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http://aitraining.com/cmo.htm
Companion or Support Bond -Support Bonds are the other Tranches within a CMO that contains PAC or TAC Tranches. Support Bonds are dedicated to absorbing excess principal prepayments (under faster PSAs) or giving up needed principal (under slower PSAs) to the PAC or TAC Bonds, in order to maintain scheduled cash flows.
http://www.projectinvested.com/markets-explained/the-various-types-of-cmos/
The Various Types of CMOs on Project Invested. Every CMO that has PAC or TAC tranches in it will also have companion tranches (sometimes called support bonds), which absorb the prepayment variability that is removed from the PAC and TAC tranches.
https://www.investopedia.com/terms/c/cmo.asp
A collateralized mortgage obligation (CMO) refers to a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment. Organized by maturity and ...
http://www2.investinginbonds.com/learnmore.asp?catid=5&subcatid=23&id=137
Yields on TAC bonds are typically higher than yields on PAC tranches, but lower than yields on companion tranches. Companion Tranches. As mentioned, every CMO that has PAC or TAC tranches will also have companion or support tranches to absorb the prepayment variability that has been removed from the PAC and TAC tranches.
https://www.raymondjames.com/wealth-management/advice-products-and-services/investment-solutions/fixed-income/taxable-bonds/mbs-and-cmos
Support (or companion) class – Any CMO structure that has PACs or TACs will also have support classes. These classes are designed to stabilize the principal payments of PAC and/or TAC classes. These classes are designed to stabilize the principal payments of PAC and/or TAC classes.
https://www.investopedia.com/terms/c/companion-tranche.asp
A companion tranche is a class, or type, of tranche, which is a portion of a debt or security. It is part of a collateralized mortgage obligation (CMO), which also include planned amortization ...
https://quizlet.com/105916149/fixed-income-flash-cards/
The duration on a single security cannot be longer than its maturity and in regards to a 0 coupon bond, the duration is the maturity. However, CMO's can have a duration that is longer than the maturity because CMO bond classes are levered instruments in which the duration is a multiple of the mortgages that the CMO is comprised of.
https://www.investopedia.com/terms/p/pactranche.asp
Planned amortization class tranches are sometimes referred to as PAC bonds. PAC Tranches and CMOs ... (CMO) and mortgage-backed securities ... A companion tranche is designed to provide support …
https://www.investopedia.com/terms/z/z-bond.asp
A Z-bond is a type of bond that is the last tranche of a collateralized mortgage obligation (CMO).As the last portion of the debt security, it receives payment last. Unlike other tranches of a CMO ...
https://en.wikipedia.org/wiki/Collateralized_mortgage_obligation
A collateralized mortgage obligation (CMO) is a type of complex debt security that repackages and directs the payments of principal and interest from a collateral pool to different types and maturities of securities, thereby meeting investor needs.. CMOs were first created in 1983 by the investment banks Salomon Brothers and First Boston for the U.S. mortgage liquidity provider Freddie Mac.
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