tob: to be pleasing or good. Investing personal money in stocksStockWhat is a stock? The yield of the residual certificate changes in opposition to the floating-rate, so it is often called the “inverse floater.”. Fuck off TOB, wow you really are a self-obsessed, unneccesarily aggressive, ignorant and obscenely did you see that tob over there? By taking long-term tax-exempt debt out of the market, BABs are constraining tax-exempt supply, thereby lowering yields. As mentioned above, TOB is used as an acronym in text messages to represent Type of Bill. The primary factor creating a favorable climate for TOB programs is the steep yield curve. In trader parlance, the floater certificate is known as the tender-option bond. The agency rated $23.5 billion of TOB floating-rate certificates in that period, which was more than the $22.4 billion rated in all of 2006 — then a record year for TOB activity. “So is the legislation going to hurt the prop desk TOB programs as they stand today? So, in the past decade, the spread between two years and 30 years in the triple-A general obligation yield curve scale averaged 221.3 basis points. As the accompanying chart indicates, for instance, a typical TOB trade in March 2007 might use six times leverage to deliver an annual return of 9.6%. Postal codes: USA: 81657, Canada: T5A 0A7, Your abbreviation search returned 46 meanings, showing only Business & Finance definitions (show all 46 definitions), Note: We have 36 other definitions for TOB in our Acronym Attic, The Acronym Finder is
Further, McCarthy said if President Obama’s budget proposal to expand the BAB program to health care, higher education, and refunding issues is approved by Congress, that could be a major gift to the TOB ratio trade, as it would dramatically further constrain tax-exempt supply on the long end. Jeff Previdi, a senior analyst at Standard & Poor’s, said the agency has been rating approximately 15 to 20 new TOB trusts each week. Tob Rhyming, similar names and popularity. Kay Ivey. What is the meaning of Tob.? The impact on long-term rates was pronounced: the triple-A GO yield in two years versus 30 years flattened to a six-month average of 54 basis points between January and June 2007, according to MMD. Definition of TOB in Business & Finance. If banks are sitting on cash, the incentive to finance through a TOB is minimal. “Remember that TOBs are just a financing mechanism,” McCarthy said. Retail purchasers, who make up about two-thirds of the investor base for munis, prefer to purchase short-term debt, while the financial needs of issuers tend to be long term — think of constructing roads, bridges, and schools. “One of the reasons things have been so volatile since the beginning of ’08 is because TOB programs, for the most part, aren’t well-capitalized.”. The residual certificate, or junior note, is sold back to the investor. Tob Rhyming, similar names and popularity. “When the crisis hit, all that stuff was unwound,” McCarthy said. ISO 3166-2 geocode for Bouvet Island. TOB decided on the move as it does not regard the partial public tender offer by ACP Intermediate Acquisition, aimed at 20% in Absolute, as rival to HarbourVesta[euro](tm)s bid, the US firm said, adding it supported TOBa[euro](tm)s decision. Once the financial crisis forced investors to unwind their positions, that volume fell to about $60 billion in early 2009, but in recent months new activity has pushed the volume up to around $80 billion. Without the same leverage as before, few are expecting the tender-option market to become as influential as it was before the credit crisis. If market dynamics stay this favorable, more hedge funds and dealers could take advantage of the environment and the market could see “a re-leveraging scenario” in the near-term, according to Matt Fabian, managing director at Municipal Market Advisors, an independent research firm. “The first source of funds to purchase bonds should be the cash an investor has on hand, such as the equity raised by mutual funds as money has migrated out the municipal curve in search of yield,” said Eric Vandercar, manager of municipal funding and liquidity at Morgan Stanley. “So you’ll be left with a band of ratios driven by whether issuers think it’s cheaper to issue as taxable or tax-exempt.”. The verb טוב (tob) means to be good or pleasant, and ultimately to be sustained or sustainable, first relative to society but ultimately to the universe at large. Till now you might have got some idea about the acronym, abbreviation or meaning of TOB Find out the meaning and the origin of the name, Tob on SheKnows.com. To some, the prospect of exotic products returning to the market with force might not sound too welcome, but participants familiar with the trade point out that the risks associated with TOB programs have largely been reduced. 2. The reason is higher ratios indicate cheap munis, so when ratios rise more investors will be attracted to the TOB ratio trade. What is the definition of Tob.? Adjective and noun טוב ( tob ) means good; noun טוב ( tub ), describes a good thing or goodness, and noun טובה ( toba ) denotes welfare. “When muni-to-Treasury ratios would get out of whack, these guys would come in and buy a little more to support their money-making trade efforts,” said Tom Kozlik, municipal analyst at Janney Capital Markets. ,random
The purchase of tax-exempt bonds for TOB programs might have to rise pretty dramatically for tax-exempt yields to fall even further than BABs have pushed them, he said. This page is all about the acronym of TOB and its meanings as Type of Bill. If it carries a rating at all, the residual will be graded lower than the floating rate because it is the “first-loss” certificate, but the risk is compensated by the higher yields it derives from the long-term collateral, minus the floating rate and some fees. To top things off, muni-to-Treasury ratios defied all expectations as a flight to quality caused Treasury yields to fall to historic lows, making municipals far cheaper than Treasuries despite their tax-exempt status. root Definition The other is that marketing the ratio trade remains difficult as risk appetite remains tepid among investors.
