SM Bonds : a new product for managing longevity risk
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| Tag | 1 | 2 | Value |
|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20190014069 | ||
| 003 | MAP | ||
| 005 | 20190524085023.0 | ||
| 008 | 190517e20190301usa|||p |0|||b|eng d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a345 | ||
| 100 | 1 | $0MAPA20120016194$aJong, Piet de | |
| 245 | 0 | 0 | $aSM Bonds$b: a new product for managing longevity risk$cPiet de Jong, Shauna Ferris |
| 520 | $aA new type of retirement bond is proposed called an SM bond. SM bonds are long dated government bonds divisible into two parts: a survivorship (S) part and a mortality (M) part. Each SM bond is associated with a particular age. SM bonds associated with a particular age are only purchasable by (originators) of that age. The SM bond is then splittable into an S and M component. The S part must be retained by the originator, who receives the face value of the bond if he/ she is alive at maturity. For originators who die prior to the maturity date, the maturity value of the SM bond is assigned to a mortality pool. The holder of the M part of the bond receives the annual bond coupon, and at maturity a pro rata share of the mortality pool. M bonds are tradable: holders can sell their M bonds to anyone, at any time. It is envisaged different age bonds are issued every year for ages say 30--64 each with say a 35-year term. The market will be regularly informed about the mortality experience, and the market price of the M bonds will vary over time to reflect that experience. | ||
| 650 | 4 | $0MAPA20080603182$aProductos financieros | |
| 650 | 4 | $0MAPA20080538279$aBonos | |
| 650 | 4 | $0MAPA20080554927$aJubilación | |
| 650 | 4 | $0MAPA20080567439$aSupervivencia | |
| 650 | 4 | $0MAPA20080555016$aLongevidad | |
| 700 | 1 | $0MAPA20120025592$aFerris, Shauna | |
| 773 | 0 | $wMAP20077000727$tThe Journal of risk and insurance$dNueva York : The American Risk and Insurance Association, 1964-$x0022-4367$g01/03/2019 Volumen 86 Número 1 - marzo 2019 , p. 121-149 |