From the Collaborative Bond and Money Market Data Portal
In the Collaborative Bond and Money Market Data Model, the Certificates (German: Zertifikat) classification appears within the field Security Type typically as Notes, MTNs or Bonds.
Definition: A certificate is a negotiable debt instrument that promises to pay the bearer or registered owner an amount or a number of amounts in the future. The amount paid depends on the performance of an underlying asset. Underlying assets can include shares in a specific company, indices, but also commodities or currencies.
As permitted by applicable securities laws, the certificate instrument can be bought and sold to anyone. This negotiability distinguishes the instrument from a bilateral loan, where in theory you cannot sell the future cash-flows without the permission of payer.
In capital market data analysis it is therefore recommendable to look beyond the segmentation of markets by mere security type and instead focus on the actual term and structure of the instrument. Certificates are typically issued under the terms of a Certificate programmes, the category is structured, such as Equity-Linked, Commodity-Linked or FX-Linked and the dealer is often self led.
For information on issues in the Certificate/Zertifikat, please use the Instrument search tool.
For information on the current size of the Certificate/Zertifikat Market, please use the data sheet tool.
For information on the composition of the Certificate/Zertifikat Market, please use the issuer search tool.
For information on active dealers in the Certificate/Zertifikat Market, please use the dealer search tool.