Please look for them carefully. TOB: Theatre of Blood (gaming) TOB: Throne of Bhaal (gaming) TOB: Tobit: TOB: Top of Book (investing) TOB: Tears of Blood: TOB: T-Online Billing: TOB: Top of the Barrier (quantum physics) TOB: Time of Observation Bias (temperature records) TOB: Type of Bill: TOB: Thumb over Bore (grip) TOB: Traduction Oecuménique de la Bible (French: Ecumenical Translation of the Bible) TOB Whether the 35% BAB subsidy is gradually reduced to 28% or some other figure, McCarthy said that wouldn’t really matter — it would just change where the ratio ceilings and floors would go.
For reprint and licensing requests for this article. Acronym Finder, All Rights Reserved. “If an investor wants to buy additional bonds once their cash on hand is deployed, that’s when there’s an incentive to deposit bonds in a TOB.”, He added: “While first instincts would suggest that the substantial positive slope of the muni curve, expectations for higher tax rates, and favorable market technicals should result in demand for leverage in the muni market, until TOB residual holders are short on cash and identifying more bonds that they want to own, TOB volume may be less than otherwise anticipated.”. But TOB investors said the spread has been so wide recently that pre-crisis levels of revenue are still possible. "global warming"
A number of market participants said the impact of that rule could be minimal. “So in theory, the market could become as big as it was before or even larger, if it continues to grow that way.”. As one banker recently commented, “How the hell could that ever happen?”. There may be more than one definition of TOB, so check it out on our dictionary for all meanings of TOB one by one. Using the long-term bonds as collateral, the trust then creates two notes, a floater certificate and a residual certificate. Word Origin a prim. If banks are sitting on cash, the incentive to finance through a TOB is minimal. The spousal meaning of the body prefigures the redemptive meaning of the body. The easiest way to define finance is by providing examples of the activities it includes. See more. With this nuptial perspective, our ultimate destiny is the eternal wedding feast of the lamb, called heaven, where we can be with our Divine Bridegroom Messiah for eternity. Tob name meaning, Hebrew baby Boy name Tob meaning,etymology, history, presonality details. Like what you see? Word(s) in meaning: chat
“Frankly, the tax-exempt yield curve is steeper than makes sense for a lot of reasons right now — you could easily see that flatten quite a bit more,” he said. Recently, several modifications of the Belgian Stock Exchange Tax regime (TOB/beurstaks) have been enacted.For recall, this tax generally applies to secondary market transactions (with the exception of redemptions of own units by certain investment funds) concerning certain financial instruments entered into by Belgian investors, be it through a Belgian or a foreign financial intermediary. And in that case, then it’s 'Game On’ again.”. service, business, insurance. A major reason why long-term tax-exempt yields have fallen recently is the advent of taxable Build America Bonds, which were created by the American Recovery and Reinvestment Act in February 2009. This would be the code used in international transactions to and from Bouvet Island bank accounts, though as the island is uninhabited, this is unlikely to be used. One reason is the lower leverage, meaning there is more collateral backing the trade than there was before. The floater certificate, or senior note, provides a short-term variable-rate with a put option. Still, despite favorable dynamics and the potential to assist the broader market, it’s far from certain that TOB programs will see explosive growth in the near term. ISO 3166-1 alpha-2 code for Bouvet Island. But while the impact of BABs may be positive for municipal-to-taxable ratios, the overall impact on tender-option bond programs may not be wholly positive. In a different fashion, then, BABs are pushing down the yield curve just as TOBs once did. Pedro Pierluisi wants to make sure that employees are not dismissed and don't lose their benefits, among other things. The New York mayor rolled out his $92.3 billion preliminary spending plan with warnings about federal and state variables, more pronounced amid the COVID-19 crisis. A further impediment is proposed new legislation — often dubbed the “Volcker Rule” — to restrict bank proprietary trading. Idioms. Terms of Business. The SIFMA municipal swap index — a widely used barometer of variable-rate demand obligations — peaked at 7.96% that month, compared to its current 0.24%. 'Take Over Bid' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. Find out what is the full meaning of TOB on Abbreviations.com! “Even though money-market fund assets are negative on a week-to-week basis, financing is more attractive now than ever.”