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عمومی::
اوراق قرضه قابل بازخرید
A callable bond may have a call schedule.
■ The cash flow pattern of a callable bond is not known with certainty.
■ The price appreciation potential of a bond when market interest rates decline will be reduced because a callable bond's price may not rise much above the price at which the issuer is entitled to call the bond.
This property of a callable bond is referred to as price compression or, more popularly, negative convexity.
Because of these attributes, a callable bond is said to expose the investor to call risk.
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