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Bonds are redeemed most commonly when the market rate of interest declines after they have been issued. A company can usually realize a saving by redeeming its bonds and issuing new bonds with lower interest rates. Only callable bonds have the feature which allows the company to redeem them at a stated price within a specific time period. All other bonds can be purchased on the open market. It is very unlikely, however, that an entire issue can be purchased in this manner.
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