And each dip made another bond issue outstanding eligible for early redemption.

Underwriters said the issue could not be called for early redemption by the diversified company.

There is generally no penalty on early redemption or partial buy-backs.

The 1987 results included a provision of $1,956,000 on early redemption of debt.

Proceeds from the sale will be used to help finance the early redemption of other bonds sold when interest rates were higher.

The early redemption will result in an extraordinary charge of about $9m after tax against second quarter figures.

But the extraordinary expenses associated with the early redemption reduced the quarter's net income by $22.3 million.

The penalty for early redemption is three months' interest.

Bonds are available nationwide, and aren't subject to early redemption.

Indeed, bonds backed by mortgages are particularly susceptible to early redemption.