Super Finance Glossary
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Searched for Par
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Par
Definition: Equal to the nominal or face value of a security. A bond selling at par is worth an amount equivalent to its original issue value or its value upon redemption at maturity-typically $1000/bond. See: Discount, premium.
Definition: Equal to the nominal or face value of a security. A bond selling at par is worth an amount equivalent to its original issue value or its value upon redemption at maturity-typically $1000/bond. See: Discount, premium.
Par Bond
Definition: A bond trading at its face value.
Definition: A bond trading at its face value.
Par Value
Definition: Also called the maturity value or face value; the amount that an issuer agrees to pay at the maturity date.
Definition: Also called the maturity value or face value; the amount that an issuer agrees to pay at the maturity date.
Par Value Of Currency
Definition: The official exchange rate between two countries' currencies.
Definition: The official exchange rate between two countries' currencies.
Parallel Bonds
Definition: Fixed income instruments denominated in the respective currencies of the countries where they are placed.
Definition: Fixed income instruments denominated in the respective currencies of the countries where they are placed.
Parallel Loan
Definition: A process whereby two companies in different countries borrow each other's currency for a specific period of time, and repay the other's currency at an agreed maturity for the purpose of reducing foreign exchange risk. Also referred to as back-to-back loans.
Definition: A process whereby two companies in different countries borrow each other's currency for a specific period of time, and repay the other's currency at an agreed maturity for the purpose of reducing foreign exchange risk. Also referred to as back-to-back loans.
Parallel Shift In The Yield Curve
Definition: A shift in economic conditions in which the change in the interest rate on all maturities is the same number of basis points. In other words, if the three month T-bill increases 100 basis points (one %), then the 6-month, 1-year, 5-year, 10-year, 20-year, and 30-year rates all increase by 100 basis points as well. Related: Non-parallel shift in the yield curve.
Definition: A shift in economic conditions in which the change in the interest rate on all maturities is the same number of basis points. In other words, if the three month T-bill increases 100 basis points (one %), then the 6-month, 1-year, 5-year, 10-year, 20-year, and 30-year rates all increase by 100 basis points as well. Related: Non-parallel shift in the yield curve.
Parameter
Definition: A model is a combination of variables, such as GDP growth, and coefficients which multiply these variables. The coefficients are often estimated from the data. The coefficients are called parameters.
Definition: A model is a combination of variables, such as GDP growth, and coefficients which multiply these variables. The coefficients are often estimated from the data. The coefficients are called parameters.
Parent Company
Definition: A company that controls subsidiaries through its ownership of voting stock, as well as runs its own business.
Definition: A company that controls subsidiaries through its ownership of voting stock, as well as runs its own business.
Pari Passu
Definition: Refers to the equal ranking of securities.
Definition: Refers to the equal ranking of securities.
Paris Bourse
Definition: National stock market of France.
Definition: National stock market of France.
Paris Interbank Offer Rate (PIBOR)
Definition: The deposit rate on interbank transactions in the Eurocurrency market quoted in Paris.
Definition: The deposit rate on interbank transactions in the Eurocurrency market quoted in Paris.
Parity
Definition: For convertibles, level at which a convertible security's market price equals the aggregate value of the underlying common stock; value/worth of the convertible bond considered only as an equity instrument (Conversion ratio times common price). See: Conversion value. For international parity, U.S.$ price of a foreign stock's last sale in an overseas market (Local currency stock price times forex rate times ADR ratio). For listed parity, condition whereby no party has floor priority, and matching thus occurs. For options parity, dollar amount by which an option is in the money. See: Intrinsic value.
Definition: For convertibles, level at which a convertible security's market price equals the aggregate value of the underlying common stock; value/worth of the convertible bond considered only as an equity instrument (Conversion ratio times common price). See: Conversion value. For international parity, U.S.$ price of a foreign stock's last sale in an overseas market (Local currency stock price times forex rate times ADR ratio). For listed parity, condition whereby no party has floor priority, and matching thus occurs. For options parity, dollar amount by which an option is in the money. See: Intrinsic value.
Parity Value
Definition: Related: Conversion value
Definition: Related: Conversion value
Parking
Definition: Putting money into safe investments such as money market investments while deciding where to invest the money.
Definition: Putting money into safe investments such as money market investments while deciding where to invest the money.
Parking Violation
Definition: Often used in risk arbitrage. Illegal holding of stock by a third party, or the financing of such a stock, in which the third party's sole reason for holding the stock is to conceal ownership or control of a raider, thus sidestepping the Williams Act requirements of 5% holding limits. See: Rule 13d.
Definition: Often used in risk arbitrage. Illegal holding of stock by a third party, or the financing of such a stock, in which the third party's sole reason for holding the stock is to conceal ownership or control of a raider, thus sidestepping the Williams Act requirements of 5% holding limits. See: Rule 13d.
Partial
Definition: Used in the context of general equities. Trade whose size is only part of the total customer indication/order, usually made to avoid a compromise in price and also to get some business instead of losing the customers inquiry/order to a competitor.
Definition: Used in the context of general equities. Trade whose size is only part of the total customer indication/order, usually made to avoid a compromise in price and also to get some business instead of losing the customers inquiry/order to a competitor.
Partial Compensation
Definition: Incomplete payment for the delivery of goods to one party by buying back a certain amount of product from the same party.
Definition: Incomplete payment for the delivery of goods to one party by buying back a certain amount of product from the same party.
Partial Vote
Definition: When only a portion of the total shares in an account is voted. For example, a broker has 1,000 shares and sends out a card to each of four shareholder clients. If only three of the four client cards are returned to the broker, the broker will submit only 3/4ths(750 shares) of the total 1,000 shares to vote. If the fourth card arrives later, an additional vote can be counted.
Definition: When only a portion of the total shares in an account is voted. For example, a broker has 1,000 shares and sends out a card to each of four shareholder clients. If only three of the four client cards are returned to the broker, the broker will submit only 3/4ths(750 shares) of the total 1,000 shares to vote. If the fourth card arrives later, an additional vote can be counted.
