Unconfirmed Letter of Credit

Definition:

A letter of credit which has not been guaranteed or confirmed by any bank other than the bank that opened it. The advising bank merely informs the beneficiary of the letter of credit terms and conditions.

Investing Essentials


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

Term of the Day

Lehman Brothers California Municipal Bond Index

A benchmark index that includes investment-grade, tax-exempt, and fixed-rate bonds issued in California. All securities have long-term maturities (greater than two years) and are selected from issues... Read More

Subscribe to the Term of the Day via email Get the Term of the Day in your inbox!


Create your free portfolio