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Municipal Convertible
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A combination of selected features of a zero coupon bond and a coupon bond, these instruments typically pay no interest in the early years and become a traditional coupon paying municipal bond later in life. These bonds trade under a variety of names and acronyms, with Stepped Tax Exempt Appreciation on Income Realization Security (STAIRS) as common as any. See also Stepped Tax Exempt Appreciation on Income Realization Security (STAIRS).
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