Senior mortgage bond

Definition:

A bond that, in the event of bankruptcy, will be redeemed before any other bonds are repaid.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

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Pension Benefit Guaranty Corporation (PBGC)

A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation).

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