PREREFUNDING Definition

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PREREFUNDING is the the issuing of new securities to refund an outstanding security. Proceeds from the new securities are used to buy instruments, usually U.S. Treasuries, to be held in escrow for the purpose of retiring bonds or preferred stock.

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YTM see YIELD TO MATURITY.

FIXED CAPITAL includes the value of the purchases and own-account construction of fixed assets by enterprises, households, private non-profit institutions, and general government for civil defense. Its components include construction and durable equipment.

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