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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 ?
The source said: "The tail-light proves that the Mercedes must have clipped another car as it entered the underpass.
The vehicle is available with a new fascia with faux-diffuser and tail-light cluster arrangement at the rear.
It features a more prominent front grille and larger company logo, a new lower air intake at the front alongside revised headlight clusters and an overall softer shape than the current car and rear with a new boot aperture and newly designed tail-light clusters.
Reduce speed still more when you see headlights or red tail-lights.
Shared taxis, often with broken tail-lights, stop indiscriminately to pick up and drop off passengers.
There are new rear three-quarter side windows, bigger external rear view mirrors, a revised rump and wider tail-lights.