The bonds generally have a coupon reset equal to the benchmark interest rate plus a pre-defined credit spread, defined at the original issue date, if the bond i

The bonds generally have a coupon reset equal to the benchmark interest rate plus a pre-defined credit spread, defined at the original issue date, if the bond is not called. When they were first issuing, with rates approx 0% the spread needed to be pretty high, think base rate +5%. With rates now approx 5% they could issue new debt at base rate +3% and repay the old ones. Now that they have zeroed out the CS ones, investors might want base rate +10% rates to take on the risk - in which case the issuer would be happy to roll over the existing bonds.