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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