Kangaroo Bond What is 'Kangaroo Bond' A type of foreign bond that is issued in the Australian market by non-Australian firms and is denominated in Australian currency. The bond is subject
Keepwell Agreement What is 'Keepwell Agreement' A contract between a parent company and its subsidiary to maintain solvency and financial backing throughout the term set in the agreement.
Heath-Jarrow-Morton Model (HJM Model) What is 'Heath-Jarrow-Morton Model - HJM Model' A model that applies forward rates to an existing term structure of interest rates to determine appropr
Yield To Average Life What is 'Yield To Average Life' The yield on a fixed-income security when the average maturity is substituted for the maturity date of the issue. It is particularly u
Yield Pickup What is 'Yield Pickup' The additional interest rate an investor receives when selling a lower-yielding bond in exchange for a higher-yielding bond. The bond with the lower yie
Yield Curve Risk What is the 'Yield Curve Risk' The yield curve risk is the risk of experiencing an adverse shift in market interest rates associated with investing in a fixed income instr
Hard Call Protection What is 'Hard Call Protection' The period in the life of a callable bond during which the issuing company is not permitted to redeem the bond. Hard call bonds have thi
Yield Equivalence What is 'Yield Equivalence' The interest rate on a taxable security that would render a return equivalent to that of a tax-exempt security, and vice versa, calculated as
Yellow Sheets What is 'Yellow Sheets' A United States bulletin that provides updated bid and ask prices as well as other information on over-the-counter (OTC) corporate bonds (also called
Yield Elbow What is 'Yield Elbow' The point on the yield curve indicating the year in which the economy's highest interest rates occur. The yield elbow is the peak of the yield curve, sign