It forces all investors to give up the bonds they hold according to the same ratio when the issuer returns the sinking fund. It is often used in registered securities.

按比例的偿债基金强迫所有投资者在发行人退还债券的偿债基金时，按同等比例放弃他们所持有的债券，这通常只适用于记名证券。

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Pitt instead created a sinking fund, using tax revenue to buy back bonds in the market.

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When the British won a battle, investors anticipated the day that the government would stop issuing new bonds and turn to buying old ones via the sinking fund.

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Most tobacco bonds have a so-called turbo structure (rather like a sinking fund).

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