Glossary of Municipal Securities Terms


A single certificate, sometimes referred to as a “jumbo certificate,” representing an entire maturity of an issue of securities. Such certificates are often used in book-entry systems. The issuer issues a global certificate that is then lodged in the facilities of a depository or other book-entry agent for safekeeping by the agent until maturity or redemption. The securities are available to beneficial owners only in book-entry form and no certificates can be obtained. See: BOOK-ENTRY ONLY.

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