CalPERS

Global Fixed Income Glossary

This Glossary identifies, defines, and clarifies the meaning of investment terms used by CalPERS in our investment policies. The purpose of the Glossary is to establish a uniform vocabulary of terms for users of these policies.

Choose from the letters below to find a specific Global Fixed Income Investment Policy term or phrase. You'll also find information about the related policies and asset classes for each term.

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U


Un-leveraged Bank Loans - Loans made by banks that are typically partially secured by assets and are made to investment grade companies with a debt/EBITDA ratio less than 3.5 and have a spread to LIBOR of less than 250 basis points.

Related Policy


Uncovered Call - A strategy in which an investor writes (sells) call options on the open market without owning the underlying security. This stands in contrast to a covered call strategy, where the investor owns the security shares that are eligible to be sold under the options contact.

Related Policies