英文名称：Arbitrage Bond
中文名称：套汇债券
指市政府在现有较高利息证券买回日之前，发行的较低利息的债券。
A lower-rate debt security issued by a municipality prior to the call date of the municipality's existing higher-rate security.
Proceeds from the issuance of lower-rate bonds are invested in treasuries until the call date of the higher-interest bonds. This strategy is used by municipalities when they wish to gain an interest-rate advantage. As long as the proceeds from net sales and investments are to be used in future projects, the bonds will qualify for a temporary tax exemption. If, however, the project experiences a significant delay or cancellation, the municipality may be taxed. Some conflicts in federal regulations can be avoided by using a ZEBRA agreement.
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