Z-BOND
"Z-Bond" is a bond that is usually the last to mature or to receive payment. It is often used in Collateralized Mortgage Obligations (CMOs), wherein the interest that is supposed to be paid on Z-bonds is used for paying down principal on earlier bonds instead. Because of its nature to accrue interest rather than pay it out, Z-bond is also called an "accrual bond."
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Pass-Through Rate
Pass-through rate is the net
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