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108-583: St. Louis Lambert International Airport ( IATA : STL , ICAO : KSTL , FAA LID : STL ) is the primary international airport serving metropolitan St. Louis , Missouri , United States . Commonly referred to as Lambert Field or simply Lambert , it is the largest and busiest airport in the state of Missouri. The airport covers 3,793 acres (1,535 ha) of land. STL is located 14 miles (23 km) northwest of downtown St. Louis in unincorporated St. Louis County between Berkeley and Bridgeton . The airport provides nonstop service to airports throughout

216-408: A Chapter 11 bankruptcy at the giant telecommunications company Worldcom , in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds. A number of bond indices exist for

324-560: A $ 25 million project in the mid-1970s designed by Sverdrup . The other concourses were demolished. Construction began in the spring of 1976 and was completed in September 1977. A $ 20 million, 120,000-square-foot (11,000 m) extension of Concourse C for TWA and a $ 46 million, 210,000-square-foot (20,000 m) Concourse D for Ozark Air Lines (also designed by Sverdrup) were completed in December 1982. Ozark established its only hub at Lambert in

432-497: A bond will immediately affect mutual funds that hold these bonds. If the value of the bonds in their trading portfolio falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately " marked to market " or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out", interest rate risk could become

540-404: A centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to

648-506: A cost of about $ 15 million. The airport is served by MetroLink , the light rail transportation system serving Greater St. Louis. The Red Line has stations at Terminal 1 and Terminal 2 . The Metro lines serve the city of St. Louis, along with cities in St. Louis County, and Illinois suburbs in St. Clair County . The airport is served by I-70 ; eastbound leads to downtown St. Louis and Illinois with

756-490: A new airport in suburban Illinois. After Missouri residents rejected that, Lambert in 1977 received a $ 290-million expansion that lengthened the runways, increased the number of gates to 81, and boosted its capacity by half. (In 1997, MidAmerica St. Louis Airport would open in Mascoutah, Illinois , far from the site proposed in the 1970s.) Concourse A and Concourse C were rebuilt into bi-level structures with jet bridges as part of

864-550: A new airport is built, replacing the old one, leaving the city's new "major" airport (or the only remaining airport) code to no longer correspond with the city's name. The original airport in Nashville, Tennessee, was built in 1936 as part of the Works Progress Administration and called Berry Field with the designation, BNA. A new facility known as Nashville International Airport was built in 1987 but still uses BNA. This

972-677: A new terminal. During World War II , the airport became a manufacturing base for the McDonnell Aircraft Corporation (later McDonnell Douglas , now Boeing ) and Curtiss-Wright . After the war, NAS St. Louis reverted to a reserve installation, supporting carrier-based fighters and land-based patrol aircraft . When it closed in 1958, most of its facilities were acquired by the Missouri Air National Guard and became "Lambert Field Air National Guard Base." Some other facilities were retained by non-flying activities of

1080-506: A north–south connection at I-170 immediately east of the airport, while westbound leads to St. Louis exurbs in St. Charles County with a north–south connection at I-270 immediately west of the airport. Black Americans in Flight is a mural that depicts African American aviators and their contributions to aviation since 1917. It is located in Terminal 1 / Main Terminal on the lower level near

1188-431: A part of the airline's restructuring, it would close its St. Louis hub by reducing its operations from about 200 daily flights to 36 daily flights by summer 2010. American's closure of the St. Louis hub coincided with its new "Cornerstone" plan, wherein the airline would concentrate itself in several major markets: Chicago, Dallas/Fort Worth, Miami, New York, and Los Angeles. A 12-gate section of Concourse D closed in 2009 as

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1296-429: A price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond. This is referred to as " pull to par ". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates,

1404-497: A price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. Treasury bill , are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond. Although bonds are not necessarily issued at par (100% of face value, corresponding to

1512-504: A primary hub. TWA reluctantly ruled out Chicago, as its Chicago operation was already losing $ 25 million a year under competition from American Airlines and United Airlines . This meant that St. Louis was the carrier's only viable option. TWA downsized in Chicago and built up in St. Louis, swapping three Chicago gates for five of American's St. Louis gates. By December 1982, St. Louis accounted for 20% of TWA's domestic capacity. Lambert's terminal

