Business and Personal Finance Dictionary

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• UK MIPS
  
  Goldman, Sachs's variation on its Mips (q.v.) structure, tailored to maximize its advantages for the UK market in ways that the U.S. government wouldn't allow. Grand Metropolitan Delaware (limited partnership) issued 20 million "preferred securities" paying quarterly dividends at $25, lending the proceeds to Grand Metropolitan plc via a perpetual, subordinated loan with the seniority of preferred stock. (Source: Pratt, Tom. "Goldman modifies 'Mips' to land Grant Met deal." IDD, Nov. 7, 1994, p. 11.)
  
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