Given our philosophy to invest in individual bonds for the fixed income portion of portfolios, we receive tender offers for bonds held in client portfolios on a regular basis. With the decline in interest rates over the first six months of the year, we have seen an increase in these offers and calls from clients concerning any actions they should be taking in response to the offers. We wanted to take this opportunity to explain what can be a fairly complex transaction. A tender offer is when a company offers to repurchase some, or all, of a bond issuance before the stated maturity date. The
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