1620-419: A real problem, conversely, bonds' market prices would increase if the prevailing interest rate were to drop, as it did from 2001 through 2003. One way to quantify the interest rate risk on a bond is in terms of its duration . Efforts to control this risk are called immunization or hedging . There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and

1728-576: A red Monocoupe 110 Special manufactured in St. Louis in 1931, hangs in the ticketing hall of Terminal 2. The airport has also played host to two other aircraft. A Monocoupe D-127 hung near the eastern security checkpoint in Terminal 1. Charles Lindbergh bought it in 1934 from the Lambert Aircraft Corporation and flew it as his personal aircraft. It was removed in 2018 and returned to the Missouri Historical Society, from which

1836-451: A result of the hub closure. Further flight reductions led to the closure of Concourse B and the rest of Concourse D in 2010 (though some gates at the east end of Concourse D are now part of Concourse E). In the aftermath of the American hub closure, Southwest Airlines boosted daily departures from 74 to 83, adding six new destinations for a total of 31. Southwest quickly replaced American as

1944-405: A type of security under which the issuer ( debtor ) owes the holder ( creditor ) a debt , and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon ) over a specified amount of time. The timing and the amount of cash flow provided varies, depending on

2052-707: A year and a fixed lump sum at maturity is attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes bankrupt , its bondholders will often receive some money back (the recovery amount ), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks: Bonds are also subject to various other risks such as call and prepayment risk, credit risk , reinvestment risk , liquidity risk , event risk , exchange rate risk , volatility risk , inflation risk , sovereign risk and yield curve risk . Again, some of these will only affect certain classes of investors. Price changes in

2160-499: Is GSN and its IATA code is SPN, and some coincide with IATA codes of non-U.S. airports. Canada's unusual codes—which bear little to no similarity with any conventional abbreviation to the city's name—such as YUL in Montréal , and YYZ in Toronto , originated from the two-letter codes used to identify weather reporting stations in the 1930s. The letters preceding the two-letter code follow

2268-600: Is available. However, many railway administrations have their own list of codes for their stations, such as the list of Amtrak station codes . Airport codes arose out of the convenience that the practice brought pilots for location identification in the 1930s. Initially, pilots in the United States used the two-letter code from the National Weather Service (NWS) for identifying cities. This system became unmanageable for cities and towns without an NWS identifier, and

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2376-518: Is different from the name in English, yet the airport code represents only the English name. Examples include: Due to scarcity of codes, some airports are given codes with letters not found in their names: The use of 'X' as a filler letter is a practice to create three-letter identifiers when more straightforward options were unavailable: Some airports in the United States retained their NWS ( National Weather Service ) codes and simply appended an X at

2484-513: Is in conjunction to rules aimed to avoid confusion that seem to apply in the United States, which state that "the first and second letters or second and third letters of an identifier may not be duplicated with less than 200 nautical miles separation." Thus, Washington, D.C. area's three airports all have radically different codes: IAD for Washington–Dulles , DCA for Washington–Reagan (District of Columbia Airport), and BWI for Baltimore (Baltimore–Washington International, formerly BAL). Since HOU

2592-532: Is not followed outside the United States: In addition, since three letter codes starting with Q are widely used in radio communication, cities whose name begins with "Q" also had to find alternate codes, as in the case of: IATA codes should not be confused with the FAA identifiers of U.S. airports. Most FAA identifiers agree with the corresponding IATA codes, but some do not, such as Saipan , whose FAA identifier

2700-427: Is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of dividend payments. Bonds are often liquid – it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much, which may be more difficult for equities – and the comparative certainty of a fixed interest payment twice

2808-406: Is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception is an irredeemable bond, which is a perpetuity , that is, a bond with no maturity. Certificates of deposit (CDs) or short-term commercial paper are classified as money market instruments and not bonds: the main difference is the length of

2916-429: Is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be arbitrage opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see Bond valuation . The bond's market price

3024-434: Is the rate of return received from investing in the bond. It usually refers to one of the following: The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors. High-yield bonds are bonds that are rated below investment grade by

3132-416: Is used for William P. Hobby Airport , the new Houston–Intercontinental became IAH. The code BKK was originally assigned to Bangkok–Don Mueang and was later transferred to Suvarnabhumi Airport , while the former adopted DMK. The code ISK was originally assigned to Gandhinagar Airport (Nashik's old airport) and later on transferred to Ozar Airport (Nashik's current airport). Shanghai–Hongqiao retained

