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Debt ceiling
See Also: Debt limit
Debt displacement
The amount of borrowing that leasing displaces. Firms that do a lot of leasing are curtailed in their debt capacity.
Debt instrument
An asset requiring fixed dollar payments, such as a government or corporate bond.
Debt leverage
Amplification of the return earned on equity when an investment or firm is financed partially with borrowed money.
Debt limit
The maximum amount that a municipality can borrow.
Debt limitation
A bond covenant that restricts the firm's ability to incur additional indebtedness in some way.
Debt market
The market for trading debt_instrument.
Debt outstanding subject to limitation
Obligations incurred by the Treasury subject to the statutory_debt_limit set by Congress. Until World War 1, a specific amount of debt was authorized for each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. The statuatory limit may change from year to year.
Debt ratio
Total debt divided by total assets.
Debt relief
Reducing the principal and/or interest payments on Less developed country loans.
Debt retirement
The complete repayment of debt. See Also: Sinking fund
Debt securities
IOUs created through loan-type transaction_loan-commercial paper, bank CDs, bills, bonds, and other instruments.
Debt service
Interest payment plus repayments of principal to creditors (retirement of debt).
Debt service coverage
The ratio of cash flow available to the borrower to the annual interest and principal payments on a loan or other debt.
Debt service parity approach
Payment alternatives that provide the firm with the exact same schedule of after-tax debt payments (including both interest and principal).
Debt swap
A set of transactions in which a firm buys a country's dollar bank debt at a discount and swaps this debt with the central bank for local currency that it can use to acquire local equity. Also called a debt-equity swap.
Debt/equity ratio
Indicator of financial leverage. Compares assets provided by creditors to assets provided by shareholders. Determined by dividing long-term debt by common stockholder equity.
Debt-for-equity swap
A swap agreement to exchange equity /returns for debt returns or the converse over a prearranged length of time.
Debtholder
See Also: Bondholder
Debtor
Borrower of money.
Debtor in possession
A firm that continues to operate under the Chapter 11 bankruptcy process.
Debtor-in-possession financing
New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims.
Debt-service coverage ratio
Earnings before interest and income tax, divided by interest expense plus the quantity of principal repayments divided by one minus the tax rate.
Decile rank
Performance over time, rated on a scale of 1-10. 1 indicates that a mutual fund's return is in the top 10% of funds being compared; while 3 means the return is in the top 30%.
Decimal trading
The quotation and trading of stock or bond prices in decimals, as opposed to the quotation of prices in fractions.
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