The issuer of a bond has a choice (option) at maturity between repayment (redemption) in cash or in the form of another credit tranche or bond. – See pay-in-kind bond, payment-in-kind loan.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/