3240-453: Is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is called trading at a discount. The market price of a bond may be quoted including the accrued interest since the last coupon date. (Some bond markets include accrued interest in

3348-519: The B-2 Spirit stealth bomber as the first Air National Guard wing to fly the aircraft. Lambert Field Air National Guard Base formally shut down on June 13, 2009, when the final two F-15C Eagles did a low approach over the field and then flew away, ending an 86-year chapter of Lambert's history. 2006 also saw the completion of the W-1W airport expansion after eight years of work. The culmination of this program

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3456-561: The Canadian transcontinental railroads were built, each station was assigned its own two-letter Morse code : When the Canadian government established airports, it used the existing railway codes for them as well. If the airport had a weather station, authorities added a "Y" to the front of the code, meaning "Yes" to indicate it had a weather station or some other letter to indicate it did not. When international codes were created in cooperation with

3564-532: The Space Shuttle Challenger disaster in 1986, Guion Bluford , who in 1983 became the first African American in space, and Mae Jemison , the first African American woman in space. Spencer Taylor and Solomon Thurman created the mural in 1990. The mural had a re-dedication ceremony in 2012. One aircraft from the Missouri History Museum currently hangs from Lambert's ceilings. This aircraft,

3672-692: The United States Air Force (USAF) announced plans to turn the 131st Fighter Wing of the Missouri Air National Guard into the 131st Bomb Wing. The wing's 20 F-15C and F-15D aircraft were moved to the Montana Air National Guard 's 120th Airlift Wing at Great Falls International Airport /Air National Guard Base, Montana and the Hawaii Air National Guard 's 154th Wing at Hickam AFB , Hawaii. The pilots and maintainers moved to Whiteman AFB , Missouri to fly and maintain

3780-431: The bond market . Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called a tap issue or bond tap . Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at

3888-446: The credit rating agencies . As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called junk bonds . The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in

3996-410: The 1590s. Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets . The most common process for issuing bonds is through underwriting . When a bond issue is underwritten, one or more securities firms or banks, forming a syndicate , buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes

4104-563: The Aero Club of St. Louis created a balloon launching base called the "Permanent Aviation Field and Dirigible Harbor" in Kinloch Park , a suburban development of the 1890s. In October 1910, the airfield hosted the first International Air Meet, attracting "many famous persons," including the Wright brothers , who brought six airplanes and their Exhibition Team . President Theodore Roosevelt accepted

4212-453: The City of St. Louis leased the airport for $ 1. Later that year, Lambert sold the airport to the city after a $ 2 million bond issue was passed, making it one of the first municipally owned airports in the United States. In 1925, the airport became home to Naval Air Station St. Louis, a Naval Air Reserve facility that became an active-duty installation during World War II. In 1930, the airport

4320-641: The Merck Group have a significant presence in St. Louis. In early 2022, airport officials released a plan that would consolidate both existing terminals into one, at the existing Terminal 1 site. The proposal would gradually demolish Concourses A, B, C and build a single new concourse with 62 gates in its place, while retaining the iconic domed terminal building. Following the completion, Terminal 2 would be demolished or repurposed. The airport has two terminals, five concourses, and 54 gates. Inter-terminal transfers/connections can be made by Terminal Shuttle Buses or on

4428-473: The Metro rail between Terminal 1 and Terminal 2 (rail connection is free between the terminals as of July 2024) The airport has four runways: three parallel and one crosswind. The crosswind runway, 6/24, is the shortest of the four at 7,607 feet (2,319 m). The newest runway is 11/29, completed in 2006 as part of a large expansion program. The airport's current ~156-foot (48-meter) control tower opened in 1997 at

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4536-644: The Naval Reserve and Marine Corps Reserve , while the rest was redeveloped to expand airline operations at the airport. Ozark Air Lines began operations at the airport in 1950. To handle increasing passenger traffic, Minoru Yamasaki was commissioned to design a new terminal, which began construction in 1953. Completed in 1956 at a total cost of $ 7.2 million, the three-domed design preceded terminals at John F. Kennedy International Airport (JFK) in New York City and Paris–Charles de Gaulle Airport . A fourth dome

