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advance refunding |
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Advance refunding In the context of municipal bonds, refers to the sale of new bonds (the refunding issue) before the first call date of old bonds (the issue to be refunded). The refunding issue usually specifies a rate lower than the issue to be refunded, and the proceeds are invested, usually in government securities, until the higher-rate bonds become callable. See: Refunding escrow deposits.
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A
significant portion of the proceeds of these advance refundings were
invested in U. Advance refunding occurs when issuers refinance outstanding bonds
before the original bonds mature or are callable to achieve interest
rate savings and to extinguish old debt. Last summer, for
example, Gault led an $80 million advance refunding of outstanding debt
on low-income housing projects for the Chicago Metropolitan Housing
Development Corp. |
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