tɹˈuː pˌiːˌaɪkˈeɪz, ˈɔːlsoʊ nˈoʊn æz "mˈændətˌoːɹi" pˈɪk, ɪstˈæblɪʃ ðɪ ˈɪntɹɛst pˈeɪmənt stɹˈʌktʃɚɹ æt ðə tˈaɪm ʌv ˈɪʃuːəns.
True PIKs, also known as "mandatory" PIKs, establish the interest payment structure at the time of issuance.