4644-509: The St. Louis Airport Commission voted unanimously to change the name to St. Louis Lambert International Airport. In May 2018, Wow Air began flights between St. Louis and Reykjavík on an Airbus A321. This was the airport's first service to Europe since 2003. Despite strong sales, Wow ended the route in January 2019 amid financial struggles. In June 2022, Lufthansa commenced nonstop service to Frankfurt using Airbus A330s. German firms like Bayer and

4752-449: The U.S. For example, several airports in Alaska have scheduled commercial service, such as Stebbins and Nanwalek , which use FAA codes instead of ICAO codes. Thus, neither system completely includes all airports with scheduled service. Some airports are identified in colloquial speech by their IATA code. Examples include LAX and JFK . Bond (finance) In finance , a bond is

4860-537: The United States and to the Caribbean, Mexico, Canada, and Europe. In 2019, it served nearly 16 million passengers. In 2023 there were more than 270 daily departures to 80 nonstop domestic and international locations. Named for Albert Bond Lambert , an Olympic medalist and prominent St. Louis aviator, the airport rose to international prominence in the 20th century thanks to its association with Charles Lindbergh , its groundbreaking air traffic control (ATC), its status as

4968-481: The United States, because "Y" was seldom used in the United States, Canada simply used the weather station codes for its airports, changing the "Y" to a "Z" if it conflicted with an airport code already in use. The result is that most major Canadian airport codes start with "Y" followed by two letters in the city's name (for example, YOW for O tta w a , YWG for W innipe g , YYC for C algar y , or YVR for V ancouve r ), whereas other Canadian airports append

5076-975: The aircraft had been on loan since 1979, for preservation purposes. Until 1998, a Ryan B-1 Brougham , a replica of the Spirit of St. Louis , hung next to the D-127. IATA airport code The assignment of these codes is governed by IATA Resolution 763, and it is administered by the IATA's headquarters in Montreal , Canada. The codes are published semi-annually in the IATA Airline Coding Directory. IATA provides codes for airport handling entities, and for certain railway stations. Alphabetical lists of airports sorted by IATA code are available. A list of railway station codes , shared in agreements between airlines and rail lines such as Amtrak , SNCF , and Deutsche Bahn ,

5184-425: The airline bought Ozark Air Lines, which operated its hub from Lambert's B, C, and D concourses. In 1985, TWA had accounted for 56.6% of boardings at STL while Ozark accounted for 26.3%, so the merged carriers controlled over 80% of the traffic. The carriers were merged on October 26, 1986 at which time TWA served STL with nonstop service to 84 cities, an increase from 80 cities served by TWA and/or Ozark in 1985, before

5292-553: The airport declined after the 9/11 attacks , the collapse of TWA and its subsequent purchase by American, and American's flight reductions several years later. As TWA entered the new millennium, its financial condition deteriorated; it was purchased by American Airlines in April 2001. The last day of operations for TWA was December 1, 2001, including a ceremonial last flight to TWA's original and historic hometown of Kansas City before returning to St. Louis one final time. The following day, TWA

5400-440: The airport itself instead of the city it serves, while another code is reserved which refers to the city itself which can be used to search for flights to any of its airports. For instance: Or using a code for the city in one of the major airports and then assigning another code to another airport: When different cities with the same name each have an airport, they need to be assigned different codes. Examples include: Sometimes,

5508-424: The airport's Terminal 1, destroying jetways and breaking more than half of the windows. The wind damaged a Southwest Airlines aircraft by pushing a baggage conveyor belt into it. Four American Airlines aircraft were damaged, including one that was buffeted by 80 mph (130 km/h; 70 kn) crosswinds while taxiing after landing. Another aircraft, with passengers still on board, was moved away from its jetway by

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5616-410: The airport's all-time peak of 30.6 million in 2000. By September 1999, Lambert was TWA's main hub, with 103 destinations served by 515 daily flights: 352 on TWA mainline aircraft and 163 on Trans World Express flights operated by its commuter airline partners. Lambert became the eighth-busiest U.S. airport by flights. Congestion caused delays during peak hours and was exacerbated when bad weather reduced

5724-418: The airport's former name, such as Orlando International Airport 's MCO (for Mc C o y Air Force Base), or Chicago's O'Hare International Airport , which is coded ORD for its original name: Or char d Field. In rare cases, the code comes from the airport's unofficial name, such as Kahului Airport 's OGG (for local aviation pioneer Jimmy H ogg ). In large metropolitan areas, airport codes are often named after

