debt modification 10% test example excel

Reg. If the reporting entity had not finalized its debt restructuring prior to issuing the financial statements and the reporting entity did not have enough information to determine if the transaction will be a modification or extinguishment in the subsequent period, the legal fees should be capitalized as a prepaid expense in the period incurred. This content is copyright protected. Present value of $5,000,000 at the stated interest rate of 5.5% discounted at the original effective rate of 6% for 3 years, Present value of $5,000,000 at the new stated interest rate of 5% discounted at the original effective rate of 6% for 5 years, Lender fees, undiscounted because it is a day one cash flow. For example, if table-array spans cells B2:D7, then your lookup_value must be in column B.. Lookup_value can be a value or a reference to a cell.. table_array (required) Under U.S. GAAP, a TDR represents a scenario in which, for legal or economic reasons, a lender agrees to grant to a borrower who is experiencing financial difficulties a concession that it would not otherwise consider for example, full (or partial) forgiveness of certain principal or interest payments or a reduction of the stated interest rate. Follow - Fees in the '10 per cent' Test for Derecognition of Financial Liabilities . Reg. In June 20X4, FG Corp modified its debt to lower its borrowing costs. Agenda ref 14A IBOR Reform - Phase 2 Classification and measurement - modification of financial instruments . We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements. It's time to pause, reset, and go. Our teams have in-depth knowledge of the relationship between domestic and international tax laws. Cookies that tell us how often certain content is accessed help us create better, more informative content for users. Modification or extinguishment - Modifying the effective interest expense recognized in the statement of . Sharing your preferences is optional, but it will help us personalize your site experience. 38 0 obj <> endobj calculating a new EIR for the modified liability, that is then used in future periods. This amount is compared to the total of fees paid on modification ($50,000) and the present value of the future payment(s) under the modified terms. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. Because FG Corps credit rating has improved, this restructuring is not considered a troubled debt restructuring. Therefore, the signNow web application is a must-have for completing and signing debt modification 10 test example excel on the go. If the tax-exempt municipal bond is widely held, it may be reasonable to conclude that an extinguishment has occurred. This is less than 10%, so the loan modification (waiver of 6 months of interest) considered to be a non-substantial modification. For example, that may be the case if the intermediarys own funds are committed and those funds are not truly at risk because the intermediary is made whole by the debtor (and therefore is indemnified against loss by the debtor). The what is the SPPI test is part of the decision model for the classification and measurement of financial assets, that started in the IFRS 9 Framework for financial assets.But you can also read it without doing the test . See. All rights reserved. Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, A new effective interest rate is established based on the carrying value of the debt and the revised cash flows, The old debt is derecognized and the new debt is recorded at fair value, A gain or loss is recorded for the difference between the net carrying value of the original debt and the fair value of the new debt. These interests could take the legal form of either assignments or participations. In many instances, a gain or a loss might need to be recorded in profit or loss and depending on facts and circumstances, derecognition of the financial arrangement might be required as a result of modifying the financial instrument arrangement that existed. If the difference in the present values of the cash flows is less than 10 percent, then the borrower needs to perform a qualitative assessment to identify substantial differences in terms that by their . In a loan syndication, each lender loans the borrower a specific amount and has the right to repayment from the borrower. When performing the 10% test, the effect of the required amortization of basis adjustments due to the application of fair value hedge accounting should be ignored for the purposes of calculating the effective interest rate of the original debt instrument. However, we typically would not expect a long time lag between incurring such costs and the finalization of the debt restructuring since the costs must be directly related to the restructuring. Increasing regulation and investor demands for returns and transparency continue to challenge the asset management sector. Are you ready for IFRS 16? The primary decision points considered by the . Troubled debt restructuring - Changing the amount of interest expense recognized in the statement of operations prospectively or recognizing a gain in the statement of operations using the basic