(the tender price) at which it is prepared to sell the securities.
Offers are invited, and the applicants
state what price they are
prepared to pay; nothing below the tender price is acceptable.
Should not enough bids above the tender price be received, the
offer lapses. The whole issue can then be withdrawn.
Several European governments
used the technique to great
effect to sell licences to operate 3g (third-generation) mobile
telephones. They raised billions from international companies.
When
the technology bubble burst, many of these companies
wished they had paid less for the
right to operate technology
that may be slow to catch on.
Terminal bonus
An extra discretionary amount that may be paid by an insur-
ance company when a with-profits insurance policy expires, or
when the policyholder dies. The holder of a with-profits policy is
entitled to share in any surplus shown in a valuation of the rele-
vant fund. These with-profits policies are supposed to help poli-
cyholders smooth out the ups and downs of the stockmarket.
In reality, insurance companies are often tempted to pay out too
much during good times in order to attract new customers, only
to find that there is too little in the kitty during bad times.
Term loan
A loan granted for a predetermined length of time,
typically
between two and ten years. A four-year loan is a term loan; an
overdraft is not.
Thrift
An institution whose primary purpose
is the encouragement of
thrift. A general expression used in the United States to cover or-
ganisations such as savings
and loan associations and
mutual savings banks.
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