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.
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References in classic literature ?
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.
"Kitty and I are going up stairs to sit in my dressing room."
She then hastened away to her mother, who had purposely broken up the card party, and was sitting up stairs with Kitty.
"Suppose the stairs get steeper?" suggested Zeb, doubtfully.
So they began to ascend the stairs, Dorothy and the Wizard first, Jim next, drawing the buggy, and then Zeb to watch that nothing happened to the harness.
No sound came from the stairs; no teacher, or ghost of a teacher, appeared at the door.
"When we heard the creaking, I don't believe there was anybody on the stairs. In these old houses there are always strange noises at night--and they say the stairs here were made more than two hundred years since."
there's her bell!" After which amazing speech, Nancy sprang to her feet, dashed out of the room, and went clattering down the stairs.
When she and her husband were together, a little later, she told the news from up stairs in greater detail.
Raoul darted away, roaring with anger, ran up-stairs, four stairs at a time, down-stairs, rushed through the whole of the business side of the opera-house, found himself once more in the light of the stage.
He starved in the parlour, and I starved in the kitchen; that was the principal difference in our positions; there was not much more than a flight of breakneck stairs between us.