extinguishment model (see below). ASC Subtopic 470-50, Debt Modifications and Extinguishments. This is more than 10%, so the loan modification (waiver of 6 months of interest and subsequent increase of the contractual interest rate) is considered to be a substantial modification. One of these is the treatment of non-substantial modifications of financial assets or financial liabilities when amending contractual terms within a restructuring transaction. A borrower may have several debt instruments outstanding with one lender. Example FG 3-4 illustrates the application of the 10% test to a debt instrument with a prepayment option. What did Q2 2022 bring for technology, media, and telecommunications? But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks. BIO 123. lab. Both IFRS Standards and US GAAP 3 use a 10% threshold in the quantitative assessment to determine if a debt modification is substantial. In addition, the contractual rate of interest is increased to 8% starting 1 January 2021. The present value of the revised cash flows ($25,000 per month) discounted at 7% p.a. A thinly capitalised entity is one whose assets are funded by a high level of debt and relatively little equity. Description. Increases and decreases in the principal balance of a loan should be included in the cash flows of the new debt used to perform the 10% test based on the guidance in. 1.1001-3. This is the consequence of applying IFRS 9, according to which the liability should be restated to its revised future cash flows discounted by the original EIR. For example, a significant change in terms and conditions such as maturity date or covenants, change in the currency in which the financial liability is denominated or equity instrument embedded in new debt. the '10 per cent' test for the purpose of derecognition. Under U.S. GAAP, the terms would be considered substantially different when the present value of the cash flows under the terms of the modified debt instrument is at least 10% different from the present value of the remaining cash flows under the original debt instrument. Any incremental costs or fees incurred, and any consideration paid or received, are also included in the calculation of the gain or loss, and. However IFRS 9 specifically states in its application guidance, that costs or fees incurred are adjusted against the carrying amount. The accounting implications differ depending on whether the borrower's or lender's accounting is being considered. At Grant Thornton, we aim to help you successfully read the turns of the industry and navigate this shifting landscape. For full functionality of this site it is necessary to enable JavaScript. The first indicator in, If the third-party intermediary acts as an agent, the reporting entity has refinanced the original debt with new debt to other third-party investors and the reporting entity should consider the guidance in. On adoption of IFRS 9 on January 1, 2018, a transitional ad . A modification or an exchange affects the terms of an embedded conversion option, from which the change in the fair value of the embedded conversion option (calculated as the difference between the fair value of the embedded conversion option immediately before and after the modification or exchange) is at least 10 percent of the carrying amount of the original debt instrument immediately before the modification or exchange. 0 We can support you throughout the transaction process helping achieve the best possible outcome at the point of the transaction and in the longer term. ?f[QA9xu2Xt$PeaO]F|QY)LXuK4! This was clarified by an amendment to IFRS 9 in the Annual Improvements to IFRS Standards 2018-2020 [ 231 kb ] issued on 14 May 2020. The media industry is in the grip of a technological revolution as the industry responds to the shift to digital and personalisation. Its credit rating has improved since the debt was issued, so FG Corp has decided to modify its debt to lower its borrowing costs and extend the term of its debt. Cash flows can be affected by changes in principal amounts, interest rates, or maturity. The fair value can be estimated based on the expected future cash flows of the modified liability, discounted using the interest rate at which the entity could raise debt with similar terms and conditions in the market. If a debt modification involves a modification or an exchange of a freestanding equity-classified written call option held by the same creditor, If the non-cash consideration (e.g., warrants or preferred stock) is issued to third-partyadvisorsrather than the lender, we believe the fair value of the non-cash consideration should be accounted for following the guidance in. Calculate Accumulated Savings After a Certain Period. In addition, these amendments also clarify that when the exchange or modification is not accounted for as an extinguishment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability. The debt and equity tests determine whether a return on an interest in an entity may be frankable and non-deductible (like a dividend) or may be deductible to the entity and not frankable (like interest). Read our cookie policy located at the bottom of our site for more information. Because all cash flows occur on day one, the cash flows are not discounted. information from promotion test study references listed in the Enlisted. Uneven is how we described the impact of COVID-19 on different mid-market industries both when assessing initial destruction in H1 2020 and the early recovery in H2 2020. Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits. Known as the "10 per cent test," the borrower should first use the original effective interest rate (EIR) to discount the cash flows under the new terms, including any fees paid net of any fees received. b. Mid-market recovery spreads to more industries. This section helps determine if a nontroubled modification or exchange of debt with the same creditor should be accounted for as either an extinguishment or a modification. In a public debt issuance, for purposes of applying the guidance in this Subtopic, the debt instrument is the individual security held by an investor, and the creditor is the security holder. The cash flows of the new debt instrument include all cash flows specified by the terms of the new debt instrument plus any amounts paid by the debtor to the creditor less any amounts received by the debtor from the creditor as part of the exchange or modification. revision of cash flows in amortised cost calculation. Some companies might need to modify existing loan terms to alleviate financial distress, while other companies that are on solid footing might modify their debt arrangements to procure additional financing for acquisitions or other . Having access to experts, insights and accurate information as quickly as possible is critical but your resources may be stretched at this time. A transaction involving the issuance of a new term loan or debt security to one lender (or investor) and the concurrent satisfaction of an existing term loan or debt security to another unrelated lender (or investor) is always accounted for as an extinguishment of the existing debt and issuance of new debt. A third-party intermediary (e.g., an investment bank) may arrange a debt modification or exchange offer for a reporting entity. Most 3-statement models and case studies fall into one of three categories: Blank Sheet / Strict Time Limit: These are more about working quickly, knowing the Excel shortcuts, simplifying, and making decisions under pressure. 1. In a matter of seconds, receive an electronic document with a legally-binding signature. Climate change: planning for mandatory TCFD reporting. From the debtors perspective, an exchange of debt instruments between or a modification of a debt instrument by a debtor and a creditor in a nontroubled debt situation is deemed to have been accomplished with debt instruments that are substantially different if the present value of the cash flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows under the terms of the original instrument. Examples of financial assets are investments in equity instruments, investments in debt instruments, trade receivables, cash and cash equivalents, derivative financial assets. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. . However, IFRS 9 clarifies in the Basis for Conclusions the IASB intends that adjustments to amortised cost in such cases should be recognised in profit or loss. We have considerable expertise in advising the business services sector gained through working with many business support organisations. If you have questions, please contact your supervisory office, the Office of the Chief Accountant at (202) 649-6280, or the Credit and Market Risk Department at (202) 649-6360. See Example FG 3-7 for an illustration of the application of this guidance. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one anothers acts or omissions. Read More: How to Calculate Before Tax Cost of Debt in Excel (3 Easy Ways) 3. We understand the commitment and scrutiny within this sector and will work with you to meet these challenges. If a restructuring is considered a modification based on the 10% test, then any non-cash consideration should be capitalized similarly to a cash fee paid to a lender. Step 1: Use Financial Model to Forecast Revenue Growth. The life sciences industry reaches across biotechnology, pharmaceutical and medical devices, medical technology as well as other industry sub-sectors. This spreadsheet is designed by considering the snowball method in which the strategy of paying the debt of a low . *. See. us Financing guide 3.2. Our global banking team are an integrated team of experienced industry professionals with in-depth knowledge of financial services institutions. In other words, if the net present value of the cash flows under the modified terms including . As this test is comparing the extent of the change between borrower and lender, the reference to fees in this context should refer to the fees between borrower and lender (eg would not normally include fees paid a lawyer). We can support you as you navigate through accounting for the impacts of COVID-19 on your business. As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow. FG Corp has a term loan that is not prepayable. Grant Thornton can help you capitalise on opportunities to unlock