from investments in the form of dividends, interest, and other income sources. Current income bonds Bonds paying semiannual interest to holders. Interest is not included in the accrued discount. Current issue In Treasury securities, the most recently auctionedissue. Trading is more active in current issues than in off-the-run issues. Also known as on-the-run issue. Current liabilities Amount owed for salaries, interest, accounts payable and other debts due within 1 year. Current market value The value of a client's portfolio at today's market price, as listed in a brokerage statement. Current maturity Current time to maturity on an outstandingdebt instrument. Current/noncurrent method The translation of all of a foreign subsidiary'scurrent assets and liabilities into home currency at the current exchange rate while noncurrent assets and liabilities are translated at the historical exchange rate; that is, the rate in effect at the time the asset was acquired or the liability incurred. Current order In the context of periodic repayment schedules, the next periodic principal repayment. Current production rate The highest interest rate permissible on current Government National Mortgage Association,mortgage-backed securities. Current rate method The translation of all foreign currencybalance sheet and income statement items at the current exchange rate. Current ratio Indicator of short-term debt-paying ability. Determined by dividing current assets by current liabilities. The higher the ratio, the more liquid the company. Currency risk sharing An agreement by the parties to a transaction to share the currency risk associated with the transaction. The arrangement involves a customized hedgecontract embedded in the underlying transaction. Current yield For bonds or notes, the coupon rate divided by the market price of the bond. Cushion In the context of project financing, the extra amount of netcash flow remaining after expected debt service. Cushion bonds High-coupon bonds trading at a premium that tend to fall in price much less than comparable bonds when interest rates rise (hence the cushion effect), because of their high coupons. Cushion theory The theory that a stock with many short positions taken in it will rise, because these positions must be covered by the stock. CUSIP number Unique number given to a security to distinguish it from other stocks and registered bonds. See: Committee on Uniform Securities Identification Procedures. Custodial fees Fees charged by an institution that holds securities in safekeeping for an investor. Custodian Either (1) a bank, agent, trust company, or other organization responsible for safeguarding financial assets, or (2) the individual who oversees the mutual fundassets of a minor's custodial account. Custodian bank Applies mainly to international equities. Bank or other financial institution that keeps custody of stock certificates and other assets of a mutual fund, individual, or corporate client. See: Depository Trust Company (DTC) Customary payout ratios A range of payout ratios that is typical according to an analysis of comparable firms. "Customer picking prices" Customer is firm on price and has set the price at which to transact. Customer's loan consent Agreement signed by a margin customer that allows a broker to borrowmargin securities up to the level of the customer's debit balance to help cover other customers'