When interest rates rise, bond refunding becomes quite popular.
If interest rates are rising, issuers would naturally resist refunding at higher rates when they already have a lower rate locked in for existing bonds.

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When interest rates rise, bond refunding becomes quite popular.
If interest rates are rising, issuers would naturally resist refunding at higher rates when they already have a lower rate locked in for existing bonds.

When Interest Rates Rise, Bond Refunding Becomes Quite Popular