non-refundable

non-refundable definition - finance
A provision in a bond indenture that stops or limits the issuer from retiring the bonds by using proceeds from another issue, which is called a refunding. Non-refundable bonds protect bondholders from having their bonds called and thus losing out on interest payments. Also called call protection.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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