BOND ANTICIPATION NOTE (BAN) is a tax-exempt note that is issued as temporary or bridge financing until a bond issue is floated. The proceeds from the bond issue are then used to payoff the bond anticipation note.
REGULAR SETTLEMENT is 1) For short-term or U.S. Treasury securities, the settlement, or payment and delivery, is the next business day after the trade date. 2) For corporate notes, bonds and municipal securities, settlement is in five business days. 3) For mortgage-backed securities, settlement is after the 15th of the month. 4) For Eurodollar Certificates of Deposit, settlement is two business days after the trade date. Also known as "Regular Way.'
SENIOR DEBT/NOTE are loans or debt securities that have a claim prior to junior obligations and equity on a corporation's assets in the event of a liquidation.
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