Secured loans
Super message
Often used in risk arbitrage. Corporate amendment requiring that a substantial
majority (usually 67% to 90%) of stockholders approve important transactions,
such as mergers.
Used in the context of general equities. See: Autex.
Supply shock
An event that influences production capacity and costs in an economy.
Support level
A price level below which it is supposedly difficult for a security or market to fall.
That is, the price level at which a security tends to stop falling because there is
more demand than supply; can be identified on a technical basis by seeing
where the stock has bottomed in the past.
Surplus funds
Cash flow available after payment of taxes in the project.
Surplus management
Related: asset management
Sushi bond
A Eurobond issued by a Japanese corporation.
Suspended trading
Used in the context of general equities. Temporary halt in trading in a particular
security, in advance of a major news announcement or to correct an imbalance
of orders to buy and sell.
Sustainable growth rate
Maximum rate of growth a firm can sustain without increasing financial leverage.
Swap
An arrangement whereby two companies lend to each other on different terms,
e.g. in different currencies, and/or at different interest rates, fixed or floating.