5832-513: The bond includes embedded options , the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option price as calculated is either added to or subtracted from the price of the "straight" portion. See further under Bond option § Embedded options . This total is then the value of the bond. More sophisticated lattice- or simulation-based techniques may (also) be employed. Bond markets, unlike stock or share markets, sometimes do not have

5940-431: The bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through bond funds . Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households. The volatility of bonds (especially short and medium dated bonds) is lower than that of equities (stocks). Thus, bonds are generally viewed as safer investments than equities, but this perception

6048-455: The carrier with the most daily flights, and continues to dominate the airport to this day. Southwest Airlines had been growing steadily at Lambert since the mid-1990s. In 1998, the East Terminal (known today as Terminal 2) and Concourse E opened to accommodate Southwest's growth, where they operate today. On April 22, 2011, a tornado (rated EF4 nearby but not at the airport itself) struck

6156-403: The club's telegraphed invitation to attend, and after initially ruling out a flight, took off on October 11 with pilot Arch Hoxsey , becoming the first U.S. president to fly. The following year, the airfield—generally called "Kinloch Field"—was the takeoff point for what is generally regarded as the first parachute jump from an airplane. The club's lease on the land expired in 1912, and the field

6264-491: The code SHA, while the newer Shanghai–Pudong adopted PVG. The opposite was true for Berlin : the airport Berlin–Tegel used the code TXL, while its smaller counterpart Berlin–Schönefeld used SXF; the Berlin Brandenburg Airport has the airport code BER, which is also part of its branding. The airports of Hamburg (HAM) and Hannover (HAJ) are less than 100 nautical miles (190 km) apart and therefore share

6372-490: The currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond: The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment. Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as

6480-437: The economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU . Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds , to finance current expenditure. Bonds and stocks are both securities , but

6588-400: The end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets. The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made, the issuer has no further obligations to the bond holders after the maturity date. The length of time until

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6696-874: The end. Examples include: A lot of minor airfields without scheduled passenger traffic have ICAO codes but not IATA codes, since the four letter codes allow more number of codes, and IATA codes are mainly used for passenger services such as tickets, and ICAO codes by pilots. In the US, such airfields use FAA codes instead of ICAO. There are airports with scheduled service for which there are ICAO codes but not IATA codes, such as Nkhotakota Airport/Tangole Airport in Malawi or Chōfu Airport in Tokyo, Japan. There are also several minor airports in Russia (e.g., Omsukchan Airport ) which lack IATA codes and instead use internal Russian codes for booking. Flights to these airports cannot be booked through

6804-815: The entrance to gates C and D and baggage claim. The mural consists of five panels and measures 8 feet (2.4 m) tall and 51 feet (16 m) long. The first panel includes Albert Edward Forsythe and C. Alfred Anderson, the first black pilots to complete a cross-country flight; the Tuskegee Institute and the Tuskegee Airmen ; Eugene Bullard ; Bessie Coleman ; and Willa Brown, the first African American woman commercial pilot. The second panel shows Benjamin O. Davis Jr. , Clarence "Lucky" Lester, and Joseph Ellesberry. The third panel shows Gen. Daniel "Chappie" James , Capt. Ronald Radliff, and Capt. Marcella Hayes. The fourth and fifth panels show Ronald McNair , who died in

6912-454: The first person to receive a pilot's license in St. Louis. So vigorous was Lambert in his efforts to promote St. Louis aviation that in 1923 the field was renamed "Lambert-St. Louis Flying Field." "Major" Lambert (his "rank" was given by the Aero Club and not the military) purchased the field outright in February 1925, and added hangars and a passenger terminal. In the late 1920s, the airport became

7020-557: The first three letters of the city in which it is located, for instance: The code may also be a combination of the letters in its name, such as: Sometimes the airport code reflects pronunciation, rather than spelling, namely: For many reasons, some airport codes do not fit the normal scheme described above. Some airports, for example, cross several municipalities or regions, and therefore, use codes derived from some of their letters, resulting in: Other airports—particularly those serving cities with multiple airports—have codes derived from

