Series 53: 4.2.2.2.3. NIC And TIC

Taken from our Series 53 Online Guide

4.2.2.2.3. NIC and TIC

The issuer will request that potential underwriters submit their bids in one of two forms:

• Net interest cost (NIC) is an expression of the total cost to the issuer in current dollars. This includes the cost of all interest payments until the bonds are retired.

• True interest cost (TIC) incorporates the time value o

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