The Bond Refunding Decision in an Efficient Market

Alan Kraus

Journal of Financial and Quantitative Analysis, 1973, vol. 8, issue 5, 793-806

Abstract: The majority of corporate bonds are callable before maturity at the option of the issuer. Unlike other security options (warrants, convertible bonds, etc.), the call provision cannot be resold; its value can be realized only by exercising it. The problem is to choose the optimal time to perform refunding (including the alternative of not refunding before maturity).

Date: 1973
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