call option on the same asset with a higher strike price (same expiration date). A bull spread with put options is created by buying a put option with a low strike and selling a put option with a high strike price (same expiration date). Less frequently, the bull spread is implemented by buying the nearby futures contract and selling the next out contract. Bulldog bond Foreign bondissue made in London. Bulldog market The foreign market in the United Kingdom. Bullet A one-time repayment, often after little or no amortization of the loan. See: Balloon Payment. Bullet contract A guaranteed investment contractpurchased with a single (one-shot) premium. Related: Window contract. Bullet loan A bank term loan that calls for no amortization. Bullet strategy A fixed income strategy in which a portfolio is constructed so that the maturities of its securities are highly concentrated at one point on the yield curve. Bullion coins Metal coins consisting of gold, silver, platinum, or palladium that are activelytraded. Some examples include the American eagle and the Canadian maple leaf. Their price is directly connected to the underlying price of their metal. Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. Bump-up CD A certificate of deposit granting the owner the right to increase its yield one time for the remaining term of the CD. The power is exercised by the owner in the event of an interest rate hike. Bunching Describes the act of traders combining round-lot orders for execution at the same time. Bunching can also be used to combine odd-lot orders to save the odd-lot differential for customers. Also used to refer to the pattern on the ticker tape when a series of trades for a security appear consecutively. Bundling, unbundling Creation of securities either by combining primitive and derivative securities into one composite hybrid or by separating returns on an asset into classes. Bureau of Labor Statistics (BLS) A research agency of the U.S. Department of Labor; it compiles statistics on hours of work, average hourly earnings, employment and unemployment, consumer prices and many other variables. Burn rate Used in venture capital financing to refer to the rate at which a startup company expends capital to financeoverheadcosts prior to the generation of positive cash flow. Burnout Depletion of a tax shelter's benefits. In the context of mortgage backed securities it refers to the percentage of the pool that has prepaid their mortgage. Business combination See: Merger Business Combination laws These laws impose a moratorium on certain kinds of transactions (e.g., asset sales, mergers) between a large shareholder and the firm for a period usually ranging between three and five years after the shareholder's stake passes a pre-specified (minority) threshold. These laws are in place in more than half the U.S. states. Business cycle Repetitive cycles of economic expansion and contractions. The official peaks and troughs of the US cycle are determined by the National Bureau of Economic Research in Cambridge, MA. Business day A day in which financial markets are open for trading.