PAC Z bond

PAC Z bond
PAC Z tranche or PAC Z bond
A CMO Z bond with some call and extension protection provided by collars. Like other Z bonds, a PAC Z bond earns interest that is accrued but not paid in cash for a defined time period.
See Z tranche. American Banker Glossary

Financial and business terms. 2012.

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  • PAC Z tranche — or PAC Z bond A CMO Z bond with some call and extension protection provided by collars. Like other Z bonds, a PAC Z bond earns interest that is accrued but not paid in cash for a defined time period. See Z tranche. American Banker Glossary …   Financial and business terms

  • PAC Bond — Stands for Planned Amortization Class bond. A tranche class offered by some CMOs that has a sinking fund schedule and an ability to make principal payments that are not subordinated to other classes. Bloomberg Financial Dictionary …   Financial and business terms

  • Companion Bond — A class of tranche found in a planned amortization class (PAC) bond that is responsible for protecting the PAC tranche from both contraction and extension risk. The companion bond is designed to absorb excess principal payments during times of… …   Investment dictionary

  • Planned Amortization Class (PAC) Tranche — A class of tranche in a planned amortization class (PAC) bond that receives a primary payment schedule. As long as the actual prepayment rate is between a designated range of prepayment speeds, the life of the PAC tranche will remain relatively… …   Investment dictionary

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  • planned amortization class — ( PAC) (1) The class of CMO that has the most stable cash flows and the lowest prepayment risk of any class of CMO. Because of a stable cash flow, it is considered the least risky CMO. (2) A CMO bond class that stipulates cash flow contributions… …   Financial and business terms

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