Mameluke (b. 1948) was an American
In 1952, Mameluke won the
References
Category: Social History. Mameluke. Member of a military elite which ruled Egypt from about 1250 until 1517 AD. It continued to retain great power until about 1811. The original memelukes were slaves and the term has been retained in this context in Moslem countries,
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- A certificate or voucher acknowledging a debt.
- An unsecured bond issued by a civil or governmental corporation or agency and backed only by the credit standing of the issuer.
- A customhouse certificate providing for the payment of a drawback.
[Middle English debentur, from Latin dēbentur, they are due (probably the first word appearing on certificates of indebtedness), third person pl. passive of dēbēre, to owe.]
A type of debt instrument that is not secured by physical asset or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond in order to secure capital. Like other types of bonds, debentures are documented in an indenture.
Investopedia Says:
Debentures have no collateral. Bond buyers generally purchase debentures based on the belief that the bond issuer is unlikely to default on the repayment. An example of a government debenture would be any government-issued Treasury bond (T-bond) or Treasury bill (T-bill). T-bonds and T-bills are generally considered risk free because governments, at worst, can print off more money or raise taxes to pay these type of debts.
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For investors considering buying debt securities, a credit rating is an essential tool. What Is A Corporate Credit Rating?
An unsecured Note or Bond.
Example: Abel invests in debentures of the XYZ Corporation; Baker invests in a First Mortgage on a building owned by XYZ Corporation. The XYZ Corporation Bankrupts. Ultimately Baker receives full payment for the mortgage upon the Foreclosure Sale. Abel is a general creditor and receives only 18 cents per dollar owed to him.
Long-term debt instrument that is not secured by a mortgage or other lien on specific property. Because it is unsecured debt, it is issued usually by large, financially strong companies with excellent Bond Ratings. There are two kinds of debentures: a senior issue and a subordinated (junior) issue, which has a subordinate lien. The order of a prior claim is set forth in the bond Indenture. Typically, in the event of liquidation, subordinated debentures come after senior debt.
[Latin, Are due.] A promissory note or bond offered by a corporation to a creditor in exchange for a loan, the repayment of which is backed only by the general creditworthiness of the corporation and not by a mortgage or a lien on any specific property.
Debentures are usually offered in issues under an indenture, a document that sets the terms of the exchange. A debenture is usually a bearer instrument. When it is presented for payment, the person in possession of it will be paid, even if the person is not the original creditor. Coupons representing annual or semi-annual payments of interest on the debt are attached, to be clipped and presented for payment on their due dates. They may be deposited in, and collected by, the banks of holders of the debentures, the creditors of the corporation.
A convertible debenture is one that can be changed or converted, at the option of its holder, into shares of stock, usually common stock, at a fixed ratio as stated in the indenture. The ratio can be adjusted in light of stock dividends; otherwise the value of converting the debt into securities would be worth less than retaining the debenture until its date of maturity.
A subordinate debenture is one that will be repaid only after other corporate debts have been satisfied.
A convertible subordinate debenture is one that is subject or subordinate to the prior repayment of other debts of the corporation but which can be converted into another form of security.
A sinking fund debenture is one whereby repayment is secured by periodic payments by the corporation into a sinking fund, an amount of money made up of corporate assets and earnings that are set aside for the repayment of designated debentures and long-term debts.
In finance, a debenture is a long-term debt instrument used by governments and large companies to obtain funds. It is similar to a bond except the securitization conditions are different. A debenture is usually unsecured in the sense that there are no liens or pledges on specific assets. It is however, secured by all properties not otherwise pledged. In the case of bankruptcy debenture holders are considered general creditors.
The advantage of debentures to the issuer is they leave specific assets burden free, and thereby leave them open for subsequent financing.
Debentures are generally freely transferrable by the debenture holder.
Debenture holders
In the United Kingdom debentures have frequently been used as a mechanism for raising funds to build or finance sports or leisure venues. Often these debentures pay little or no interest, but entitle the holder to privileges, usually tickets for the venue. For example, the All England Lawn Tennis and Croquet Club first issued debentures in 1920 in order to purchase the current premises in Wimbledon, London, and debenture issues take place every five years. The 2001-2005 debenture issue was priced at £2,000 each, with an additional premium of £18,000, and Value Added Tax of £3,150; holders of these debentures are entitled to a free seat in the Centre Court Stand for each day of the championships for five years, and have access to exclusive lounge and catering facilities. At the Royal Albert Hall debenture holders are known as members; they own rights to individual boxes, and are entitled to view almost all performances. In 2003 Box 70 was offered on the open market for £250,000 [1]. Other stadia financed through the issue of debentures include Millennium Stadium, Wembley Stadium, Arsenal, Twickenham Stadium, Lord's Cricket Ground, and Trent Bridge in Nottingham.''
Nomenclature
In practice the distinction between bond and debenture is not always maintained. Bonds are sometimes called debentures and vice-versa.
In some countries (notably the United Kingdom), the term debenture is also frequently used by the legal profession as shorthand for a security document which creates fixed and floating charges over all of the property of the chargor. This usage derives from the frequent inclusion of provisions for security interests in conventional debt instruments.
See also
- Floating charge
- Security interest
- Bond (finance)
- Finance
- Gold exchange-traded fund
- Convertible debenture
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| Bond market | |
|---|---|
| Fixed income · Bond · Debenture | |
| Types of bonds by issuer | |
| Types of bonds by payout | |
| Derivatives | |
| Pricing | |
| Yield analysis | |
| Credit and spread analysis | |
| Interest rate models | |
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
Dansk (Danish)
n. - obligation, partialobligation
Nederlands (Dutch)
obligatie, mandaat tot restitutie van douanerechten
Français (French)
n. - certificat de drawback (douanes), (Fin) obligation, bon
Deutsch (German)
n. - Obligation, Schuldverschreibung
Ελληνική (Greek)
n. - (οικον.) μακροπρόθεσμο εταιρικό ομόλογο ή ομολογία σταθερού επιτοκίου
Italiano (Italian)
obbligazione
Português (Portuguese)
n. - debênture (m)
Español (Spanish)
n. - obligación, bono o pagaré con interés fijo
Svenska (Swedish)
n. - skuldsedel, skuldebrev
中文（简体） (Chinese (Simplified))
公司债券, 退税证明书
中文（繁體） (Chinese (Traditional))
n. - 公司債券, 退稅證明書
한국어 (Korean)
n. - 채무 증서, 회사채, 무담보 회사채
日本語 (Japanese)
n. - 負債証書, 社債, 社債券
العربيه (Arabic)
(الاسم) قيد التزام بدين ( يمثل قيمه قرض منح من شركه مثلا بفائدة محددة لحين سداده)
עברית (Hebrew)
n. - איגרת חוב
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Copyrights:
 | | Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2007. Published by Houghton Mifflin Company. All rights reserved. Read more |
 | | Investment Dictionary. Copyright ©2000, Investopedia.com - Owned and Operated by Investopedia Inc. All rights reserved. Read more |
 | | Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved. Read more |
| | Accounting Dictionary. Dictionary of Accounting Terms. Copyright © 2005 by Barron's Educational Series, Inc. All rights reserved. Read more |
 | | Columbia Encyclopedia. The Columbia Electronic Encyclopedia, Sixth Edition Copyright © 2003, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/ Read more |
 | | Law Encyclopedia. West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. Read more |
| | Wikipedia. This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Debenture". Read more |
 | | Translations. Copyright © 2007, WizCom Technologies Ltd. All rights reserved. Read more |
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