Quotes from the news wire:
As we go into the second half of the year there is [a] strong incentive to try and refinance if possible because after December 24 it will require complying with risk retention, which is costly, if it is possible to do an economical refinancing before that comes into play then that would be preferable.
The point is to effectively shorten the bond for the investor, it doesn’t guarantee they will get their money back when the coupon steps-up, but it makes it very likely they will get their money back at that time and otherwise provides them with a high coupon bond that could likely be sold at a good price.
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