Topical Terminology > Z-bond
1 Definition
Z-bond
For Z-bond we have a term and definition in Derivatives.
Z-bond (Derivatives) 
A CMO (q.v.) tranche (q.v.) that resembles a Zero Coupon Bond (q.v.) and ordinarily has neither the first, nor the last claim on the CMOs underlying cash flows and asset value. Hence, the Z-Bond has significant Credit Risk (q.v.) and Market Risk (q.v.).
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