7128-428: The first with an air traffic control system–albeit one that communicated with pilots via waving flags. The first controller was Archie League . Charles Lindbergh's first piloting job was flying airmail for Robertson Aircraft Corporation from the airfield. He stopped at the airport during his cross-country San Diego to New York flight about a week before his record-breaking flight to Paris in 1927. In February 1928,

7236-474: The following format: Most large airports in Canada have codes that begin with the letter "Y", although not all "Y" codes are Canadian (for example, YUM for Yuma, Arizona , and YNT for Yantai , China), and not all Canadian airports start with the letter "Y" (for example, ZBF for Bathurst, New Brunswick ). Many Canadian airports have a code that starts with W, X or Z, but none of these are major airports. When

7344-505: The foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency. The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into

7452-593: The form of " YYZ ", a song by the rock band Rush , which utilizes the Morse code signal as a musical motif. Some airports have started using their IATA codes as brand names , such as Calgary International Airport (YYC) and Vancouver International Airport (YVR). Numerous New Zealand airports use codes that contain the letter Z, to distinguish them from similar airport names in other countries. Examples include HLZ for Hamilton , ZQN for Queenstown , and WSZ for Westport . Predominantly, airport codes are named after

7560-482: The international air booking systems or have international luggage transferred there, and thus, they are booked instead through the airline or a domestic booking system. Several heliports in Greenland have 3-letter codes used internally which might be IATA codes for airports in faraway countries. There are several airports with scheduled service that have not been assigned ICAO codes that do have IATA codes, especially in

7668-413: The issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high probability of default on the bond). Bonds can be categorised in several ways, such as the type of issuer,

7776-431: The issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away from domestic markets. These bond issues are generally governed by

7884-678: The late 1950s. The airline grew rapidly, going from 36 million revenue passenger miles in 1955, to 229 million revenue passenger miles in 1965. The jet age came to Ozark in 1966 with the Douglas DC-9-10 and its network expanded to Denver, Indianapolis, Louisville, Washington, D.C., New York City, Miami, Tampa, and Orlando. With the addition of jets, Ozark began its fastest period of growth, jumping to 653 million revenue passenger miles in 1970 and 936 million revenue passenger miles in 1975; Ozark soon faced heavy competition in TWA's new hub at Lambert. In 1979,

7992-492: The law of the market of issuance, e.g., a samurai bond, issued by an investor based in Europe, will be governed by Japanese law. Not all of the following bonds are restricted for purchase by investors in the market of issuance. The market price of a bond is the present value of all expected future interest and principal payments of the bond, here discounted at the bond's yield to maturity (i.e. rate of return ). That relationship

8100-422: The length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.) The interest payment ("coupon payment") divided by the current price of the bond is called the current yield (this is the nominal yield multiplied by the par value and divided by

8208-537: The link in October 1984. After airline deregulation in 1978, airlines began to change their operations to a hub and spoke model. Trans World Airlines (TWA) was headquartered in New York City but its main base of employment was at Kansas City International Airport (KCI) and had large operations at Chicago O'Hare International Airport (ORD) as well as St. Louis. TWA deemed Kansas City's terminals unsuitable to serve as

8316-416: The major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors , in the event of bankruptcy. Another difference

8424-406: The market for United States Treasury securities, there are four categories of bond maturities: The coupon is the interest rate that the issuer pays to the holder. For fixed rate bonds , the coupon is fixed throughout the life of the bond. For floating rate notes , the coupon varies throughout the life of the bond and is based on the movement of a money market reference rate (historically this

8532-423: The markets. The price can be quoted as clean or dirty . "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S. The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that

8640-442: The maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In

8748-492: The merger. Lambert again grew in importance for TWA after the airline declared bankruptcy in 1992 and the following year moved its headquarters to St. Louis from Mount Kisco, New York . TWA increased the number of cities served and started routing more connecting passengers through its hub at Lambert. The total number of passengers departing Lambert jumped almost 20% in a year, from 19.9 million passengers in 1993 to 23.4 million in 1994. Growth continued, to 27.3 million by 1997 and

8856-406: The name "Lambert–St. Louis International Airport". They said they might rename it St. Louis International Airport at Lambert Field to freshen up the airport's image and emphasize "St. Louis" in the name. Descendants of Albert Bond Lambert opposed the change, arguing that it de-emphasized the importance of Maj. Lambert to the airport's history and the history of aviation. The proposal was amended, and

