The process of retiring high-coupon debt and issuing new bonds at a lower coupon to reduce interest payments is called

Name: The process of retiring high-coupon debt and issuing new bonds at a lower coupon to reduce interest payments is called
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This process is commonly known as refunding, where a company or government issues new bonds at lower coupon rates to replace existing high-coupon debt. This helps to reduce interest payments and potentially lower overall borrowing costs.

The Process of Retiring High-Coupon Debt and Issuing New Bonds