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The remaining reserves after a project financing has been repaid. Sometimes refers to the residual value.


1. In a bond auction, the difference between the lowest bid and the average bid in the auction.

2. In a quote, the cents rather than the whole dollar amount. For example, in the quote $32.59, tail is 59 cents. This term is most common in new issues of a security.

3. See: Residual Value.


1. In a bid for a new security issue, the portion of the bid price that follows the decimal. For example, a bid of $92.125 has a tail of .125.
2. The difference between the average bid and the lowest bid at an auction for Treasury securities.
References in periodicals archive ?
High tail carriage when in full flight, but certainly no doubting her resolution and fancied to confirm placings with those who finished behind her when winning similar event at Newmarket on her reappearance.
Some observers have suggested that the unusual tail carriage Flagship Uberalles displays when racing could signify that all isn't quite as it should be physically with him.