Serial Bonds

Maturities of a Bond Issue which mature in consecutive years or other shorter periods. Generally, Serial Bonds have a different Interest Rate for each maturity. Serial Bonds are not subject to Mandatory Sinking Fund Redemption.

See Also

Term Bond

Bonds which come due on a single maturity date but which may be subject to mandatory sinking fund redemption.

Hudson Yards Rail Yards

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Interest Rate Swap

A type of derivative, in which the interest rate on the bonds is swapped, or exchanged, by the issuer for an agreed-upon fixed rate or variable rate based upon an index, calculated on a notional principal amount.