The "coupon" refers to the coupons which are the main difference between T-notes and T-bills. The "pass" comes from when the Federal Reserve buys T-bills from dealers thus passing the bill.
Investment dictionary. Academic. 2012.
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coupon pass — Canvassing by the desk of primary dealers to determine the inventory and maturities ( maturity) of their Treasury securities. The desk then decides whether to buy or sell certain issues (coupons) in order to add or withdraw reserves. Bloomberg… … Financial and business terms
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Pass-Through Rate — The rate on a securitized asset pool such as a mortgage backed security (MBS) that is passed through to investors once management fees and guarantee fees have been paid to the securitizing corporation. The pass through rate (also known as the… … Investment dictionary
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pass-through rate — The net amount of interest paid to investors owning mortgage backed securities after all servicing and guarantee fees are deducted. American Banker Glossary The net interest rate passed through to investors after deducting servicing, management,… … Financial and business terms
Pass-through coupon rate — The interest rate paid on a securitized pool of assets, which is less than the rate paid on the underlying loans by an amount equal to the servicing and guaranteeing fees. The New York Times Financial Glossary … Financial and business terms
pass-through coupon rate — The interest rate paid on a securitized pool of assets, which is less than the rate paid on the underlying loans by an amount equal to the servicing and guaranteeing fees. Bloomberg Financial Dictionary … Financial and business terms