SM Bonds : a new product for managing longevity risk

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<dc:creator>Jong, Piet de</dc:creator>
<dc:creator>Ferris, Shauna</dc:creator>
<dc:date>2019-03-01</dc:date>
<dc:description xml:lang="es">Sumario: A 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. </dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/167961.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Productos financieros</dc:subject>
<dc:subject xml:lang="es">Bonos</dc:subject>
<dc:subject xml:lang="es">Jubilación</dc:subject>
<dc:subject xml:lang="es">Supervivencia</dc:subject>
<dc:subject xml:lang="es">Longevidad</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">SM Bonds : a new product for managing longevity risk</dc:title>
<dc:relation xml:lang="es">En: The Journal of risk and insurance. - Nueva York : The American Risk and Insurance Association, 1964- = ISSN 0022-4367. - 01/03/2019 Volumen 86 Número 1 - marzo 2019 , p. 121-149</dc:relation>
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