Misplaced Pages

#99900

54-484: Jackson Lake may refer to: Places [ edit ] Jackson Lake (Georgia) Jackson Lake (Wyoming) Jackson Lake Dam , Wyoming Jackson Lake Lodge , Wyoming, a U.S. National Historic Place Jackson Lake Ranger Station , Wyoming, a U.S. National Historic Place Jackson Lake, Colorado Jackson Lake State Park (Colorado) Jackson Lake State Park (Ohio) Television [ edit ] Jackson Lake,

108-408: A Chapter 11 bankruptcy at the giant telecommunications company Worldcom , in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds. A number of bond indices exist for

162-497: A bond will immediately affect mutual funds that hold these bonds. If the value of the bonds in their trading portfolio falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately " marked to market " or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out", interest rate risk could become

216-404: A centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to

270-590: A character played by David Morrissey in the Doctor Who Christmas special " The Next Doctor " See also [ edit ] Lake Jackson (disambiguation) Andrew Jackson State Park Lake , South Carolina Lake Jackson Mounds Archaeological State Park , Florida Stonewall Jackson Lake State Park in West Virginia Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with

324-429: A price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond. This is referred to as " pull to par ". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates,

378-500: A price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. Treasury bill , are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond. Although bonds are not necessarily issued at par (100% of face value, corresponding to

432-419: A real problem, conversely, bonds' market prices would increase if the prevailing interest rate were to drop, as it did from 2001 through 2003. One way to quantify the interest rate risk on a bond is in terms of its duration . Efforts to control this risk are called immunization or hedging . There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and

486-455: A supporter of the kind of facility that the power company was planning on building there. The power company hired Theodore Ellis and associates, which was based in Macon , to clear the basin for the future reservoir . A number of local farmers were displaced in the process, having to give up their rich bottomland in the process. Since it was a rural area and no hotel or inn was nearby,

540-707: A year and a fixed lump sum at maturity is attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes bankrupt , its bondholders will often receive some money back (the recovery amount ), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks: Bonds are also subject to various other risks such as call and prepayment risk, credit risk , reinvestment risk , liquidity risk , event risk , exchange rate risk , volatility risk , inflation risk , sovereign risk and yield curve risk . Again, some of these will only affect certain classes of investors. Price changes in

594-408: Is a type of security under which the issuer ( debtor ) owes the holder ( creditor ) a debt , and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon ) over a specified amount of time. The timing and the amount of cash flow provided varies, depending on

SECTION 10

#1732764839100

648-465: Is currently maintained by personnel based at nearby Wallace Dam . There are several species of fish in Jackson Lake, including white catfish , bullhead catfish , channel catfish , blue catfish , black crappie , white crappie , redear sunfish , redbreast sunfish , bluegill , spotted bass , largemouth bass , striped bass , and hybrid bass. Bond (finance) In finance , a bond

702-427: Is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of dividend payments. Bonds are often liquid – it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much, which may be more difficult for equities – and the comparative certainty of a fixed interest payment twice

756-406: Is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception is an irredeemable bond, which is a perpetuity , that is, a bond with no maturity. Certificates of deposit (CDs) or short-term commercial paper are classified as money market instruments and not bonds: the main difference is the length of

810-429: Is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be arbitrage opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see Bond valuation . The bond's market price

864-517: Is the only member of that group located on the Ocmulgee River . In January, 1983, there was a fire that badly damaged the powerhouse, which was replaced the next year. The wiring and most of the electrical equipment had to be replaced as well as the transformers and part of the building's top floor. Generator 6 was also rewound at that time. The fire did not damage the dam structure itself. The reconstruction cost $ 2.8 million. Lloyd Shoals Dam

918-434: Is the rate of return received from investing in the bond. It usually refers to one of the following: The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors. High-yield bonds are bonds that are rated below investment grade by

972-453: Is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is called trading at a discount. The market price of a bond may be quoted including the accrued interest since the last coupon date. (Some bond markets include accrued interest in

1026-431: The bond market . Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called a tap issue or bond tap . Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at

1080-446: The credit rating agencies . As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called junk bonds . The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in

1134-410: The 1590s. Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets . The most common process for issuing bonds is through underwriting . When a bond issue is underwritten, one or more securities firms or banks, forming a syndicate , buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes

SECTION 20

#1732764839100

1188-592: The Central Georgia Power Company, along with several other utilities in the area. The first few years after Georgia Power acquired the facility, it had a staff for generating and maintenance, as well as a superintendent. Eventually, the muddy lake cleared and became a local attraction and recreation site with numerous fish camps located along its shores. It became part of the Central Georgia Power Group in 1978. It

1242-673: The Macon Railway and Light Company from Jacob Collins of Savannah. After acquiring it, Masse became the president. When he was 35, he put together the Bibb Power Company. Soon after the Bibb Power Company was organized, it came to be known as the Central Georgia Power Company. The power company acquired the land that the facility is on from Captain William F. Smith of Butts County, Georgia , who had long been

1296-513: The bond includes embedded options , the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option price as calculated is either added to or subtracted from the price of the "straight" portion. See further under Bond option § Embedded options . This total is then the value of the bond. More sophisticated lattice- or simulation-based techniques may (also) be employed. Bond markets, unlike stock or share markets, sometimes do not have

1350-431: The bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through bond funds . Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households. The volatility of bonds (especially short and medium dated bonds) is lower than that of equities (stocks). Thus, bonds are generally viewed as safer investments than stocks , but this perception

1404-490: The currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond: The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment. Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as

