Series 50: Escrowed-to-maturity (ETM) Refunding

Taken from our Series 50 - MSRB Municipal Advisor Representative Qualification Exam

Definition of the term Escrowed-to-maturity (ETM) Refunding...

a type of bond refunding in which proceeds held in the escrow account will be sufficient to pay the principal and interest on the bonds through their original maturity date.

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