The specific transaction insured by Ambac. For mortgage related, manufactured housing and auto loan securitizations, each transaction typically comprises a special purpose corporation or trust which owns the loans or other assets pledged as collateral for the securities insured. For Auto Rental Fleeet and Credit Card securitizations, the transactions typically consist of a master trust which issues several series of bonds or certificates over time. Ambac may insure one or more tranches of a securitization or one or more series issued by a master trust.
stock or bond which has been offered for sale by a corporation or government entity, usually through an underwriter or in a private placement. see also fully distributed issue, hot issue, new issue, unseasoned issue, original issue stock, when issued, allotment, authorized stock, book-entry security, capital stock, dated date, final prospectus, full faith and credit, investment bank, nominal capital, offering, originator, outstanding stock, paid-in surplus, right, preemptive right, primary market, public company, subscription price, uncertificated shares, unissued stock.