1458-682: The dealers earn revenue by means of the spread, or difference, between the price at which the dealer buys a bond from one investor—the "bid" price—and the price at which he or she sells the same bond to another investor—the "ask" or "offer" price. The bid/offer spread represents the total transaction cost associated with transferring a bond from one investor to another. Bonds are bought and traded mostly by institutions like central banks , sovereign wealth funds , pension funds , insurance companies , hedge funds , and banks . Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy

1512-437: The economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU . Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds , to finance current expenditure. Bonds and stocks are both securities , but

1566-400: The end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets. The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made, the issuer has no further obligations to the bond holders after the maturity date. The length of time until

1620-505: The foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency. The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into

1674-413: The issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high probability of default on the bond). Bonds can be categorised in several ways, such as the type of issuer,

Jackson Lake - Misplaced Pages Continue

1728-431: The issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away from domestic markets. These bond issues are generally governed by

1782-496: The law of the market of issuance, e.g., a samurai bond, issued by an investor based in Europe, will be governed by Japanese law. Not all of the following bonds are restricted for purchase by investors in the market of issuance. The market price of a bond is the present value of all expected future interest and principal payments of the bond, here discounted at the bond's yield to maturity (i.e. rate of return ). That relationship

1836-422: The length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.) The interest payment ("coupon payment") divided by the current price of the bond is called the current yield (this is the nominal yield multiplied by the par value and divided by

1890-416: The major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors , in the event of bankruptcy. Another difference

1944-406: The market for United States Treasury securities, there are four categories of bond maturities: The coupon is the interest rate that the issuer pays to the holder. For fixed rate bonds , the coupon is fixed throughout the life of the bond. For floating rate notes , the coupon varies throughout the life of the bond and is based on the movement of a money market reference rate (historically this

1998-423: The markets. The price can be quoted as clean or dirty . "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S. The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that

2052-442: The maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In

2106-540: The night. By this point, the power company had constructed wooden cabins for the workers to live in. The main concern for the construction was how to get the supplies to the building site. In 1911, the Lloyd Shoals Dam project was completed at 100 feet tall and 1,070 feet of concrete masonry. Transmission lines were erected to extend power to substations in Macon , Forsyth , Griffin , Barnesville , rural Bibb County , and extending to Jackson . The basin

2160-439: The price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the yield curve , a graph plotting this relationship. If

2214-420: The principal due to various factors in bond valuation . Bonds are often identified by their international securities identification number, or ISIN , which is a 12-digit alphanumeric code that uniquely identifies debt securities. In English , the word " bond " relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay a sum to another" dates from at least

Jackson Lake - Misplaced Pages Continue

2268-529: The project. Most of the other bankers soon followed. Among the notable investors was a representative for the Bank of Scotland and the son of the English Viscount of Weymouth . After the necessary funds were acquired, the power company hired David W. Hilliard to supervise the construction of the multimillion-dollar project. There were two shifts of hundreds of men, with the second shift working through

2322-419: The public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds. In contrast, government bonds are usually issued in an auction. In some cases, both members of the public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both

2376-403: The risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to the bond issuer in terms of timing and price of the bond issue. The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to

2430-560: The site. Masse hired a private train car for the trip to Macon. After taking the bankers on a tour of the city, Masse took them to the dam site. There he hosted a barbecue consisting of 14 pigs . The bankers were then shown the dam site where the Lane Brothers were pouring the concrete foundation, on funds already acquired. James I. Buchanan of the Pittsburgh Trust Company was the first banker to commit to

2484-434: The term of the instrument. The most common forms include municipal , corporate , and government bonds . Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market . This means that once the transfer agents at the bank medallion-stamp the bond, it is highly liquid on the secondary market. The price of a bond in the secondary market may differ substantially from

2538-432: The terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market. In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in

2592-515: The title Jackson Lake . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Jackson_Lake&oldid=1215279278 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Jackson Lake (Georgia) In 1907, Jordan Massee, Sr. and associates bought

2646-529: The trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory", i.e. holds it for their own account. The dealer is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor. Bond markets can also differ from stock markets in that, in some markets, investors sometimes do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather,

2700-559: The trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or " dirty price ". ( See also Accrual bond .) The price excluding accrued interest is known as the "flat" or " clean price ". Most government bonds are denominated in units of $ 1000 in the United States , or in units of £100 in the United Kingdom . Hence, a deep discount US bond, selling at

2754-443: The workers had to sleep in tents. Theodore Ellis's relative, Roland Ellis, was a lawyer and advised Theodore Ellis and associates on the legal matters, and was on the board of directors. In a period of economic decline, Masse was still able to convince A. B. Leach and Company of New York to endorse the project. Thereafter, A. B. Leach hired Masse to sell bonds . Masse arranged a trip for 200 northern bankers to come south and survey

SECTION 50

#1732764839100

2808-585: Was attracted to the area. Among the new businesses were several soft drink bottling plants and the Jackson Ice Corporation (1920). Then, it had four 2,400 kilowatts generation units. In 1916, a fifth unit generating 2,400 kilowatts was added, and a year later a sixth unit generating 2,400 kilowatts was added. With all six units operational, it can have an output of 14,400 kilowatts. Because of improvements since then, it now can generate up to 21,000 kilowatts. In 1928, Georgia Power bought out

2862-528: Was generally LIBOR , but with its discontinuation the market reference rate has transitioned to SOFR ). Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual. The yield

2916-456: Was slow to fill, creating pools of stagnant water favorable to the growth of mosquitoes. This, in turn, led to an outbreak of malaria which drove away additional locals who had not initially been displaced by the project. Even after the lake filled to full pool, and for some time thereafter, it was red and muddy from erosion along the clay shoreline. The electrification of Jackson, and rural Butts County led to economic expansion when new industry

#99900