Definition and Citations:
A new bond floated to pay an existing bond issue. This occurs at the first call date. Proceeds are invested in low risk securites until the original bond is redeemable. This is only done when interest rates go down.
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A new bond floated to pay an existing bond issue. This occurs at the first call date. Proceeds are invested in low risk securites until the original bond is redeemable. This is only done when interest rates go down.