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Glossary of Financial Terms — U, V 





Terms — U
Terms — V

Unamortized Bond Discount

The part of the original issue discount which has not yet been amortized or charged off against earnings.


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Unconstrained Strategy

An approach that is not tethered to benchmark-specific guidelines or related tracking error limitations. The goal for the strategy is to deliver attractive positive return and preserve capital over a full market cycle.


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To agree to buy an issue of securities on a given date at a specific price or to agree to buy an issue of securities of an issue, thus assuming the liability of guaranteeing the issuer the full anticipated proceeds.


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Underwriters Agreement

The agreement between the company and the underwriters wherein the terms of the purchase of the securities from the company are formally stated. This is a separate from the Agreement Among Underwriters.


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Underwriting Fee

A percentage of the gross spread that accrues only to the members of the account on a pro rata basis. This fee covers the expenses incurred in underwriting the offering.


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Unemployment rate

The percentage obtained by dividing the number of persons looking for work by the total labor force.


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Unified Managed Account

A professionally managed private investment account that is rebalanced regularly and can encompass every investment vehicle (e.g. mutual funds, stocks, bonds and exchange traded funds) in an investor’s portfolio, all in a single account.


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Unit Cost

This is Cost Amount divided by Quantity times 100.


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Unsecured Bonds

A bond which is not backed by any pledge of assets that the debt will be paid; the debtor merely pledging the credit standing.


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To gradually reduce a position in a security over a period of time.


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The changing of a rating by a rating agency to a higher (more credit worthy) rating. The sale of one block of bonds and the purchase of another block with a higher rating.


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A term used to designate a transaction made at a price higher than the preceding transaction in the same security.


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U.S. Treasuries

Securities issued by the U.S. Treasury Department to fund the government’s operations. As of January 2002, there were approximately USD 2.9 trillion marketable Treasuries outstanding. During the third quarter of 2001, an average of USD 286 billion Treasuries traded per day, according to data compiled by the Bond Market Association, an industry group.


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Value at Risk (“VaR”)

Widely used risk measure of the risk of loss on a specific portfolio of assets.


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Variable Annuity Sub-Accounts

An annuity in which the payments to holders fluctuate in line with the performance of the underlying assets selected by the annuity-holder.


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Variable Rate Mortgage

An adjustable rare mortgage whose rate is tied to an index o lender’s cost of money, calculated periodically.


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In the most common usage, the number obtained when GNP is divided by money supply. As such, it represents the number of times per year that each dollar in the money supply is spent on goods and services.


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Measures the variation of bond returns and/or interest rates over a set time period. It can be integral to pricing many issues with call options.


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Information contained herein is believed to be reliable, but the accuracy and completeness of this material cannot be guaranteed.


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