California Order Refunding Bond
Description
How to fill out Order Refunding Bond?
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FAQ
Generally unique to municipal securities, a refunding is the process by which an issuer refinances outstanding bonds by issuing new bonds. This may serve either to reduce the issuer's interest costs or to remove a restrictive covenant imposed by the terms of the bonds being refinanced.
In corporate finance and capital markets, refunding is the process where a fixed-income issuer retires some of their outstanding callable bonds and replaces them with new bonds, usually at more favorable terms to the issuer as to reduce financing costs.
A refunding is a means by which previously issued debt is retired or refinanced with an issue of bonds or other obligations whose proceeds are used to pay the principal, interest and any redemption premium for prior bonds.
4.20 An advance refunding occurs when previously issued debt is retired as it matures or at a call date at least in part by a new debt issue. Usually refunding is done to take advantage of lower interest rates or to modify debt service requirements.
For example, an issuer that refunds a $100 million bond issue with a 10% coupon at maturity and replaces it with a new $100 million issue (refunding bond issue) with a 6% coupon, will have savings of $4 million in interest expense per annum.
Bond refunding can be defined as a corporate financial planning activity undertaken to lower financing costs by retiring or repaying old outstanding bonds issued previously with high-interest rates with the help of proceeds collected from new debts, usually with lower interest rates.
refunding bond is a debt security that is issued in order to fund a callable bond. With a prerefunding bond, the issuer decides to exercise its right to buy its bonds back before the scheduled maturity date.
Refunded bonds maintain a cash amount held aside by the original issuer of the debt to repay its principal. A refunded bond will use a sinking fund to hold in escrow the principal amount, making these bonds less risky to investors.