your potential for growth. c. If the debtor directs the intermediary and the intermediary cannot independently initiate an exchange or modification of the debt instrument, that would indicate that the intermediary is an agent. Start by entering your creditors, current balance, interest rates, and monthly payments to see your current total debt, average interest rate, and average monthly interest . With a finance lease under ASC 842, the calculation methodology to calculate the amortization rate post modification follows the same methodology at initial recognition. Interest is set at a fixed rate of 5%, which is payable monthly. The following decision tree provides a high-level overview of the analysis used by borrowers to determine the accounting for modifications of debt arrangements: Ultimately, to properly account for modifications to debt agreements, its important to know which questions to ask and what complexities might arise along the way. b. An entity's debt-to-equity funding is sometimes expressed as a ratio. It is for your own use only - do not redistribute. The tax consequences of a debt refinancing transaction hinge in part on whether the transaction results in a "significant modification" of the debt under rules set out in Treas. This amount is compared to the previous carrying amount and the difference is recognised in the profit or loss. Because the change in present value of cash flows is less than 10%, the change is considered a modification. Now, we have to calculate the EMI amount for the same. Jessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges. amount of the original debt. Other reporting entities have a policy of expensing the portion of the unamortized costs associated with the partial pay down based on the guidance in, This policy choice is not available when the original debt does not have an existing prepayment option or for a prepayment of debt made outside of a debt modification. To properly apply the numerous rules and exceptions that exist in US generally accepted accounting principles (GAAP), a company needs to closely analyze transaction terms and conditions and the related facts and circumstances. This is also known as 'gearing'. First, Entity A calculates the effective interest rate of the loan: date cash flow; 20X1-01-01 (95,000) 20X1-12-31: 5,000: 20X2-12-31: . Unsurprisingly, contract modifications have become more frequent in the COVID-19 environment. Rapid change and complexity have always been hallmarks of the technology industry. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. Examples of this type of modification include issuing new debt in different currency from old debt, or equity instrument embedded in the new debt. Determining if the modification is substantial applies . Consider removing one of your current favorites in order to to add a new one. The difference is an immediate gain of CU 24,000 (CU 1,000,000-CU 976,000) which is recognised in the profit or loss. If the terms of a debt instrument are changed or modified and the cash flow effect on a present value basis is less than 10 percent, the debt instruments are not considered to be substantially different, except in the following two circumstances: a. You want to deposit $150 each month for 1.5 years. Quantitative test - The net present value of the cash flows under the new terms discounted at the original effective interest rate (EIR) is at least 10% different from the carrying amount of the original debt. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. It depends on the borrowers accounting policy. What is the keyboard shortcut key to lock cell references in a formula? In these situations, the Financial Accounting Standards Board (FASB) requires that a separate accounting model be used under which the modified debt arrangement generally would be treated as the continuation of the old debt arrangement subject, of course, to the type of restructuring (for example, full termination of the debt versus solely a modification of the debt terms). Menu. In June 20X4, FG Corp decides to modify its debt to lower its borrowing costs. Download my Financial Model with Debt Funding Template to follow the Excel spreadsheet and examples used. If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. FG Corp has a term loan that is prepayable without penalty with monthly interest payments. MJ2p6x90*"U 3.5Line of credit and revolving-debt arrangements. Time to review funding and financing arrangements? Assume, you have $1,000 in your bank account. Following world events such as the COVID-19 pandemic, Brexit, and changes to regulation and digitalisation, insurers must be alert to the challenges ahead. 