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Which of the following best describes how accrual bonds distribute prepayment risk among tranches to create products that provide better asset and liability matching for institutional investors? Accrual bonds: A. do not allow prepayment for certain types of mortgages. B. have several different tranches to which accrued interest is directed sequentially. C. have a fixed principal repayment schedule that must be satisfied as long as the support tranches exist. D. accrue the interest for one tranche and redistribute it to the other tranches. |