What does TOB stand for?

It is currently anticipated that, upon redemption, the leverage provided by the ARPS would be replaced through the creation of tender option bonds ("TOBs").

It is currently anticipated that, upon redemption, the leverage provided by the ARPS would be replaced through the creation of tender option bonds ("TOBs").

This action will not affect those insured bonds with Fitch underlying ratings, tender option bond (TOB) structures (based on insurance, or a combination of insurance and underlying ratings), insured floater bonds where Fitch was requested to rate the structure and the structured long term rating is based on the insured rating, and a small number of bond issues that were explicitly requested to be rated based only on the insurer's rating.

His experience includes municipal bonds, taxable municipal bonds, municipal derivatives and Tender Option Bond (TOB) programs.

15, 2008 entitled, 'Interpretation of Long- and Short-Term Ratings for Fitch-Rated Tender Option Bonds and VRDOs,' for more information.

For the tender option bonds (TOBs) with credit enhancement by Morgan Stanley where Fitch also maintains long-term ratings on the securities within the TOB trusts, Fitch has taken into consideration the ratings of the underlying bonds.

25mm of $265mm in total outstanding RPS, was to be funded by the proceeds from the creation of tender option bond ("TOB") trusts.

MINNEAPOLIS -- Piper Jaffray Companies (NYSE: PJC) today announced that it has determined its tender option bond (TOB) program no longer qualifies for off-balance sheet accounting treatment, and has consolidated the assets and liabilities of the program onto its balance sheet.