U.S. Treasury bill

Similar financial terms

Acquisition
The purchase of a controlling interest in a firm, generally via a tender offer for the target shares.

Bourse
The French term for a stock exchange

U.S. Dollar Index
The U.S. dollar index is a trade-weighted index of the values of six foreign currencies. At the moment, the index consists of euros (EUR), Japanese yen (JPY), British pounds (GBP), Canadian dollars (CAD), Swedish kronas (SEK) and Swiss francs (CHF).

Ombudsman
The ombudsman (comes from Norwegian "ombudsmann" for a person who looks after the government's assets) is an independent official who investigates the complaints of individuals against companies or public authorities. Ombudsmen do not have any formal power to reverse decisions but they have substantial moral authority over companies or national or local government agencies.

Within financial services, there are different Ombudsmen for banking, building societies, insurance, pensions, and ...

Acquisition of assets
A merger or consolidation in which an acquirer purchases the selling firm's assets.

Acquisition of stock
:A merger or consolidation in which an acquirer purchases the acquiree's stock.

Without recourse
Without the lender having any right to seek payment or seize assets in the event of default from anyone other than the party (such as a special-purpose entity) specified in the debt contract.

Winners's curse
Problem faced by uninformed bidders. For example, in an initial public offering uninformed participants are likely to receive larger allotments of issues that informed participants know are overpriced.

Vertical acquisition
Acquisition in which the acquired firm and the acquiring firm are at different steps in the production process.

U.S. Treasury note
U.S. government debt with a maturity of one to 10 years.

U.S. Treasury bond
U.S. government debt with a maturity of more than 10 years.

Upstairs market
A network of trading desks for the major brokerage firms and institutional investors that communicate with each other by means of electronic display systems and telephones to facilitate block trades and program trades.

Unsystematic risk
Also called the diversifiable risk or residual risk. The risk that is unique to a company such as a strike, the outcome of unfavorable litigation, or a natural catastrophe that can be eliminated through diversification.

Unsterilized intervention
Foreign exchange market intervention in which the monetary authorities have not insulated their domestic money supplies from the foreign exchange transactions.

Unsecured debt
Debt that does not identify specific assets that can be taken over by the debtholder in case of default.

Unseasoned issue
Issue of a security for which there is no existing market.

Taxable acquisition
A merger or consolidation that is not a tax-fee acquisition. The selling shareholders are treated as having sold their shares.

Tax free acquisition
A merger or consolidation in which (a) the acquirer's tax basis in each asset whose ownership is transferred in the transaction is generally the same as the acquiree's, and (b) each seller who receives only stock does not have to pay any tax on the gain he realizes until the shares are sold.

Substitution swap
A swap in which a money manager exchanges one bond for another bond that is similar in terms of coupon, maturity, and credit quality, but offers a higher yield.

Substitute sale
A method for hedging price risk that utilizes debt-market instruments, such as interest rate futures, or that involves selling borrowed securities as the primary assets.

Subsidiary
With the regards to the euromarkets, a subsidiary is foreign-based affiliate that is a separately incorporated entity under the host country's law.

Subscription price
Price that the existing shareholders are allowed to pay for a share of stock in a rights issue.

Specific issues market
The market in which dealers reverse in securities they wish to short.

Small issues exemption
Securities issues that involve less than $1.5 million are not required to file a registration statement with the SEC. Instead, they are governed by Regulation A, for which only a brief offering statement is needed.

Remote disbursement
Technique that involves writing checks drawn on banks in remote locations so as to increase disbursement float.

Recourse
Term describing a type of loan. If a loan is with recourse, the lender has a general claim against the parent company if the collateral is insufficient to repay the debt.

Perquisites
Personal benefits, including direct benefits, such as the use of a firm car or expense account for personal business, and indirect benefits, such as up-to-date office décor.

Oversubscription privilege
In a rights issue, arrangement by which shareholders are given the right to apply for any shares that are not taken up.

Oversubscribed issue
Investors are not able to buy all of the shares or bonds they want, so underwriters must allocate the shares or bonds among investors. This occurs when a new issue is underpriced or in great demand because of growth prospects.

Outstanding shares
Shares that are currently owned by investors.

