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This excerpt taken from the PBI 10-Q filed Nov 7, 2008. U.S. Agency Issued Debt: U.S. Agency issued debt is based on active, high volume
trades for identical or comparable securities. Non-callable agency issued debt securities are generally valued using quoted market prices. To the extent that the securities are actively traded, they are categorized in Level 1 of the fair value
hierarchy. Callable agency issued debt securities are valued through benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities. Callable agency issued debt securities are categorized in Level 2
of the fair value hierarchy.
This excerpt taken from the PBI 10-Q filed Aug 7, 2008. U.S. Agency Issued Debt: Non-callable agency issued debt securities are
generally valued using quoted market prices. To the extent that the securities are actively traded, they are categorized in Level 1 of the fair value hierarchy. Callable agency issued debt securities are valued through benchmarking model derived
prices to quoted market prices and trade data for identical or comparable securities. Callable agency issued debt securities are categorized in Level 2 of the fair value hierarchy.
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