Refunding
A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.
bond-basics
Advance Refunding
A type of refunding transaction in which the Refunding Bonds are issued more than 90 days before the Redemption or final Maturity, whichever is earlier, of the Refunded Bonds.
See Also
Current Refunding
A refunding in which all refunded Bonds are redeemed within ninety days of the issuance of the refunding bonds.
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Commercial Paper
Debt obligations with maturities of between 1 and 270 days; usually backed by some form of credit enhancement.