Waymore Junction to catch the Black Hawk train.
This in itself would hardly have stopped even a lingering train.
The train once arrested, the most superficial stare could take in many features of the tragedy.
I was to have gone by the boat train which left half an hour ago.
I understand that you have ordered a special train to Harwich.
Then they came upon vast tracts extending to the horizon, with jungles inhabited by snakes and tigers, which fled at the noise of the train; succeeded by forests penetrated by the railway, and still haunted by elephants which, with pensive eyes, gazed at the train as it passed.
In and out, in and out we went, as fast as horseflesh could do it, and for a wonder had a good clear time on London Bridge, for there was a whole train of cabs and carriages all going our way at a quick trot, perhaps wanting to catch that very train.
We got front seats, and while the train moved along about fifty yards on level ground, I was not the least frightened; but now it started abruptly downstairs, and I caught my breath.
He it was who told me of the train that immediately preceded us.
It happens that I am going by this train," said Trefusis.
After George counted his money he looked out of the window and was surprised to see that the train was still in Winesburg.
The little girl stood still to watch until the train had disappeared around a curve; then she turned to see where she was.