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GLOSSARY
EXCHANGE OF DEBT
- Underlying asset
- Amortisation of a security
- Book-entry
- Bond
- Zero coupon bond
- Government Bond
- Notional Bond
- Stripped Bond
- Exchange of debt
- Government financing capacity or need
- Maturity portfolio
- Available or registered portfolio
- Central counterparty institution
- Market makers
- Third party account
- Individual account
- Direct Accounts at the Bank of Spain
- Coupon
- Accrued coupon
- Issue
- Issue at a discount
- Management institution
- Fungibility
- Iberclear
- Interest
- Treasury Bills
- Liquidity
- Market brokers
- Forward market
- Blind market
- Futures market
- Options market
- Derivatives market
- Primary market
- Secondary market
- Borrowing requirement
- Non-residents
- Placement targets
- Government Bond
- Forward transaction
- Spot transaction
- Transaction with agreement to repurchase on demand
- Double transaction
- Simple transaction
- Open position
- Basis point
- Principal
- Reference
- Explicit yield
- Implicit yield
- Yield
- Repo
- Turnover
- Stripping
- Second tier
- Securities Clearing and Payment Service (SCLV)
- Bank of Spain Payment Service
- Simultaneous transaction
- Syndication
- System of provision of securities
- Strips
- Auction
- Third parties
- Account Holders
- Tranches (issue by)
- Transfer of securities
- Security
- Coupon Zero Security
- Security issued at a discount
- Repayment value
- Nominal value
- Maturity
- Residual Life
Transaction by virtue of which the Treasury makes exchanges of public debt securities: those delivered by the Treasury represent a new issue, those received by it are retired from circulation and amortized. This exchange of securities is usually orchestrated in the form of an auction. In recent years, the Treasury has not conducted exchanges.
