Amortizing Security

It seems like there's a Rick & Morty joke here. "An amortizing security is the sidekick of an a-rick-izing security" - something like that. We'll work on it.

In the meantime, here's what a real amortizing security is: it's a type of bond where, beyond the normal interest payments, part of the principal is paid out in regular installments as well. The security comes with a schedule for the repayment of the principal, as well as the yield on the bond.

There are many kinds of amortizing securities, though mortgage-backed securities represent the most high-profile variety.