What are portions of a bond issue that mature on different dates called?

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Portions of a bond issue that mature on different dates are referred to as serial bonds. In a serial bond arrangement, a single bond issue is divided into multiple portions, each of which has its own specified maturity date. This structure allows the issuer to pay back portions of the debt over time, typically at regular intervals. This can help manage cash flow more effectively, as the issuer can plan for repayments and associated interest expenses accordingly.

In contrast, a term bond matures as a single unit at a specific date, while callable bonds can be redeemed by the issuer before their scheduled maturity. Zero-coupon bonds do not make periodic interest payments and are sold at a discount to their face value, maturing at par. Thus, the defining characteristic of serial bonds is their staggered maturity schedule, aligning with the correct answer choice.