7.22 Corporate bonds can be issued which pay out a certain interest rate/return at a given time. As with flotations and public listing the use of corporate bonds would normal require a JV of substantial size and a requirement for significant external finance. The value of the bonds can be paid back using various payment profiles. Most of the previous points raised in this Chapter apply equally to corporate bonds. In addition consideration would need to be given to the 'rating' of the bond, potential pre-payment penalties in the event of refinancing or repayment and other indirect impacts on flexibility, exit arrangements, classification and accounting treatment.