Any-Interest-Date Call

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Any-Interest-Date Call

A provision in some municipal bonds giving the issuer the right to redeem a bond before maturity on any date that the issuer owes coupons to bondholders.
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The bonds, which have a 10-year tenor and are callable after five years or on any interest date thereafter, were priced at 100 per cent and were issued in equal proportion between fixed and floating-rate tranches.