Outstanding share capital
Issued share capital less the par value of shares that are held in the company's treasury.

Outsourcing
The practice of purchasing a significant percentage of intermediate components from outside suppliers.

Offshore finance subsidiary
A wholly owned affiliate incorporated overseas, usually in a tax haven country, whose function is to issue securities abroad for use in either the parent's domestic or its foreign business.

Nonrecourse
Without recourse, as in a non-recourse lease.

New-issues market
The market in which a new issue of securities is first sold to investors.

Mangement's discussion
A report from management to the shareholders that accompanies the firm's financial statements in the annual report. This report explains the period's financial results and enables management to discuss other ideas that may not be apparent in the financial statements in the annual report.

Limitation on subsidiary borrowing
A bond covenant that restricts in some way a firm's ability to borrow at the subsidiary level.

Oversubscription
An oversubscription of shares on an IPO means that there was much more demand than supply of shares on an initial offering.

Controlled disbursement
A service that provides for a single presentation of checks each day (typically in the early part of the day).

Corporate acquisition
The acquisition of one firm by anther firm.

Debt outstanding subject to limitation
Obligations incurred by the Treasury subject to the statutory limit set by Congress. Until World War 1, a specific amount of debt was authorized for each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. The statuatory limit may change from year to year.

Unsterilized foreign exchange intervention
A unsterilized foreign exchange intervention is an intervention in which a central bank allows the purchase or sale of domestic currency to affect the monetary base.

Undersubscribed
Having received fewer offers to buy than there are securities available for sale.

Extinguish
Retire or pay off debt.

Gunslinger
An aggressive portfolio manager who makes risky investments, typically in margin accounts, in search for large returns.

Quasi-rent
Short-term economic rent arising from a temporary inelasticity of supply.

Subsidy
A financial contribution by government (including any form of income or price support) that also confers a benefit to the recipient (i.e., producers of goods or services or buyers of goods). Many types of government practices constitute a financial contribution, including traditional forms of subsidies such as grants and loans, as well as foregone revenues such as tax credits. Subsidies may also exist in preferential government procurement of goods.

Treasury sector
Securities issued by the U.S. government. Includes Treasury bills, notes and bonds. The U.S. Treasury is the largest issuer of securities in the world. This sector plays a key role in the valuation of securities and the determination of interest rates throughout the world.

Treasury Bill
A short-term debt instrument issued by the government to finance its budget. Treasury bills has usually no coupon attached to it.

Treasury Bond
A long-term debt instrument issued by the government to finance its budget. Treasury Bond coupons are usually paid semi-annually in the US and annually in the UK.

Treasury Bills
Treasury Bills refers to very short term debt instruments issued by the Bank of England on behalf of the UK Government. They are negotiable, bearer, zero-coupon debt instruments. The maturity of T-Bills ranges from one month (approx. 28 days), 3 months (approx 91 days), 6 months (approx. 182 days) to 12 months (up to 364 days). The minimum face value (since October 2001) is £25,000. T-Bills are widely considered to be risk-free.

Treasury stock
Common stock that has been repurchased by the company and held in the company's treasury.

Treasury securities
Securities issued by the U.S. Department of the Treasury.

Statement billing
Billing method in which the sales for a period such as a month (for which a customer also receives invoices) are collected into a single statement and the customer must pay all of the invoices represented on the statement.

Bill of Materials (BOM)
A BOM is a list of specifications that uniquely defines manufacturing sequence, materials, and procedures utilized in the manufacture of a specific product .

Bill of exchange
General term for a document demanding payment.

Bill of lading
A contract between the exporter and a transportation company in which the latter agrees to transport the goods under specified conditions which limit its liability. It is the exporter's receipt for the goods as well as proof that goods have been or will be received.

Cash management bill
Very short maturity bills that the Treasury occasionally sells because its cash balances are down and it needs money for a few days.

Waybill
A document (that looks like a bill of lading) issued by a carrier that describes the goods to be transported and that details the shipping particulars. Waybills are issued by both air carriers (air waybills) and ship lines (sea waybills). They merely indicate that the stated goods were received by the carrier for transport, they do not convey title.