DEMAND DRAFT, also known as sight draft, is a draft payable on demand from the date of issue, e.g. a payroll check.
YTD is Year To Date; meaning the period beginning of the calendar year, January 1st of the current year, or the fiscal year up until todays date.
TRANCHES are related securities that are offered at the same time but have different risk, reward, and/or maturity.
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