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• Callable_bond abstract "A callable bond (also called redeemable bond) is a type of bond (debt security) that allows the issuer of the bond to retain the privilege of redeeming the bond at some point before the bond reaches its date of maturity. In other words, on the call date(s), the issuer has the right, but not the obligation, to buy back the bonds from the bond holders at a defined call price. Technically speaking, the bonds are not really bought and held by the issuer but are instead cancelled immediately.The call price will usually exceed the par or issue price. In certain cases, mainly in the high-yield debt market, there can be a substantial call premium. Thus, the issuer has an option which it pays for by offering a higher coupon rate. If interest rates in the market have gone down by the time of the call date, the issuer will be able to refinance its debt at a cheaper level and so will be incentivized to call the bonds it originally issued. Another way to look at this interplay is that, as interest rates go down, the price of the bonds go up; therefore, it is advantageous to buy the bonds back at par value.With a callable bond, investors have the benefit of a higher coupon than they would have had with a non-callable bond. On the other hand, if interest rates fall, the bonds will likely be called and they can only invest at the lower rate. This is comparable to selling (writing) an option — the option writer gets a premium up front, but has a downside if the option is exercised.The largest market for callable bonds is that of issues from government sponsored entities. They own a lot of mortgages and mortgage-backed securities. In the U.S., mortgages are usually fixed rate, and can be prepaid early without cost, in contrast to the norms in other countries. If rates go down, many home owners will refinance at a lower rate. As a consequence, the agencies lose assets. By issuing a large number of callable bonds, they have a natural hedge, as they can then call their own issues and refinance at a lower rate.The price behaviour of a callable bond is the opposite of that of puttable bond. Since call option and put option are not mutually exclusive, a bond may have both options embedded.".
• Callable_bond wikiPageExternalLink course.asp?docId=5400&page=1&CN=COM.
• Callable_bond wikiPageExternalLink callable_bond.html.
• Callable_bond wikiPageID "1318322".
• Callable_bond wikiPageRevisionID "580864922".
• Callable_bond hasPhotoCollection Callable_bond.
• Callable_bond subject Category:Bonds_(finance).
• Callable_bond subject Category:Options_(finance).
• Callable_bond type Abstraction100002137.
• Callable_bond type Communication100033020.
• Callable_bond type DerivativeInstrument106480506.
• Callable_bond type Document106470073.
• Callable_bond type LegalDocument106479665.
• Callable_bond type Option113241600.
• Callable_bond type Options.
• Callable_bond type Writing106362953.
• Callable_bond type WrittenCommunication106349220.
• Callable_bond comment "A callable bond (also called redeemable bond) is a type of bond (debt security) that allows the issuer of the bond to retain the privilege of redeeming the bond at some point before the bond reaches its date of maturity. In other words, on the call date(s), the issuer has the right, but not the obligation, to buy back the bonds from the bond holders at a defined call price.".
• Callable_bond label "Callable bond".
• Callable_bond label "Obbligazione callable".
• Callable_bond label "可赎回债券".
• Callable_bond sameAs Obligasi_opsi_beli.
• Callable_bond sameAs Obbligazione_callable.
• Callable_bond sameAs m.04sh7b.
• Callable_bond sameAs Q2305975.
• Callable_bond sameAs Q2305975.
• Callable_bond sameAs Callable_bond.
• Callable_bond wasDerivedFrom Callable_bond?oldid=580864922.
• Callable_bond isPrimaryTopicOf Callable_bond.