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Mortgage Backed Securities-Planned Amortization Class

A type of Collateralized Mortgage Obligation (CMO bond) designed to reduce the effects of prepayment risk. A PAC bond pays to a predetermined principal balance schedule that can be maintained over a range of prepayment speeds. A principal payment schedule is established as the minimum amount of principal payments produced by the underlying collateral at two prepayment speeds, known as the PAC bands.


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Portfolio valuation and risk analytics for multi-asset derivatives and fixed income.