Participation Rate

A measure of the participating portion of an economy's labor force. The participation rate is important in determining the number of individuals who are willing to work, are working, or are actively looking for work. Those who have no interest in working are not included in the participation rate.

Payment Disruption Event

Disruption Event means any of the following events as determined in good faith by the Calculation Agent.


PIK(Pay-In-Kind): Making interest payments in kind,Issuer will pay the interest in form of shares, bonds or debentures

Permanent Interest Bearing Shares

Permanent interest bearing shares, or PIBS, are fixed-interest securities issued by building societies. PIBS become perpetual subordinated bonds if their issuer demutualises. Building societies use them in the way public limited companies use preference shares.

Poison Put Option

A provision in a bond or note that gives bondholders the option of redeeming the bond or note at its par value if certain events occur. Those events may include a restructuring that reduces the credit quality of the issue, a hostile takeover, or the payment of a large dividend.


1) The amount for which a security is selling or is redeemed above its par value. 2) Fee paid to an insurance company for coverage. 3) Price paid by an option buyer for a put or call. 4) For a convertible security it is the price between market price and conversion value. 5) For futures it is the price between the price of the future and the underlying commodity. 6) Amount by which the price of a stock exceeds comparable stocks.

Private Placement

The capital is raised via private rather than public. Whereas the securities are sold to an institutional investors, such as bank, mutual fund, insurance company, pension fund, or foundation. These private placements are not registered with Securities and Exchange Commission. The private institutions which invest are also known as Institutional Investors.