advance refunding

简明释义

提前转期偿还 ［美国公债］

英英释义

例句

1.Investors were pleased with the advance refunding 提前再融资 plan presented by the municipal bond issuer.

投资者对市政债券发行人提出的advance refunding 提前再融资计划感到满意。

2.The city decided to pursue advance refunding 提前再融资 of its bonds to take advantage of lower interest rates.

该市决定进行advance refunding 提前再融资，以利用较低的利率。

3.The financial advisor recommended advance refunding 提前再融资 as a strategy to improve cash flow.

财务顾问建议将advance refunding 提前再融资作为改善现金流的策略。

4.The company used advance refunding 提前再融资 to restructure its debt and reduce its financial burden.

该公司使用advance refunding 提前再融资来重组其债务并减轻财务负担。

5.By engaging in advance refunding 提前再融资, the school district was able to save millions on interest payments.

通过进行advance refunding 提前再融资，学区能够在利息支付上节省数百万。

作文

In the world of finance and investment, various strategies are employed to optimize returns and manage risks. One such strategy is known as advance refunding, which plays a crucial role in the management of municipal bonds. To understand this concept better, let us delve into what advance refunding entails and how it operates within the financial landscape.Advance refunding refers to the process whereby an issuer of bonds refinances existing debt before the original bonds mature. This is typically done when interest rates have fallen since the original bonds were issued. By issuing new bonds at a lower interest rate, the issuer can use the proceeds to pay off the older, higher-interest bonds. This not only reduces the overall interest expense but also helps in managing cash flow more effectively.For instance, consider a city that issued bonds five years ago with a 5% interest rate. If current market conditions allow for new bonds to be issued at a rate of 3%, the city can opt for advance refunding. By doing so, they would issue new bonds and use the funds raised to redeem the older bonds. This strategic move results in significant savings on interest payments over time.The mechanics of advance refunding require careful planning and execution. The issuer must ensure that the new bonds are structured in a way that aligns with their financial goals. Additionally, there are regulatory considerations, as the Internal Revenue Service (IRS) has specific rules governing the tax implications of refunding bonds. For example, the new bonds must be issued within a certain timeframe relative to the old bonds to qualify for tax-exempt status. Moreover, advance refunding can also provide issuers with greater flexibility. In times of economic uncertainty, having the ability to refinance debt can be a lifeline for municipalities, allowing them to maintain essential services without overburdening their taxpayers. This financial maneuver not only benefits the issuer but also instills confidence among investors, knowing that the municipality is taking proactive steps to manage its debt obligations.However, it is important to note that advance refunding is not without its challenges. For one, the costs associated with issuing new bonds, including underwriting fees and legal expenses, can diminish the overall savings from the refinancing. Additionally, if interest rates rise after the advance refunding is completed, the issuer may find themselves in a less favorable position than anticipated. Therefore, it is essential for issuers to conduct thorough analyses and forecasts before deciding to proceed with this strategy.In conclusion, advance refunding serves as a vital tool for bond issuers looking to optimize their debt management strategies. By refinancing existing bonds at lower interest rates, municipalities can achieve substantial savings and maintain financial stability. While it presents certain challenges, the benefits often outweigh the risks, making it an attractive option in a fluctuating interest rate environment. As we continue to navigate the complexities of the financial world, understanding concepts like advance refunding will remain essential for both investors and issuers alike.

在金融和投资的世界中，各种策略被用来优化回报和管理风险。其中一种策略被称为提前再融资，在市政债券的管理中起着至关重要的作用。为了更好地理解这一概念，让我们深入探讨一下提前再融资的含义及其在金融领域中的运作方式。提前再融资是指债券发行人在原债券到期之前对现有债务进行再融资的过程。这通常发生在自原债券发行以来利率下降的情况下。通过以较低的利率发行新债券，发行人可以使用所得款项偿还旧的高利率债券。这不仅减少了整体利息支出，还帮助更有效地管理现金流。例如，考虑一个五年前以5%利率发行债券的城市。如果当前市场条件允许以3%的利率发行新债券，该市可以选择提前再融资。通过这样做，他们将发行新债券，并使用筹集的资金赎回旧债券。这一战略举措在长期内显著节省了利息支付。提前再融资的机制需要仔细规划和执行。发行人必须确保新债券的结构与其财务目标相一致。此外，还有监管方面的考虑，因为美国国税局（IRS）对再融资债券的税务影响有具体规定。例如，新债券必须在与旧债券相关的特定时间框架内发行，以符合免税资格。此外，提前再融资还可以为发行人提供更大的灵活性。在经济不确定时期，能够再融资债务可能对市政当局来说是一条生命线，使他们能够维持必要的服务，而不会给纳税人带来过大的负担。这一财务举措不仅使发行人受益，还增强了投资者的信心，因为他们知道市政当局正在采取主动措施来管理其债务义务。然而，需要注意的是，提前再融资并非没有挑战。首先，发行新债券所涉及的成本，包括承销费用和法律费用，可能会削弱再融资的整体节省。此外，如果在完成提前再融资后利率上升，发行人可能会发现自己处于比预期更不利的境地。因此，发行人在决定是否进行这一策略之前，必须进行彻底的分析和预测。总之，提前再融资作为债券发行人优化其债务管理策略的重要工具。通过以较低的利率再融资现有债券，市政当局可以实现可观的节省并维持财务稳定。尽管它存在某些挑战，但其好处往往超过风险，使其在波动的利率环境中成为一种有吸引力的选择。随着我们继续应对金融世界的复杂性，理解像提前再融资这样的概念将对投资者和发行人而言仍然至关重要。