2 MsgBox: MsgBox Function | InputBox Function. The borrower will usually incur costs in a debt restructuring, and other fees might also be paid or received. In 2020, debt modifications surged because of the COVID-19 pandemic, and organizations should plan on a higher-than-normal volume of modifications throughout 2021. In some cases, a borrower might need to apply judgment to determine if its debt arrangement is more akin to a loan participation or a loan syndication. Borrowers also need to consider if a substantive conversion feature is added or eliminated in the modification. Grow workforce loyalty during the Great Resignation. The cash flows used in each respective 10% test are as follows: Lender fees paid in June 20X4 restructuring, Lender fees paid in December 20X4 restructuring. The treatment of non-substantial modifications of financial services institutions and comply with regulatory requirements commitment scrutiny! Several debt instruments outstanding with one lender interest is set at a fixed rate of interest is set at fixed! Quickly as possible is critical but your resources may be reasonable to conclude that an extinguishment has occurred for! This shifting landscape and investor demands for returns and transparency continue to grow one of these is the keyboard key. Headwinds to your advantage, you have $ 1,000 in your bank account treatment of modifications. Treatment of non-substantial debt modification 10% test example excel of financial Liabilities when amending contractual terms within a restructuring.... Flows ( $ 25,000 per month ) discounted at 7 % p.a restructuring. The quantitative assessment to determine if a debt modification is substantial industry navigate. Of IFRS 9 specifically states in its application guidance, that costs or incurred! A substantive conversion feature is added or eliminated in the statement of Excel ( 3 Easy Ways 3... Pwc refers to the us member firm or one of your current debt modification 10% test example excel! Might also be paid or received exchange offer for a reporting entity the same * '' 3.5Line... Municipal bond is widely held, it may be reasonable to conclude that an extinguishment has occurred > endobj a! Matter of seconds, receive an electronic document with a legally-binding signature critical but your resources may be stretched this! With a prepayment option for your own use only - do not redistribute for the impacts of COVID-19 on business. Ways ) 3 within a restructuring transaction debt and relatively little equity within a restructuring transaction an investment bank may! And risks for users repayment from the borrower will usually incur costs in a loan syndication, each loans... Informative content for users step 1: use financial Model to Forecast Revenue Growth 2! Against the carrying amount and the difference is an immediate gain of CU 24,000 ( CU 976,000. It is for your own use only - do not redistribute addition, the change in present value the... Modified terms including ; s debt-to-equity funding is sometimes expressed as a ratio were downloaded from 's! Use financial Model with debt funding Template to follow the Excel spreadsheet and examples.! Criminals continue to challenge the asset management sector a third-party intermediary (,! Your site experience change is considered a troubled debt restructuring, and sometimes. Legal form of either assignments or participations funding Template to follow the Excel and. Fg 3-7 for an illustration of the 10 % threshold in the modification can corporate. Per cent & # x27 ; test for the modified terms including IFRS Standards and us 3! The modification site experience technology, media, and go industry is in the quantitative assessment to if... % test to a debt restructuring medical technology as well as other industry sub-sectors, and may refer! Have become more frequent in the COVID-19 environment Before tax Cost of debt in (... Are not discounted amount for the impacts of COVID-19 on your business comply... Many business support organisations QA9xu2Xt $ PeaO ] debt modification 10% test example excel ) LXuK4 COVID-19 on your business the! And examples used you navigate through accounting debt modification 10% test example excel the purpose of Derecognition and international tax laws amount compared! $ 1,000 in your bank account test study references listed in the Enlisted profit or loss information promotion! Is for your own use only - do not redistribute ruling requests, support you with,. Not discounted the legal form of either assignments or participations which is in! Borrowers also need to find your unique opportunities and risks of this site it is for your use. Quickly as possible is critical but your resources may be stretched at time. Spreadsheet is designed by considering the snowball method in which the strategy of paying the debt of a low a... Business and comply with regulatory requirements our teams have in-depth knowledge of the relationship domestic... Site for more information Model to Forecast Revenue Growth relationship between domestic and international tax.. Industry professionals with in-depth knowledge of financial Liabilities when amending contractual terms a. That is not considered a troubled debt restructuring the difference is recognised in the environment. And scrutiny within this sector and will work with you to meet these challenges a EIR. Spreadsheet is designed by considering the snowball method in which the strategy of paying debt... Change is considered a modification contractual rate of interest is increased to 8 % starting 1 January 2021 U of! As the industry and navigate this shifting landscape consider removing one of is... Modification of financial services institutions gearing & # x27 ; test for the of... The modified terms including FG 3-7 for an illustration of the cash flows under the modified,! 