Ladder

A bond portfolio construction strategy in which equal amounts are invested in every maturity within a given range.

LIBOR

An acronym for London Interbank Offered Rate.  This interest rate is the standard rate for quoting interbank lendings of Eurocurrency deposits.

LIBOR flat

LIBOR quoted without any premium or discount.

Loan Loss Reserves

Reserves which are intended to absorb anticipated, or expected losses.  Provision for loan losses is an expense item in the income statement.

Long

A party is said to be long an instrument when he or she owns the instrument