EXTENSION SWAP Definition

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EXTENSION SWAP is selling one security and purchas­ing another security with a longer maturity date to improve yield.

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AUCTION-RATE PREFERRED STOCK is preferred stock issues in which dividends are reset every 49 days through a Dutch Auction bidding process. These securities are known by many names coined by the underwriters who bring them to market. Other names are: Auction Market Preferred Stock (AMPS), Cumulative Auction Market Preferred Stock (CAMPS), Dutch Auction-Rate Transferrable Securities (DARTS), Floating-Rate Auction Preferred Stock (FRAPS), Market Auction Preferred Stock (MAPS), Rate Adjustable Preferred Stock (RAPS), Short-Term Auction-Rate Stock (STARS) and Money Market Preferred (MMP).

BURN RATE is the rate at which a new company uses up its venture capital to finance overhead before generating positive cash flow from operations. It is the rate of negative cash flow, usually quoted as a monthly rate.

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