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Career Zone


Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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