To redeem — выкупать, возмещать

Interest coupons — процентные купоны

Mortgage bonds — ипотечные (залоговые) облигации

To be backed by the property — гарантироваться (подтверждаться) собственностью

Equipment trust certificates — трастовые (доверительные) сертификаты на основное

Оборудование

Junk bonds — бросовые (спекулятивные) облигации

Round lots — полные (круглые) лоты

Odd lots — неполные лоты

18.7.1.5. Read the text “Merchant Banks” and enumerate the operations characteristic of these

Financial institutions.

Merchant banks are institutions that carry out a variety of financial services, including the acceptance

Of bills of exchange, the issue and placing of loans and securities, portfolio and unit trust

Management and some banking services. Several houses, often through subsidiaries, also provide

Risk capital for small firms, deal in gold bullion, insurance banking and hire purchase and are active

In the market for Eurocurrency. Historically, the merchant bankers were merchants dealing in overseas

Trade who used their knowledge of traders to accept bills of exchange and who developed other

Banking services connected with foreign trade, e.g., dealing in gold and foreign currency and assisting

Foreign borrowers to raise money in London. Their most prominent function has been that