. For example, if a facility determines an inpatient admission is not medically necessary after discharge, they would first submit a no-pay/provider liable inpatient claim, a 110 TOB. “It’s still not that long ago that you had major, major stress events, so that’s a real negative for people looking at the trade,” McCarthy said. But a flood of issuance in the BABs market and a dearth of issuance on the tax-exempt side would cause tax-exempt yields to fall, McCarthy said, which would then motivate issuers to borrow in the tax-exempt market. ? TOB: Type of Bill: TOB: Type of Business: TOB: Takeover Bid: ToB: Terms of Business: TOB: Tender Option Bond: TOB: Top of Belt (belt conveyor) TOB: Triangle-Based Omni-Purpose Building … A tender option bond (from now on TOB) is the municipal bond market's answer to the classic borrow short and invest long. Another is demand: the program uses leverage, and investors don’t have much appetite for risk these days. The deal is the latest example of a consolidation in the financial information and data industry. Finance definition, the management of revenues; the conduct or transaction of money matters generally, especially those affecting the public, as in the fields of banking and investment. So in addition to helping the broader market by purchasing long-term munis and pushing down the yield curve, TOB programs also helped meet the investor demand for short-term, tax-exempt, floating-rate debt. Leverage enters the trade because when the trust issues the floating-rate note, it effectively borrows cash from the money market funds against the long-term collateral, and the investor can use that cash to finance the purchase of more bonds. Former Michigan Gov. Please note that Type of Bill is not the only meaning of TOB. In mid-April, the muni-to-Treasury ratio in 30-years was 88.9%. Municipal market dynamics are so favorable right now that investors involved in tender-option bond programs can create better revenue streams compared to what they received before the financial crisis, but at half the risk or less. The dearth of eligible long-term tax-exempt bonds in the current market, however, also reduces the incentive for banks to create leverage. The meaning of the TOB is also explained earlier. This page is all about the meaning, abbreviation and acronym of TOB explaining the definition or meaning and giving useful information of similar terms. Though the 30-year ratio is lower than last decade’s average, McCarthy said the ratio trade is still attractive now from a long-term perspective. For banks involved in proprietary trading, one such reason is that leverage isn’t a necessity given how much cash banks are sitting on. 1. construction, engineering, drawing. The group specifically revised six of its model disclosure documents for risk disclosure including floating rate notes, fixed-rate bonds, interest rate swaps, forward delivery bonds, tender offer bonds and variable rate demand obligations. Meanings of TOB in English As mentioned above, TOB is used as an acronym in text messages to represent Transfer of Business. T.O.B. PSP, HIPAA
In fact, several other dynamics are holding a strong resurgence back. To date this month, Municipal Market Data indicated the spread between two years and 30 years in the triple-A general obligation yield curve averaged 337 basis points. Tob. In today’s climate, however, such leverage isn’t possible. The degree of leverage depends on the volume ratio between the residual certificates and the floating certificates — the more floaters there are, the fewer residuals there are to back them. That rendered the carry trade hugely unprofitable as investors were paying short-term rates far in excess of what the underling collateral was providing. Find the latest TOD'S SPA EO 2 (TOB.F) stock quote, history, news and other vital information to help you with your stock trading and investing. The underlying collateral in the trade was often enhanced by bond insurance, so when the guarantors were downgraded throughout 2008, certificates derived from the collateral no longer met the high-grade requirements. NAS Exhaustive Concordance. For Standard & Poor’s Previdi, this raises the question of whether TOBs could exert the same market influence they once had. “Even though TOBs are an attractive way to finance munis, potentially, because of the level of financing, you have a supply disconnect,” another TOB participant said. TOB. In its heyday in 2007, the volume of TOBs grew to more than $200 billion, representing about 8% of the municipal market. Holders of the floating-rate certificates were forced to exercise the put option and sell the certificates back to the trusts, forcing the liquidity sponsors to cough up cash. “I couldn’t be more pleased to learn that Alabama will be the new home to the United States Space Command," said Alabama Gov. A great deal of stability has since returned to the municipal market. But it depends what the banks and brokers do to counter the new environment. In the current climate, the investor could reduce leverage to just two times — cutting the risk of the trade by a third — and earn an annual return of 10.6%. In aggregate, the volume of cash held by commercial banks jumped to $1.373 trillion in late February from $310 billion in September 2008, according to the Fed. “At the end of 2007 virtually every U.S. bank and a few foreign banks had very large TOB programs — now that’s gone,” according to a banker who did not want to be named. That back-and-forth would form a natural ceiling in muni-to-taxable ratios, making it increasingly unlikely that ratios would blow up as they did in 2008. Please note that Transfer of Business is not the only meaning of TOB. definition: Tobit | Meaning, pronunciation, translations and examples Tax-exempt money market funds in particular soaked up the floating-rate certificates to help meet diversification requirements and keep strong credits on their books. What is the meaning of TOB? Another banker from a Wall Street firm, who did not want to be named, said another attraction for the ratio trade is that muni yields could fall further relative to Treasuries.
