Unamortized Bond Discount
The part of the original issue discount which has not yet been amortized or charged off against earnings.

Underwrite
To agree to buy an issue of securities on a given date at a specific price or to agree to buy an issue of securities of an issue, thus assuming the liability of guaranteeing the issuer the full anticipated proceeds.

Underwriters Agreement
The agreement between the company and the underwriters wherein the terms of the purchase of the securities from the company are formally stated. This is a separate from the Agreement Among Underwriters.

Underwriting Fee
A percentage of the gross spread that accrues only to the members of the account on a pro rata basis. This fee covers the expenses incurred in underwriting the offering.

Unemployment rate
The percentage obtained by dividing the number of persons looking for work by the total labor force.

Unit Cost
This is Cost Amount divided by Quantity times 100.

Unsecured Bonds
A bond which is not backed by any pledge of assets that the debt will be paid; the debtor merely pledging the credit standing.

Unwind
To gradually reduce a position in a security over a period of time.

Upgrade
The changing of a rating by a rating agency to a higher (more credit worthy) rating.

The sale of one block of bonds and the purchase of another block with a higher rating.

Uptick
A term used to designate a transaction made at a price higher than the preceding transaction in the same security.

U.S. Treasuries
Securities issued by the U.S. Treasury Department to fund the government's operations. As of January 2002, there were approximately $2.9 trillion marketable Treasuries outstanding. During the third quarter of 2001, an average of $286 billion Treasuries traded per day, according to data compiled by the Bond Market Association, an industry group.

USGC
United States Government Guaranteed

UTIL
Utility