Certificates, Pass-Throughs, and Structured Claims

These pages cover certificates and structured claims that pass through cash flows, represent participation rights, or divide exposure into layers.

In this section

• Participation Certificate: Representation of Interest in Funds or Instruments
  A Participation Certificate is a financial instrument representing an interest in a pool of funds or other instruments such as a mortgage pool. It allows investors to share in the benefits of the pooled resources.
• Pass-Through Certificate: Income-Earning Investment
  A pass-through certificate is an investment that receives income from another form, often a pool of mortgages, with income passed through to the certificate holders.
• Permanent Interest Bearing Share: High Yield Non-Redeemable Security
  A comprehensive overview of Permanent Interest Bearing Shares (PIBS), their historical context, characteristics, risks, and market considerations.
• Tranche: A Comprehensive Overview
  An in-depth look at the term 'tranche,' including its usage in finance, banking, and structured finance, with historical context, applications, examples, and more.