a. What is a payment-in-kind bond? b. An investor who purchases a payment-in-kind bond will find that
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a. What is a payment-in-kind bond?
b. An investor who purchases a payment-in-kind bond will find that increased in- terest rate volatility will have an adverse economic impact. If interest rates rise substantially, there will be an adverse consequence. So too will a substantial decline in interest rates have adverse consequences. Why?
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