What’s the difference between refunding and call?
How can a bond be nonrefundable but callable?
What’s the difference between refunding and call?
How can a bond be nonrefundable but callable?
A bond can be called by the issuer based upon the call provisions in the indenture but may not be refunded by issuin debt at a lower rate than the current issue as per the debt covenant.
refunding means switching/swapping it for lower rate debt?
yes