“When TOBs were being a force in the marketplace, one of the beneficiaries overall was muni issuers,” Previdi said. The fourth digit of the TOB indicates the sequence of the bill for a specific episode of care as defined below: “0” indicates a non-payment/zero claim. Looking for online definition of TOBS or what TOBS stands for? So long as there is reason to believe the curve will remain steep, the investor should be able to benefit from that extra spread. © 1988-2021,
How do you use Tob. “Practically nothing would be issued with a tax-exempt long maturity,” he said, “as long as ratios are such that it is more attractive for an issuer to issue in the taxable market.”. Before the credit crisis, the most active time for creating new TOB trusts was in the first half of 2007, according to Standard & Poor’s. And if you didn’t have that, they would force you to unwind the trust.”. The success of taxable Build America Bonds — which has limited the supply of tax-exempt debt necessary for TOB programs — is one reason. An individual who owns stock in a company is called a shareholder and is eligible to claim part of the company’s residual assets and earnings (should the company ever be dissolved). ... Financial Dictionary. where did that tob go?. Tob name meaning, Biblical baby Girl name Tob meaning,etymology, history, presonality details. design, construction. For investors, the attraction for the TOB program comes from the fact that the municipal yield curve is naturally steep, compared to other assets. Possible TB meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. Personal finance, corporate finance, and public finance all fall under the umbrella of this broad term. in a sentence? Rick Snyder and two former Flint emergency managers entered not guilty pleas Thursday on criminal charges tied to their alleged roles in the Flint water contamination crisis. By giving borrowers the option of issuing in the taxable market, BABs have limited the availability of traditional munis that could be placed into TOB trusts. Examples: NFL,
In terms of volume, the TOB market is still about 60% lower than it once was, bankers familiar with the programs said. One is that hedging costs are greater now than when the yield curve was flatter. Mayor Adrian Perkins put the bond proposals before the City Council and asked for a vote on a special April 24 election on four bond referendums. There’s not a lot of it out there.”, “Will it limit the potential return of that going forward? “As TOB desks were active in buying municipal bonds — particularly long term — that pushed down yields for issuers, and that was a great thing.”. “Different sponsors had different hurdles, but broadly speaking, it had to have two double-A ratings —¯Aa3 didn’t even work for some of the sponsors. In addition, “the cash-flow portion of the trade has possibly never been better,” he said, speaking of the steep yield curve. This page is all about the acronym of TOB and its meanings as Transfer of Business. There may be more than one meaning of TOB, so check it out all meanings of TOB one by one. One reason is the lower leverage, meaning there is more collateral backing the trade than there was before. Those purchases are dependent on the cash flow created by the carry trade — the spread between the short-term borrowing rate and the bond yield — which means the investor has more volume riding on the collateral than its original value. BABs cannot be deposited into the trusts because the tax-exempt floaters must be backed by tax-exempt collateral. Because BABs are a taxable instrument, they appeal to the wider investor base, including foreign buyers. As a result, municipalities are choosing to borrow in the taxable market, particularly on the long end where savings can be greatest. In the first quarter of this year, for instance, total volume in the muni market was up 17.1% compared to last year, but tax-exempt supply was down by nearly one-fifth because issuers are increasingly selling BABs. Compare that to Treasuries, where the average was 166.8 basis points, and you have an extra spread of 54.5 basis points, according to MMD. Top of Beam + 1 variant. Este fenomeno se puede explicar debido a los diferentes criterios de exclusion e inclusion utilizados en los estudios, y a las diversas variables analizadas, que no permiten tener una homogeneidad en los resultados reportados. 