Debt Capital Markets Glossary — Key Terms & Definitions
- 101 soft call
- Accordion / incremental facility
- Accrued interest
- Active bookrunner
- Additional Tier 1 (AT1)
- Administrative agent
- All-in yield
- Asset-swap spread
- Assignment
- Attachment point
- Bail-in
- Basis point (bp)
- Benchmark
- Best-efforts syndication
- Bookbuilding
- Bought deal
- Broadly syndicated loan (BSL)
- Builder (available-amount) basket
- Bullet bond
- Callable bond
- CET1 (Common Equity Tier 1)
- Clean price
- Club deal
- Commitment fee
- Convexity
- Covenant-lite (cov-lite)
- Covered bond
- Credit migration
- Credit spread adjustment (CSA)
- Cross-acceleration
- Cross-currency swap
- Cross-default
- Day-count convention
- Delayed-draw term loan (DDTL)
- Dirty price
- Discount margin
- Duration (modified)
- DV01
- EBITDA add-back
- EMTN program
- Equity cure
- Expected loss
- Fallen angel
- First lien
- Floating-rate note (FRN)
- Forward rate
- Fully underwritten commitment
- Greenium
- G-spread
- Incurrence covenant
- Indenture
- Information memorandum (IM/CIM)
- Initial price thoughts (IPTs)
- Interest coverage ratio
- Investment grade
- Lead arranger
- League table
- Leverage ratio
- Liability management (LM)
- Loss given default (LGD)
- Maintenance covenant
- Make-whole call
- Market flex
- Material non-public information (MNPI)
- Most-favored-nation (MFN) protection
- Negative convexity
- New-issue concession (NIC)
- Option-adjusted spread (OAS)
- Original issue discount (OID)
- Oversubscription
- Participant lender
- Participation
- Payment-in-kind (PIK)
- PIK-toggle
- Pricing grid (margin ratchet)
- Pull to par
- Putable bond
- Recovery rate
- Required lenders
- Restricted payment (RP)
- Reverse Yankee
- Revolving credit facility
- Rising star
- Roadshow
- Rule 144A / Regulation S
- Sacred rights
- Second lien
- Senior non-preferred
- SOFR
- SOFR floor
- Sovereign ceiling
- Spot rate
- Subscription ratio
- Syndicate
- Tender offer
- Term Loan A (TLA)
- Term Loan B (TLB)
- Ticking fee
- Tier 2 (T2)
- TLAC / MREL
- Tranching
- Yield to maturity (YTM)
- Yield to worst (YTW)
- Z-spread
- Embedded Options Convertibles
- Yield Measures
- Covenants Credit Quality
- Rating Agencies Scales
- Fixed vs. Floating
- Market Structure Trading
- Settlement Repo Financing
- Syndicate Roles Fees
- Documentation MTN
- Deal Execution Process
- Default Recovery
- Primary Issuance Syndication
- Capital Structure Seniority
- Spreads Benchmarks
- Supply Demand Conditions
- Bond Instruments Structures
- Liquidity Bid Ask
- Duration Convexity Risk
- Credit Ratings Risk
- Rates Inflation
- Specialized Debt
- Bookbuilding Allocation
- Yield Curve Shape
- Central Bank Policy
- Rates Macro Drivers
- Pricing Yields Curve
- Secondary Trading Liquidity