PUBLIC INCOME NOTES - PINES

An unsecured, unsubordinated debenture issued by a public company. PINES are a type of exchange traded note that trade on a stock exchange but also bear interest. PINES are also a type of preferred security and fall into the same category as quarterly income preferred securities (QUIPS), monthly income preferred securities (MIPS), trust certificates and trust preferred securities. Two examples of companies that issue PINES are GMAC Mortgage and General Electric Capital; the notes trade on the New York Stock Exchange under the ticker symbols GMA and GEA, respectively.

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