Series 50: “low-to-high” Advance Refunding

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

Definition of the term “low-to-high” Advance Refunding...

when an issuer pays off its previously issued (refunded) bonds with newly issued bonds that pay interest at a higher interest rate. This is often to release the issuer from legal covenants or restrictions in the original indenture.

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