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SM Bonds : a new product for managing longevity risk

Recurso electrónico / Electronic resource
MARC record
Tag12Value
LDR  00000cab a2200000 4500
001  MAP20190014069
003  MAP
005  20190524085023.0
008  190517e20190301usa|||p |0|||b|eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎345
1001 ‎$0‎MAPA20120016194‎$a‎Jong, Piet de
24500‎$a‎SM Bonds‎$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
7001 ‎$0‎MAPA20120025592‎$a‎Ferris, Shauna
7730 ‎$w‎MAP20077000727‎$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