Finance:Variable rate debt obligation

Short description: Short-term investment instrument

Securities

Securities Banknote Bond Debenture Derivative Stock
Markets Stock market Commodity market Foreign exchange market Futures exchange Over-the-counter market (OTC) Spot market
Bonds by coupon Fixed rate bond Floating rate note Inflation-indexed bond Perpetual bond Zero-coupon bond Commercial paper
Bonds by issuer Corporate bond Government bond Municipal bond Pfandbrief
Equities (stocks) Stock Share Initial public offering (IPO) Short selling
Investment funds Mutual fund Closed-end fund Exchange-traded fund (ETF) Hedge fund Index fund Segregated fund
Structured finance Securitization Agency security Asset-backed security Mortgage-backed security Commercial mortgage-backed security Residential mortgage-backed security Tranche Collateralized debt obligation Collateralized fund obligation Collateralized mortgage obligation Credit-linked note Unsecured debt
Derivatives Forward Futures Option Swap Warrant Credit derivative Hybrid security
v t e

A variable rate debt obligation (VRDO) is a tax-exempt short-term investment instrument based on long-term municipal bonds.^[1] The total value of outstanding VRDOs was estimated at $500 billion in November 2008.^[2]

References

↑ Criscuolo, Anthony C.; Faloon, Michael. "Variable Rate Demand Obligations". Standish Mellon. http://www.standishmellon.com/public/documents/news/vrdos.pdf.
↑ Doherty, Jacqueline (26 November 2008). "A Mess in the Muni Market". SmartMoney. http://www.smartmoney.com/investing/bonds/A-Mess-in-the-Muni-Market/.

v t e Bond market
Bond Debenture Fixed income
Types of bonds by issuer	Agency bond Corporate bond Senior debt Subordinated debt Distressed debt Emerging market debt Government bond Municipal bond
Types of bonds by payout	Accrual bond Auction rate security Callable bond Commercial paper Consol Contingent convertible bond Convertible bond Exchangeable bond Extendible bond Fixed rate bond Floating rate note High-yield debt Inflation-indexed bond Inverse floating rate note Perpetual bond Puttable bond Reverse convertible securities Zero-coupon bond
Bond valuation	Clean price Convexity Coupon Credit spread Current yield Dirty price Duration I-spread Mortgage yield Nominal yield Option-adjusted spread Risk-free bond Weighted-average life Yield curve Yield spread Yield to maturity Z-spread
Securitized products	Asset-backed security Collateralized debt obligation Collateralized mortgage obligation Commercial mortgage-backed security Mortgage-backed security
Bond options	Callable bond Convertible bond Embedded option Exchangeable bond Extendible bond Puttable bond
Institutions	(SIFMA)

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