8964-612: The name of the airport itself, for instance: This is also true with some cities with a single airport (even if there is more than one airport in the metropolitan area of said city), such as BDL for Hartford, Connecticut 's B ra dl ey International Airport or Baltimore's BWI, for B altimore/ W ashington I nternational Airport ; however, the latter also serves Washington, D.C. , alongside Dulles International Airport (IAD, for I nternational A irport D ulles) and Ronald Reagan Washington National Airport (DCA, for D istrict of C olumbia A irport). The code also sometimes comes from

9072-629: The number of usable runways from three to one, and traffic projections made in the 1980s and 1990s predicted enough growth to strain the airport and the national air traffic system. As a result, city leaders decided to build a 9,000-foot (2,700 m) runway, dubbed Runway 11/29, parallel to the two larger existing runways. At $ 1.1 billion, it was the costliest public works program in St. Louis history. It required moving seven major roads and destroying about 2,000 homes, six churches, and four schools in Bridgeton . Work began in 1998 and continued even as traffic at

9180-416: The one they are located in: Other airport codes are of obscure origin, and each has its own peculiarities: In Asia, codes that do not correspond with their city's names include Niigata 's KIJ , Nanchang 's KHN and Pyongyang 's FNJ . EuroAirport Basel Mulhouse Freiburg , which serves three countries, has three airport codes: BSL, MLH, EAP. Some cities have a name in their respective language which

9288-439: The price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the yield curve , a graph plotting this relationship. If

9396-478: The primary hub of Trans World Airlines (TWA), and its iconic terminal. St. Louis Lambert International Airport is connected by the MetroLink mass transportation rail system to other parts of the St. Louis metropolitan area , including a future connection to the region's secondary commercial airport, MidAmerica St. Louis Airport about 37 miles (60 km) to the east. The airport had its beginnings in 1909, when

9504-420: The principal due to various factors in bond valuation . Bonds are often identified by their international securities identification number, or ISIN , which is a 12-digit alphanumeric code that uniquely identifies debt securities. In English , the word " bond " relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay a sum to another" dates from at least

9612-419: The public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds. In contrast, government bonds are usually issued in an auction. In some cases, both members of the public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both

9720-403: The risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to the bond issuer in terms of timing and price of the bond issue. The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to

9828-501: The same first and middle letters, indicating that this rule might be followed only in Germany. Many cities retain historical names in their airport codes, even after having undergone an official name/spelling/transliteration change: Some airport codes are based on previous names associated with a present airport, often with a military heritage. These include: Some airports are named for an administrative division or nearby city, rather than

9936-452: The same need for a hub that bypassed its hubs at Chicago and Dallas/Fort Worth, which suddenly became less congested. As a result of this and the ongoing economic recession , service at Lambert was reduced to 207 flights by November 2003. Total passenger traffic dropped to 20.4 million that same year. On the international front, American dropped flights to London-Gatwick in October 2003, leaving St. Louis without transatlantic service. In 2006,

10044-497: The station code of Malton, Mississauga , where it is located). YUL is used for Montréal–Trudeau (UL was the ID code for the beacon in the city of Kirkland , now the location of Montréal–Trudeau). While these codes make it difficult for the public to associate them with a particular Canadian city, some codes have become popular in usage despite their cryptic nature, particularly at the largest airports. Toronto's code has entered pop culture in

10152-460: The storm. The FAA closed the airport at 8:54 pm CDT, and reopened it the following day at temporarily lower capacity. The damage to Concourse C even forced the airport to temporarily reopen some of Concourses B and D for additional gate space. Concourse C underwent renovations and repairs and reopened on April 2, 2012. In late 2016, officials with the City of St. Louis announced that brand researchers had found that travelers might be confused by

10260-434: The term of the instrument. The most common forms include municipal , corporate , and government bonds . Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market . This means that once the transfer agents at the bank medallion-stamp the bond, it is highly liquid on the secondary market. The price of a bond in the secondary market may differ substantially from

10368-432: The terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market. In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in

10476-652: The trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory", i.e. holds it for their own account. The dealer is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor. Bonds are bought and traded mostly by institutions like central banks , sovereign wealth funds , pension funds , insurance companies , hedge funds , and banks . Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy

