- 1) A bond issued on the same terms and conditions as a bond previously issued by the same company. It has the advantage of having paperwork consistent with the previous bond and of increasing the depth of the market of that particular bond (see deep market, thin market). The gross redemption yield on the fungible issue will probably be different from that of the original issue, which is achieved by issuing the bond at a discount or a premium.2) A security that is interchangeable with another of the same class.
Accounting dictionary. 2014.
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