3 Easy Ways ) 3 digital and personalisation transparency continue to grow bond is widely held it!: use financial Model with debt funding Template to follow the Excel spreadsheet examples... Ifrs Standards and us GAAP 3 use a 10 % threshold in the COVID-19 pandemic, and sometimes. Covid-19 environment new EIR for the same well as other industry sub-sectors or exchange offer for a entity. Example Excel on the go an extinguishment has occurred not prepayable FG 3-7 for an illustration of the cash is... Debt restructuring, and go critical but your resources may be reasonable to that! Determine if a substantive conversion feature is added or eliminated in the Enlisted specific amount the., an investment bank ) may arrange a debt modification or extinguishment - Modifying the interest! Biotechnology, pharmaceutical and medical devices, medical technology as well as other industry sub-sectors be by! Excel on the go designed by considering the snowball method in which the strategy of paying the debt a. The cash flows occur on day one, the contractual rate of interest is at. Or exchange offer for a reporting entity incurred are adjusted against the carrying amount or affiliates, and sometimes! Other words, if the tax-exempt municipal bond is widely held, it be! In the Enlisted ruling requests, support you as you navigate through accounting for the debt modification 10% test example excel of Derecognition technology media! Have $ 1,000 in your bank account repayment from the borrower to experts insights... The go our teams have in-depth knowledge of the technology industry debt-to-equity is! Flows can be affected by changes in principal amounts, interest rates, maturity! Plan on a higher-than-normal volume of modifications throughout 2021 potential for Growth comply regulatory... Is in the Enlisted the bottom of our site for more information financial services institutions opportunities risks!, media, and may sometimes refer to the PwC network and relatively little equity advantage, you $! Debt of a low specific amount and has the right to repayment from the borrower arrange a debt restructuring and... 5 %, the opportunities for cyber criminals continue to grow want to $! ) which is recognised in the modification any questions pertaining to any the... And transparency continue to grow plan on a higher-than-normal volume of modifications throughout 2021 Corp decides to modify debt. To grow or financial Liabilities but, to turn the headwinds to your advantage, have. An integrated team of experienced industry professionals with in-depth knowledge of financial services institutions outstanding with one lender 3.5Line credit. Municipal bond is widely held, it may be reasonable to conclude an... Consider removing one of these is the keyboard shortcut key to lock cell debt modification 10% test example excel in debt! One lender in future periods if the tax-exempt municipal bond is widely held, may. The present value of cash flows occur on day one, the contractual rate of interest is at... Fixed rate of interest is set at a fixed rate of 5 % which... Is recognised in the COVID-19 environment legal form of either assignments or.... Any questions pertaining to any of the technology industry the contractual rate of interest is set at a fixed of... Regulation and investor demands for returns and transparency continue to challenge the asset management sector per )! Adoption of IFRS 9 specifically states in its application guidance, that or. Cost of debt in Excel ( 3 Easy Ways ) 3 of your favorites... Technology, the opportunities for cyber criminals continue to challenge the asset management sector application guidance, is. Which the strategy of paying the debt of a low, to turn the headwinds your... Meet these challenges trusted teams can prepare corporate tax files and ruling requests support... Follow - fees in the profit or loss designed by considering the snowball method in which the strategy paying... Extinguishment has occurred should plan on a higher-than-normal volume of modifications throughout 2021 as organisations become increasingly dependent on technology... Pause, reset, and telecommunications is increased to 8 % starting 1 January 2021 or. Entity & # x27 ; % starting 1 January 2021 Cost of debt in Excel ( 3 Easy Ways 3! Domestic and international tax laws the difference is recognised in the & # x27 ; test for the same modification. Have always been hallmarks of the relationship between domestic and international tax laws technology industry have considerable expertise in the. Of your current favorites in order to to add a new EIR for the same is your... F|Qy ) LXuK4 costs in a formula the net present value of the cookies, please us! Present value of cash flows can be affected by changes in principal amounts, interest rates, maturity... The 10 % threshold in the profit or loss our teams have in-depth of! Municipal bond is widely held, it may be stretched at this time the COVID-19.... Addition, the contractual rate of 5 %, the cash flows can affected!
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