Acronym for Obligations Assimilables du Tresor. They are fungible, tradable French government bonds with maturities of up to 50 years at a fixed or floating interest.

Option Agreement

Option Agreement is bilateral agreement between the entities under which the entity will undergo Acquisition & Merger on the basis of Call or Put Option

Optional deferral

Optional deferral gives the issuer the option, but not the liability, of deferring coupon payment when certain criteria have been met. These criteria can be wide-ranging depending on the wording of the hybrid bonds, but typically they refer to financial ratios which reveal the issuer’s financial situation. Optional unlimited deferral gives the issuer a free hand to decide when to defer coupon payments.


Abbreviation for Over The Counter. A market conducted directly between dealers and principals via a telephone and computer network rather than via an exchange. Unlike an exchange there is no automatic disclosure of the price of deals to other market participants and deals and traded instruments are not standardized.