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funnel sinking fund

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funnel sinking fund
A special type of bond retirement system in which an issuer has the option to make all its outstanding bonds subject to one annual sinking fund requirement. Thus, the issuer may take the annual sinking fund requirements for all outstanding issues and concentrate them into retiring an unusually large amount of a high-coupon issue. A funnel sinking fund generally operates to the disadvantage of bondholders and to the advantage of the issuer.
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