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Glossary Definition
Deferred-Coupon Bonds

Bonds that allow the issuer to avoid using cash to make interest payments for a specified term. There are three types of deferred-coupon structures: i) deferred-interest bonds (early interest due is paid later at a single rate), ii) step-up bonds (early interest due is paid later at progressively increasing rates), and iii) payment-in-kind bonds (interest due is paid with financial assets, in lieu of cash).