Advance Refunding

Advance Refunding is a term in finance for swapping of government securities before their due date with issues having more distant date of maturity. It is a mechanism through which government prolongs the national debt.

The term is also used for municipal bonds, but for the advance issue of new bonds before the first maturing date of the older bonds. These advance refunding issues usually have lower rates of return than the older bonds.

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Advance Thinning, Advanced degree, Advanced Economies, Advanced gas-cooled reactor, Advanced placement