As interest rates have declined after 1981, bond refunding was more common in the 1990s as rates stayed low.

Name: As interest rates have declined after 1981, bond refunding was more common in the 1990s as rates stayed low.
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This statement is true. As interest rates decreased in the 1990s, it became more common for issuers of bonds to take advantage of the lower rates by refunding their existing bonds and issuing new bonds at the lower interest rates.

As Interest Rates Have Declined After 1981, Bond Refunding Was