13 definitions of TOB. Feedback, The World's most comprehensive professionally edited abbreviations and acronyms database, https://www.acronymfinder.com/Business/TOB.html, Triangle-Based Omni-Purpose Building (power generation system). However, if market dynamics remain this auspicious, MMA’s Fabian suggested that even with moderate leverage the program could be influential in taking supply out of the market and pushing down yields, which would be a boon to issuers struggling with their finances. Another reason is the collateral is much less reliant on bond insurance, so the quality of paper in the trade is fundamentally higher than it was before. Top Of Beam. It should be noted, however, that the Treasury curve flattened around the same period, so other market factors were at work in addition to spread arbitrage. However, there is a TOB equivalent in the taxable market, called a taxable repurchase agreement. “Effectively, there will also be a floor because if muni ratios get too low you’ll have everything come to market as tax-exempt again, creating upward pressure on ratios,” he added. TOB definition / TOB means? Prior to the credit crisis, TOB programs were using up to 10 times leverage, sometimes more. 2895. tob Strong's Concordance. Looking for the definition of TOB? Then, in the wake of the Lehman Brothers collapse in September 2008, short-term rates shot to record highs. Not only are cautious investors adverse to assuming greater risks, but liquidity sponsors are also unlikely to lend the money. “The reason you would increase leverage is because you want to buy more muni bonds, but while the financing mechanism is attractive right now, there may be reasons why you don’t care to have more munis.”. Below is a list of the most common examples: 1. In either case, the outlier risk of the ratio trade would be greatly reduced, providing a degree of comfort to those playing spread arbitrage. Tournament of Books - 2019 TOB - the Tourney: 2019 TOB Shortlist Showing 1-50 of 507. ver. They may just spin off brokerage houses. Like the unhedged carry trade, the ratio trade, as it is called, can also be beneficial to the wider municipal market by keeping relative values in check. This is used as an international standard for shipping to Benin. TOB: Triangle-Based Omni-Purpose Building (power generation system) TOB: The Ordinary … In other words, TOB programs and BABs could work together to take long-term tax-exempt bonds out of the market — TOBs through purchase, BABs through substitution of taxable debt for tax-exempts — which would drive borrowing rates for municipal issuers even lower. What does TOB stand for?. Make sure you're getting it all, Independent and authoritative analysis and perspective for the bond buying industry, De Blasio warns of continued risk to budget, Former Michigan governor, Flint emergency managers face criminal charges over water crisis, Muni secondary in neutral while new deals see large bumps in repricings, Shreveport, Louisiana, council to vote on $207M GO bond referendum, SIFMA updates model documents for Libor's end, Puerto Rico governor suggests amending PREPA privatization, U.S. Space Command tentatively picks Huntsville, Alabama, for its new HQ, North Carolina pension plan hits record $114.9 billion valuation. Other things hugely unprofitable as investors were paying short-term rates far in excess of what the collateral! Are sitting on cash, the incentive to finance through a TOB is minimal s place.! Is minimal, several other dynamics are holding a strong resurgence back using up to 10 times leverage meaning... 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Stand today for standard & Poor ’ s climate, however, it may be helpful to a!, or junior note, provides a short-term variable-rate with a put option the umbrella of broad..., TOB is used as an international standard for shipping to Benin 'S... History, presonality details en la literatura sobre TOB a result, municipalities are choosing to borrow the. Office was rewarded for staying the course on a decades-long conservative management strategy, he,! Is minimal earlier the six-month average was 311 basis points has to be alive, public! To restrict bank proprietary trading the residual certificate, or junior note, a... And in that case, then, BABs are pushing down the yield of the TOB is minimal was. Gain a better understanding of how the product works explained earlier is demand: the uses! Several other dynamics are holding a strong resurgence back they would force you to unwind the trust. ” is... From the federal government can opt to receive a 35 % direct interest subsidy from federal! The Tourney: 2019 TOB Shortlist Showing 1-50 of 507 to 208 % December... When TOB structures were booming in the marketplace, one of the,! Problems aren ’ t only confined to the credit crisis, they appeal the! Averaged just 54 basis points certificate and a residual certificate be backed by tax-exempt collateral TOB and its meanings Transfer! Holding a strong resurgence back the residual certificate changes in opposition to the decade median average of 95.6.. Activities it includes as Type of Bill, existen grandes diferencias reportadas en la sobre. Tob Shortlist Showing 1-50 of 507 and the origin of the residual certificate, or senior note is!
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