Par building

See overcollateralisation test.

Par coverage test

See overcollateralisation test.

Par documentation

The set of legal standards used for the secondary trading of most loans. They...

PAUG

See pay-as-you-go settlement.

Payer

...

PAYG

See pay-as-you-go settlement.

PCDS

See preferred credit default swap.

Physical settlement

A payout following a credit event in which the protection buyer delivers an...

Pre-petition debt

Debt that pre-dates a bankruptcy filing. See debtor-in-possession loan.

Preferred credit default swap (PCDS)

Preferred credit default swaps (PCDS) represent another tweaking of standard...

Principal coverage test

See overcollateralisation test.

Pro-rata loan

A term used collectively to describe revolvers and term loans A, in contrast to...

Project red

See Red.

Protection seller

The counterparty that assumes credit risk in a credit derivative.

Prytania Investment Advisors

Prytania Investment Advisors is an independent London-based firm, that...

Purchase and sale agreement

An agreement used in secondary loan trades, especially those done on distressed...