10584-545: The trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or " dirty price ". ( See also Accrual bond .) The price excluding accrued interest is known as the "flat" or " clean price ". Most government bonds are denominated in units of $ 1000 in the United States , or in units of £100 in the United Kingdom . Hence, a deep discount US bond, selling at

10692-504: The two-letter code of the radio beacons that were the closest to the actual airport, such as YQX in Gander or YXS in Prince George . Four of the ten provincial capital airports in Canada have ended up with codes beginning with YY, including: Canada's largest airport is YYZ for Toronto Pearson (as YTZ was already allocated to Billy Bishop Toronto City Airport , the airport was given

10800-529: The use of two letters allowed only a few hundred combinations; a three-letter system of airport codes was implemented. This system allowed for 17,576 permutations, assuming all letters can be used in conjunction with each other. Since the U.S. Navy reserved "N" codes, and to prevent confusion with Federal Communications Commission broadcast call signs , which begin with "W" or "K", the airports of certain U.S. cities whose name begins with one of these letters had to adopt "irregular" airport codes: This practice

10908-421: The year after airline deregulation , STL's dominant carriers were TWA (36 routes) and Ozark (25), followed by American (17) and Eastern (12). In April 1980, British Caledonian began a nonstop flight to London's Gatwick Airport using a Boeing 707. This was the airport's first transatlantic service. The company later partnered with Ozark so that the latter's network could feed the flights. British Caledonian severed

11016-443: Was added in 1965 following the passage of a $ 200 million airport revenue bond. The April 1957 Official Airline Guide shows 44 weekday TWA departures; American, 24; Delta, 16; Ozark, 14; Eastern, 13; Braniff, 6 and Central, 2. The first scheduled jet was a TWA 707 to New York on July 21, 1959. In 1971, the airport became "Lambert–St. Louis International Airport." In the 1970s, St. Louis city officials proposed to replace Lambert with

11124-560: Was closed and its grandstand demolished. Efforts to revive the facility were unsuccessful. In June 1920, a nearby 170-acre field was leased to the Missouri Aeronautical Society, which named its facility the "St. Louis Flying Field." Among the Society's leading members was Albert Bond Lambert , an Olympic silver medalist golfer in the 1904 Summer Games , president of Lambert Pharmaceutical Corporation (which made Listerine ), and

11232-528: Was generally LIBOR , but with its discontinuation the market reference rate has transitioned to SOFR ). Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual. The yield

11340-408: Was initially too small for this operation, and TWA was forced to use temporary terminals, mobile lounges and airstairs to handle the additional flights. Concourse D was completed in 1985. In April 1985, TWA began service from Lambert to London-Gatwick, Frankfurt, and Paris. It operated the flight to London with Boeing 747s and the ones to Paris and Frankfurt with 767s. TWA's hub grew again in 1986 when

11448-640: Was officially absorbed into American Airlines. The plan for Lambert was to become a reliever hub for the existing American hubs at Chicago–O'Hare and Dallas/Fort Worth (DFW). American was looking at something strategic with its new St. Louis hub to potentially offload some of the pressure on O'Hare as well as provide a significant boost to the airline's east/west connectivity. The September 11 attacks depressed air service nationwide: total airline industry domestic revenue passenger miles dropped 20% in October 2001 and 17% in November 2001. Overnight, American no longer had

11556-434: Was officially christened "Lambert–St. Louis Municipal Airport" by Rear Admiral Richard E. Byrd . The first terminal building opened in 1933, and within the decade, the airport was served by Robertson Air Lines , Marquette Airlines , Eastern Air Lines , and Transcontinental & Western Air (later renamed TWA). In August 1942, voters passed a $ 4.5 million bond issue to expand the airport by 867 acres (351 ha) and build

11664-622: Was the opening of Runway 11/29, the airport's fourth, on April 13, 2006, when American Airlines Flight 2470 became the first commercial airliner to land on the new runway. In 2008, Lambert's position as an American Airlines hub faced further pressure due to increased fuel costs and softened demand because of a depressed economy. American cut its overall system capacity by over 5% during 2008. At Lambert, American shifted more flights from mainline to regional. Total passengers enplaned fell 6% to 14.4 million in 2008, then fell another 11% to 12.8 million passengers in 2009. In 2009, American announced that as

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