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请教关于nonrefundable bonds的问题

notes L1 Page 15:上写Nonrefundable bonds prohibit the call of an issue using the proceeds fromm a lower coupon bond issue.

请问这句话究竟该怎么理解啊?既然prohibit the call of ...为什么后面一句又说,thus, a bond may be callable bu not refundable??

[em09]

......没明白

[em43]

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